Lending Club Approval

[bobvette]

Just wanted to say how easy my process was with Lending Club and if you are considering a loan I would highly recommend using them.  On Friday I went to their site to "check my rate" for a $25,000.00 loan.  It came back at 7.89% for 36 months.  At that point I moved on and didn't provide my bank info or verify my email address.  On Friday night I received an email stating I was in their "5%" of highest rated applicants and was encouraged to complete my process.  On Monday I decided to complete the information and was funded immediately.  I was asked to verify my email address and input my banking information.  By Monday night I was fully approved and received an email Tuesday morning stating the money was sent to my bank.  This morning (Wednesday) the funds had been deposited.

This process was almost too easy, I didn't have to provide any documents, never received a phone call, and had the money in my account within 48 hours of my submission, and a pretty great rate of 7.89%  

[live-n-learn]

I was under the impression that their larger loans would be at a much higher % rate.. may I ask what your credit scores were when you applied? I would like to get a loan like this to consolidate a few things.

[bobvette]

When they sent me my documents it showed they pulled TU, it was 710.

[Anonymous]

I had the exact same experience with LC on a 19k loan. I agree that it seemed too easy...no phone calls, no hard pull, no docs to send in. I was very pleased with them.

[NYFan63]

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@bobvette wrote:

Just wanted to say how easy my process was with Lending Club and if you are considering a loan I would highly recommend using them.  On Friday I went to their site to "check my rate" for a $25,000.00 loan.  It came back at 7.89% for 36 months.  At that point I moved on and didn't provide my bank info or verify my email address.  On Friday night I received an email stating I was in their "5%" of highest rated applicants and was encouraged to complete my process.  On Monday I decided to complete the information and was funded immediately.  I was asked to verify my email address and input my banking information.  By Monday night I was fully approved and received an email Tuesday morning stating the money was sent to my bank.  This morning (Wednesday) the funds had been deposited.

This process was almost too easy, I didn't have to provide any documents, never received a phone call, and had the money in my account within 48 hours of my submission, and a pretty great rate of 7.89%  

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My experience with LC was the same, no docs, no phone call, had my money within a few days.  Great experience w/LC.

[Anonymous]

OP, congrats on your approval.  Great rate.

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@live-n-learn wrote:
I was under the impression that their larger loans would be at a much higher % rate.. may I ask what your credit scores were when you applied? I would like to get a loan like this to consolidate a few things.

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It depends on the amount and duration of the loan. Earlier this month with my ~750 score I was pre-approved for:

@$20K @ 7.49% APR 3yr

@$20K @ 11.89% APR 5yr

@$15K @ 5.99% APR 3yr

@$15K @ 11.61% APR 5yr

[Country_Feller]

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@bobvette wrote:

Just wanted to say how easy my process was with Lending Club and if you are considering a loan I would highly recommend using them.  On Friday I went to their site to "check my rate" for a $25,000.00 loan.  It came back at 7.89% for 36 months.  At that point I moved on and didn't provide my bank info or verify my email address.  On Friday night I received an email stating I was in their "5%" of highest rated applicants and was encouraged to complete my process.  On Monday I decided to complete the information and was funded immediately.  I was asked to verify my email address and input my banking information.  By Monday night I was fully approved and received an email Tuesday morning stating the money was sent to my bank.  This morning (Wednesday) the funds had been deposited.

This process was almost too easy, I didn't have to provide any documents, never received a phone call, and had the money in my account within 48 hours of my submission, and a pretty great rate of 7.89%  

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Awesome!! I took out a loan with LC a few months ago and other than scanning a couple of documents everything went smooth as silk and has thus far. I like the way they deduct my payment straight from my checking account on the same date each month, not to mention the reminder email a week before it's due to be taken out.

[live-n-learn]

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@live-n-learn wrote:
I was under the impression that their larger loans would be at a much higher % rate.. may I ask what your credit scores were when you applied? I would like to get a loan like this to consolidate a few things.

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So I finally decided to give Lending club a try.  They sent me emails almost daily.   I checked my rates and like others, they sent me emails encouraging me to proceed because I was in their "top 5%",  so I did a few days later.    Its been 5 days since I choose a loan offer & completed my to-do list.  I notice my loan is like only 1/3 rd funded so far.   I called to ask how much longer it would take to do the final review.  The rep said just a few days, and even if the loan doesn't fund 100% they'd still issue me the loan.   This sounds a bit strange to me being that this is peer to peer lending.   Has anyone experienced "slow funding"?  I'm just hoping everything works out.