General Credit Topics

[SAIDFICOMUSTBEASCAMLOL]

How does LC work? Here is what happened:

• Loan was applied for "two weeks ago."
• Within 5 hours it was fully funded.
• It took 2 days for the trial deposits to be confirmed. Next day "To Do List" was generated.
• To Do List: Phone Verification, Paystubs and W-2. After submitting the stubs and w-2, the status for those two items read "recieved."
• Got a phone call with a reference # BUT the next day when I went to get the info off the site I saw the phone verification was no only a requirement.
• (About two days later) the To Do List  had changed. Phone verification was no longer listed and everything was marked as completed. When I log on it appears that I am waiting on LC. From my knowledge they have not contacted my place of business.

Here's my complaint. There is 3 days left in the listing and the loan is still UNDER REVIEW.  Logically, I tried to contact CS via email. Its been days and no response has been recieved. Their office hours clash with schedule. When I've called they were clsoed and or I did not get a representative ( ideally I would have to call while at work- which is no good.)

What's your opinion? Is LC playing games or is this how they operate? Please share whatever past experience you had as a borrower. Thanks.

[jeff318]

You're probably in the wrong forum, since this one is specifically for credit cards... but, from my own experience, I don't remember any unexpected delays with my LC loan about a year and a half ago...

I do remember that they called to verify my employment and that I was almost unable to answer what company I work for! (work for a megacorp and have moved between various subsidiary companies within the last couple years) 

[NewYorkGuy]

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jeff318 wrote:

You're probably in the wrong forum, since this one is specifically for credit cards... but, from my own experience, I don't remember any unexpected delays with my LC loan about a year and a half ago...

I do remember that they called to verify my employment and that I was almost unable to answer what company I work for! (work for a megacorp and have moved between various subsidiary companies within the last couple years) 

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I'm thinking of getting a Lending Club loan myself. I hear it's only a soft pull on Transunion for their approvals, is this true? If so that would be really convenient.

[SAIDFICOMUSTBEASCAMLOL]

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jeff318 wrote:

You're probably in the wrong forum, since this one is specifically for credit cards... but, from my own experience, I don't remember any unexpected delays with my LC loan about a year and a half ago...

I do remember that they called to verify my employment and that I was almost unable to answer what company I work for! (work for a megacorp and have moved between various subsidiary companies within the last couple years) 

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Thank you for your reply. Yeah, I am in the wrong forum :-)

[SAIDFICOMUSTBEASCAMLOL]

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NewYorkGuy wrote:

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jeff318 wrote:

You're probably in the wrong forum, since this one is specifically for credit cards... but, from my own experience, I don't remember any unexpected delays with my LC loan about a year and a half ago...

I do remember that they called to verify my employment and that I was almost unable to answer what company I work for! (work for a megacorp and have moved between various subsidiary companies within the last couple years) 

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I'm thinking of getting a Lending Club loan myself. I hear it's only a soft pull on Transunion for their approvals, is this true? If so that would be really convenient.

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No hard pull for me.

[NewYorkGuy]

Wow, I like that. How long ago did you get the loan? Do they require tax returns and pay stubs for everyone who applies?

[llecs]

OP, I'm a lender and a borrower. This is how they work. I think they're just under-staffed. I'd give them a call if you can. They'll probably just say to sit tight. I remember after my loan funded it was a good 3-4 days after that before there was movement on their end, and that was 3+ yrs ago. 

[BornSupercharged]

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NewYorkGuy wrote:

Wow, I like that. How long ago did you get the loan? Do they require tax returns and pay stubs for everyone who applies?

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I just got my 3rd loan with LC recently (wife has 2, I have 1) for $24k. They didnt ask for my paystubs or tax returns. They did a phone call with me and verified a few things, but that was it. And it took the full 2 weeks, plus 1 business day after that, for it to be fully approved and then in about 3 business days after that the money was in my account. 

[Volpes]

I recently applied for a loan at LC, they just called me today. Funny thing is they called my home land-line number, and I didn't even give them that number (probably found it in my credit history). The only phone numbers I gave them where my cell phone and work number. They asked me some simple questions.

I guess they REALLY want to verify people. The "verify phone number" was removed from the online "to-do" list that they generate for you. I really hope they don't contact my work . They have not asked (as of yet) me for any paystubs or W2.

I guess they have different criteria for each applicant. 

*fingers crossed* I'm still waiting for final approval.