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How does LC work? Here is what happened:
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.
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)
@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)
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.
@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)
Thank you for your reply. Yeah, I am in the wrong forum :-)
@NewYorkGuy wrote:
@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)
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.
No hard pull for me.
Wow, I like that. How long ago did you get the loan? Do they require tax returns and pay stubs for everyone who applies?
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.
@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?
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.
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.
I am in the same situtation as you were when you posted this. My loan has been fully funded, I have verified everything they have asked, and now I am just waiting for final review. Did your loan every go from "under review" to being approved? And if so, how long did it take once you had everything verfied? Thanks in advance for your response.