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Valued Member
SAIDFICOMUSTBEASCAMLOL
Posts: 85
Registered: ‎12-01-2007
0

Lending Club (Borrower process)- Are they going to give me the $ or what?

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.

New Member
jeff318
Posts: 9
Registered: ‎11-11-2012
0

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?

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) :smileyhappy:

Established Member
NewYorkGuy
Posts: 111
Registered: ‎04-07-2011
0

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?


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) :smileyhappy:


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.

Valued Member
SAIDFICOMUSTBEASCAMLOL
Posts: 85
Registered: ‎12-01-2007
0

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?

[ Edited ]

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) :smileyhappy:



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

Valued Member
SAIDFICOMUSTBEASCAMLOL
Posts: 85
Registered: ‎12-01-2007
0

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?


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) :smileyhappy:


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.

Established Member
NewYorkGuy
Posts: 111
Registered: ‎04-07-2011
0

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?

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

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?

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. 

Established Member
BornSupercharged
Posts: 85
Registered: ‎02-08-2013
0

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?


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. 


Total CL $179k | Budget Management | FICO Scores (TU 693) (EX 718) (EQ 729) | EIDT Me+Spouse Plan
Regular Contributor
Volpes
Posts: 158
Registered: ‎03-10-2012
0

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?

[ Edited ]

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 :smileysad:. 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.

New Visitor
mouncer
Posts: 2
Registered: ‎06-14-2013
0

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?

 

 

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.

 

  


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