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Lending Club Joke

Valued Contributor

Lending Club Joke

I applied and was offered a rate at 19.99% apr with a 732 TU credit score. Is this a joke? They said because my credit score was very low. I was thinking I would get 10 to 12%.

Message 1 of 11
10 REPLIES
Established Contributor

Re: Lending Club Joke

Sounds like a subprime lender to me

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Message 2 of 11
Established Contributor

Re: Lending Club Joke

Who did you apply with? Most CCs now are 15-29% except for some CUs and few banks.

 

When I applied with Discover with a 709 EQ FICO, my APR is 19.99%. When I applied with AMEX with 712 EX FICO and 729 EQ FICO my APR is 22.24%. I'd be more upset but I don't carry a balance on a normal basis, maybe 1-2 months out of the year.

AMEX: $0/$25,000, CSP: $0/$6500, Chase Priority Club: $0/$3500, Freedom: $0/$6000, Barclays NFL: $0/$7000 Discover: $0/$14,000, Citi Dividend: $0/$3500

EQ FICO - 753
TU FICO - 701
EX FICO(AMEX) - 707
Message 3 of 11
Established Contributor

Re: Lending Club Joke

Lending Club is a service that allows people to make private loans to other individuals.  It's not a credit card or bank.

Message 4 of 11
Frequent Contributor

Re: Lending Club Joke

The site states "Rates from 6.78% to 27.99%* APR. Best APR is available to borrowers with excellent credit."

Guess their idea of excellent credit is higher? Smiley Sad

Start: Nov'12 EQ 699/EX 685/TU 696 / Current: April''14 EQ 715/EX 709/TU 709 * Goal 750+


Message 5 of 11
Regular Contributor

Re: Lending Club Joke

How much did you try to borrow?
Staring Score:EQ 649 TU 647 EX 644
Current Score: EQ 786 TU 699 EX 746
Goal Score: 800
Wallet: SF Fire CU $5000 CL Chase Freedom 4000 CL, Chase MP $5000, WellsFargo $6000 CL, Amex Gold NPSL, Cap1 CashRewards $2500 CL, Amex BCP $12000 Discover More $1200 CSP 18000
Message 6 of 11
Highlighted
Valued Contributor

Re: Lending Club Joke

Lets not make assumptions..BUT

 

The OP said TU score. He did not say a TU FICO score.

 

A TU score of 700's could very well be a 600 FICO score.

Good Luck
May all your dreams and wishes become a reality!
Message 7 of 11
Valued Contributor

Re: Lending Club Joke


Madman94044 wrote:
How much did you try to borrow?

$2,000.00

Message 8 of 11
Valued Contributor

Re: Lending Club Joke


JM-AM wrote:

Lets not make assumptions..BUT

 

The OP said TU score. He did not say a TU FICO score.

 

A TU score of 700's could very well be a 600 FICO score.


Walmart TU FICO 732.

Message 9 of 11
Moderator Emeritus

Re: Lending Club Joke

I'm an investor and a borrower at LC. I think they still pull TU98 (same as on here). They would have also e-mailed the score they pulled.

 

The rate isn't reliant upon scores only. It also looks at DTI, income, recentness of baddies, total baddies, years on the job, residency, etc.

Message 10 of 11