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Established Contributor
Posts: 1,028
Registered: ‎12-12-2011
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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%.

Walmart / SYNCB - 1,000/12,000 | JCP MasterCard / SYNCB - 5,500 | Dillard's / Wells Fargo - 5,000 | Amazon / SYNCB - 1,000 | Belk / SYNCB - 3,000 | Aeromexico Visa / US Bank - 300 | Capital One - 500/3,700 | Bank Of America 123 Cash Back - 12,000 | Wells Fargo - 300 | AMEX Hilton HHonours - 2,000 | PenFed Platinum Rewards Visa Signature - 30,000 | PenFed Travel Rewards AMEX - 10,000 | PenFed PLOC - 5,000 | PenFed Thrifty Credit - 500 | Discover IT - 8,800 | Wyndham / Barclays - 2,500 | Citi Simplicity - 3,800 | Amazon.com Visa Signature - 5,000.
Established Contributor
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Registered: ‎10-16-2007
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Re: Lending Club Joke

Sounds like a subprime lender to me

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Established Contributor
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Registered: ‎02-27-2012
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Re: Lending Club Joke

[ Edited ]

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 - 728
TU FICO - 743
EX FICO(AMEX) - 712
Established Contributor
Posts: 504
Registered: ‎08-28-2012
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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.

Frequent Contributor
Posts: 463
Registered: ‎11-28-2012
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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? :smileysad:

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


Regular Contributor
Posts: 142
Registered: ‎07-01-2012
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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
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
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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
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Established Contributor
Posts: 1,028
Registered: ‎12-12-2011
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Re: Lending Club Joke


Madman94044 wrote:
How much did you try to borrow?

$2,000.00

Walmart / SYNCB - 1,000/12,000 | JCP MasterCard / SYNCB - 5,500 | Dillard's / Wells Fargo - 5,000 | Amazon / SYNCB - 1,000 | Belk / SYNCB - 3,000 | Aeromexico Visa / US Bank - 300 | Capital One - 500/3,700 | Bank Of America 123 Cash Back - 12,000 | Wells Fargo - 300 | AMEX Hilton HHonours - 2,000 | PenFed Platinum Rewards Visa Signature - 30,000 | PenFed Travel Rewards AMEX - 10,000 | PenFed PLOC - 5,000 | PenFed Thrifty Credit - 500 | Discover IT - 8,800 | Wyndham / Barclays - 2,500 | Citi Simplicity - 3,800 | Amazon.com Visa Signature - 5,000.
Established Contributor
Posts: 1,028
Registered: ‎12-12-2011
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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.

Walmart / SYNCB - 1,000/12,000 | JCP MasterCard / SYNCB - 5,500 | Dillard's / Wells Fargo - 5,000 | Amazon / SYNCB - 1,000 | Belk / SYNCB - 3,000 | Aeromexico Visa / US Bank - 300 | Capital One - 500/3,700 | Bank Of America 123 Cash Back - 12,000 | Wells Fargo - 300 | AMEX Hilton HHonours - 2,000 | PenFed Platinum Rewards Visa Signature - 30,000 | PenFed Travel Rewards AMEX - 10,000 | PenFed PLOC - 5,000 | PenFed Thrifty Credit - 500 | Discover IT - 8,800 | Wyndham / Barclays - 2,500 | Citi Simplicity - 3,800 | Amazon.com Visa Signature - 5,000.
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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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.

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