cancel
Showing results for 
Search instead for 
Did you mean: 

Lending Club Personal Loan - Report as Installment Loan?

tag
NYFan63
Established Contributor

Lending Club Personal Loan - Report as Installment Loan?

I have read some LC threads and some have noted that LC personal loans report as a consumer finance loan as opposed to an installment loan.  What is the difference?  Does it report as an installment loan or a consumer finance loan?  

 

What have others experienced?

 

Thanks!

Penfed Platinum Sig Visa $33k, PenFed PLOC $25k, NFCU Cash VISA Sig 22k, NFCU Visa Flagship 22k, CAP1 Venture $23k, CAP1 Venture One $15k, NFCU NAV Check $15k, Barclays Arrival $13,2k, DCU VISA 5k, Cap1 QS 7.5k, WF Finance 3.5k, Merrick 2.2k, Barclays Apple Financing 6.1k BestBuy 5k >Ch7 BK filed 8/09; DC 01/10 EQ 636 Nov 13;
EQ08 718 | TU 731 | EXP 728
Inqs: EQ 11, TU 8, EXP 11(last 2 yrs)
Goal 750+ In the Garden til

Message 1 of 3
2 REPLIES 2
Anonymous
Not applicable

Re: Lending Club Personal Loan - Report as Installment Loan?

In the reports it's noted as an installment loan, and in factors negatively impacting score a consumer finance account notation appears. Like this:

 

Message 2 of 3
NYFan63
Established Contributor

Re: Lending Club Personal Loan - Report as Installment Loan?

Thanks CAP

Penfed Platinum Sig Visa $33k, PenFed PLOC $25k, NFCU Cash VISA Sig 22k, NFCU Visa Flagship 22k, CAP1 Venture $23k, CAP1 Venture One $15k, NFCU NAV Check $15k, Barclays Arrival $13,2k, DCU VISA 5k, Cap1 QS 7.5k, WF Finance 3.5k, Merrick 2.2k, Barclays Apple Financing 6.1k BestBuy 5k >Ch7 BK filed 8/09; DC 01/10 EQ 636 Nov 13;
EQ08 718 | TU 731 | EXP 728
Inqs: EQ 11, TU 8, EXP 11(last 2 yrs)
Goal 750+ In the Garden til

Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.