Lending Club Pre Approval in the Mail

[NYFan63]

I received a Lending Club pre-approval in the mail this weekend.  I just entered the pre approval code and it appears they do a hard pull as you have to authorize them to access your credit reports.  I read on previous threads that it is a soft pull??  Is this still true?

[jason86423]

From my experience it is a soft pull to get your rate. If you accept an offer it becomes a hard pull.

[NYFan63]

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@jason86423 wrote:
From my experience it is a soft pull to get your rate. If you accept an offer it becomes a hard pull.

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Thanks Jason

[Anonymous]

Lending Club is only a soft pull, even if you accept. Prosper is a soft and then a hard.

[ibmrad7]

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@Anonymous wrote:

Lending Club is only a soft pull, even if you accept. Prosper is a soft and then a hard.

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+ 1 Lending Club is always a SP.

[NYFan63]

Thanks guys!

[Anonymous]

Lc has helped me out a great deal if you make 6 months of payments they offer a second loan that may or may not be able to refinance your original one. keep in mind when you do get a personal loan and use it to pay off credit cards your scores will jump up a great deal because the Lending Club loan will not show up for a month quite often, but your cc's will be paid! you time it right it will give you wiggle room to slam a second payment on the loan if you desire as well.

[DaveInAZ]

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@NYFan63 wrote:

I received a Lending Club pre-approval in the mail this weekend.  I just entered the pre approval code and it appears they do a hard pull as you have to authorize them to access your credit reports.  I read on previous threads that it is a soft pull??  Is this still true?

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Yeah, but IMHO more important than a SP vs HP is the terms, and I recommend shopping around with other peer 2 peer lenders. I was looking for a personal loan last summer, I still owed over $3k on a Barclays BT that was about to become 22.9% instead of 0%. I was getting LC pre-approvals in the mail all the time so I tried them first. FICO was in the mid 600s, DTI & income OK. LC offered me 25.9% APR, no thank you! Tried Prosper next and they gave me 10.89%, took that offer, worth the HP. .