My recent experience with Lending Club

[tonyjones]

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@racer-x wrote:

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@tonyjones wrote:

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@racer-x wrote:

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@Anonymous wrote:

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@tonyjones wrote:

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@Anonymous wrote:

For those considering using them. I'm impressed.

March 3rd - applied

March 6th - process completed

March 7th - money deposited in my checking account

Also, on March 6th when I was notified it was completed I called to change the payment date. Phone answered in about 20 seconds. The CSR asked a few verification questions, and changed the date. Took only a few minutes, and the updated date showed on line immediately.

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What loan amount did you get and interest rate if you don't mind me asking?

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$5000 at 16.55%. Payments are $177.15 a month over three years. Fortunately for me, Lending Club pulls TU which is my clean profile. Prosper pulled Experian, which is 100 points lower than TU because of my tax lien. Got a denial from them.

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@I ran my info through Prosper a month ago...EX 717-ish, clean,  pre-approved $35K @ 10.75.  I'm probably gonna hit them up in a couple of months.  Cuttin' up all my cards.

Never tried Lending Club, TU is my worstest score. lol. 690's.

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Why are you cutting up all your cards for?

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I try to listen Dave Ramsey every night and I have one of his books...the more I listen to him, the more sense he makes.

Wouldn't it be nice not to worry about a silly credit score or paying interest?   I went about 12 yrs without credit - no BK's or things like that, just didn't have the desire to have credit.  Just recently got back into the credit game 3.5 yrs ago.  But now I find myself sweating bullets if I have a balance increase by $5 and lose 30 pts.

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I was in the same situation as you, no credit cards, used debit and cash for everything. Now I'm addicted to CC, the rewards, the thrill of app'ing, trying to get that score to 800 etc.

[Anonymous]

Loan approved finally. Money is on the way. Hopefully tomorrow so I don't have to pay the regular monthly payments on my credit cards!

[Anonymous]

Congrats! Now put those cards in a drawer and don't use em again until you are debt free!

[dobirdsmommy]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

For those considering using them. I'm impressed.

March 3rd - applied

March 6th - process completed

March 7th - money deposited in my checking account

Also, on March 6th when I was notified it was completed I called to change the payment date. Phone answered in about 20 seconds. The CSR asked a few verification questions, and changed the date. Took only a few minutes, and the updated date showed on line immediately.

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What documentation did you have to provide?

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Last three months bank statements. I think for peeps with a job, (I'm self employed), they ask for the two most recent pay stubs and a W-2.

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They didnt ask me for anything at all.  Just verified my bank with their little deposit. Nothing else was needed. It was extremely simple I will agree with that

[DaveInAZ]

Be aware the CRAs don't like these kind of loans very much. From my 10/31/14 mortgage refi app. TU lists among "Key factors adversely affecting your credit score" - "006- Too many consumer finance company accounts". (Scores were TU714, EX 702, EQ 690)

I only have 1 "consumer finance co account" - a $5k Prosper loan taken out in 6/14, balance now down under $4k.

[Anonymous]

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@Anonymous wrote:

Wasn't going to take a loan but did the preapproval rout to see what I could get.

Declined with Experian of 815.  Too many inquiries :-)

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I just did one for the heck of it. $32K at 6.92%.

I'll stick with my HELOC if I need cash, it's deductible and a lower rate.

[Anonymous]

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@Anonymous wrote:

For those considering using them. I'm impressed.

March 3rd - applied

March 6th - process completed

March 7th - money deposited in my checking account

Also, on March 6th when I was notified it was completed I called to change the payment date. Phone answered in about 20 seconds. The CSR asked a few verification questions, and changed the date. Took only a few minutes, and the updated date showed on line immediately.

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Thanks for posting this! Puts me at ease, I just applied yesterday and then reading some very negative reviews I started questioning my decision.  I had a question and hopefully someone can answer, when I go into my account "Funding" is checked off. Does this mean I am completely funded or still in process? Next icon says Final review. I am still waiting for the small deposit to put in my bank so I can finish my to do list. No documentation or employer verifications have been asked yet.   Also has anyone's interest rate changed from what they were originally quoted after loan has been approved?

TIA

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

For those considering using them. I'm impressed.

March 3rd - applied

March 6th - process completed

March 7th - money deposited in my checking account

Also, on March 6th when I was notified it was completed I called to change the payment date. Phone answered in about 20 seconds. The CSR asked a few verification questions, and changed the date. Took only a few minutes, and the updated date showed on line immediately.

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Thanks for posting this! Puts me at ease, I just applied yesterday and then reading some very negative reviews I started questioning my decision.  I had a question and hopefully someone can answer, when I go into my account "Funding" is checked off. Does this mean I am completely funded or still in process? Next icon says Final review. I am still waiting for the small deposit to put in my bank so I can finish my to do list. No documentation or employer verifications have been asked yet.   Also has anyone's interest rate changed from what they were originally quoted after loan has been approved?

TIA

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Yes, the green checkmark means the loan is completely funded. My interest rate remained the same.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

For those considering using them. I'm impressed.

March 3rd - applied

March 6th - process completed

March 7th - money deposited in my checking account

Also, on March 6th when I was notified it was completed I called to change the payment date. Phone answered in about 20 seconds. The CSR asked a few verification questions, and changed the date. Took only a few minutes, and the updated date showed on line immediately.

---

Thanks for posting this! Puts me at ease, I just applied yesterday and then reading some very negative reviews I started questioning my decision.  I had a question and hopefully someone can answer, when I go into my account "Funding" is checked off. Does this mean I am completely funded or still in process? Next icon says Final review. I am still waiting for the small deposit to put in my bank so I can finish my to do list. No documentation or employer verifications have been asked yet.   Also has anyone's interest rate changed from what they were originally quoted after loan has been approved?

TIA

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Yes, the green checkmark means the loan is completely funded. My interest rate remained the same.

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Thanks for the reply, can I ask how long it took to get your deposit in the bank? I did apply on Sat so maybe that's my delay.   Glad to know it's atleast completely funded.  Thanks again for your info!!

[Anonymous]

Four days from application.