Lending Club vs HELOC

[Lin55]

Closed on a house last week. Was hoping to get a loan for remodeling. Should I try HELOC before I try Lending Club? i'm obviously very new to this.

EQ 715. 

7 years AAOA

Single.

Mortgage is $140K

Hoping to get a remodel loan of around $30K.

The single family house is livable (up to code). The remodel loan is for pure aesthetics reason & to increase sq. footage (and of course to increase value), if that helps.

Any advice helps. thanks, myfico.

[04Cobra]

Congrats on your new home! I HELOC will have generally have lower rates than LC.You might be able to get more exposure if this was moved to the mortgage forum. Sorry I can't be more of assistance. 

[Lin55]

Thanks! I didn't know where to post this. 

Moderator, can you move this to mortgage? If not I can start a new thread in there..

[Anonymous]

You say what your mortgage is, but you don't say what the value of the home currently is. HELOCs go up to 80% as most mortgages will, and some HELOCs go higher, but they're a little harder to find. 

An alternative to Lending Club is Prosper (no dealings with either) and SoFi. I've used SoFi to refi my student loans. I've done the SP pre-qual for a personal loan with them and I think it's a pretty good deal for me. I applied for a HELOC yesterday with US Bank. If it ends up not working out, I may take the SoFi loan. 

[Lin55]

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@Anonymous wrote:

You say what your mortgage is, but you don't say what the value of the home currently is. HELOCs go up to 80% as most mortgages will, and some HELOCs go higher, but they're a little harder to find. 

An alternative to Lending Club is Prosper (no dealings with either) and SoFi. I've used SoFi to refi my student loans. I've done the SP pre-qual for a personal loan with them and I think it's a pretty good deal for me. I applied for a HELOC yesterday with US Bank. If it ends up not working out, I may take the SoFi loan. 

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The value of the home currently is around $160K. 

Maybe I will apply for HELOC and LC/Prosper concurrently and go for the best rate?

[Anonymous]

HELOC is likely out for you. You're at 87.5% LTV as it is. Again, it's worth at least checking out SoFi. They're new to the personal loan game, from what I can tell, but I got a better rate from them (doing SP pre-qual) than the charts at Prosper said I could expect from them. It could be because I already have a relationship, but it's worth the soft pull if you're going to do one of the options regardless. 

[CreditGuy03]

Transunion reads lending club as a finance company loan for some reason even though it is unsecured loan. Finance Company label hurts the score and when I pull reports on MyFico it has it in the negative column