I applied for a loan from lending club to consolidate my debt, and somehow got $40,000 at 5.32 intreset rate!!! The process was very easy and application took all of 3 minutes to complete. Initially, they do a soft inquiry to give you a pre-approval and afterwards if you accept it, they pull a tu report. It was joint application with the wife and they pulled 687 and 742 scores. only bad part is they charge a service fee from 1%- 5% based on credit and take it out the funded loan. We got the lowest rate which was 1% fee, so they only deducted $400, which left us with 39,600.00
Heres the timeline:
applied on 12/30- had to confirm email and sent in proof of income along w/ w2
01/02/18- Got email saying documents were being reviewed around 8 am, 2 pm loan was approved
01/03/18- got email saying funds were on the way to my account
01/04/18- funds were in account
Wow, it really pays to have good credit!
While my experience with Lending Club was also very smooth, the terms were much more severe.
First, my Transunion FICO was 612.
I got $7200, but at a very steep 19.99% rate. They also took 6% as an origination fee, so what I got in my bank account was $6768.
The only documents they needed was my tax return (I'm self-employed, so no W2s).
While the terms were severe, it was worth it because I really needed to pay some credit cards off (if anyone cares to know why, see this thread). The credit cards had very high interest rates themselves, so in terms of APR it was a wash.
thatguy15 - Is your income very high? Seems like they gave you a lot of money with very good terms. Or perhaps it was the 742 score?
nmk94- I think it was the credit score that did it, but I bring home about $3500 a month after taxes. The payment is $1100 a month, but I'll be debt free in three years, and I put all my cards on reoccuring payments like netflix and spotify. They are all shredded now and will be maintained through the auto subscriptions. No more credit card debt for me lol!!!