Lending Club Loan in Final Review?

[Anonymous]

Hello, 

Im not sure if anyone has any experience with Lending Club Loans, I applied for it about 2 weeks ago, its been sitting in final review when I call Lending Club they say its waiting to be funded by investors. I have a Prosper loan and got that in 3 days. Why is lending club taking so long. My prosper loan is only 8k, the Lending Club Loan is 20k, but Its taking ridiclously long. Does any one have any lending club experience. 

[Anonymous]

Welcome to the forum! I do not have personal expereince with them, but did read that they can be slow.

If you don't mind me asking, what was your rate with Prosper? scores when you applied?

[Anonymous]

My Prosper loan was 8k, I applied at around 740 score, 60k income, 8k loan, 9.74% Interest Rate. 

[Anonymous]

My Prosper loan was 15k at 9.74% for 36 months 2 months ago. I have paid it down to 3k.

I had a SoFi loan that was $25,852 at 10.74% last year for 84 months. Paid off.

Currently have an AMEX Personal loan at 20k 8.64% for 3 years last week.

Lending Club always declined me. My scores have always been in the mid 7's. Income $87k.

[Anonymous]

I am a (small!) investor in LC loans. They do take WAAAY longer to approve than Prosper. I'm not sure why because I have more LC loans go default than Prosper, but after a scandal last year with the CEO of LC, they are taking much more care in processing. Otherwise, I've see no difference in the two. Warning: Neither will negotiate with you at all if you get into trouble. Otherwise, if you feel you can make the payments, my first Prosper loan (as a borrower) saved my butt during divorce that turned nasty and I needed money for legal fees.  

[Anonymous]

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@Anonymous wrote:

Hello, 

Im not sure if anyone has any experience with Lending Club Loans, I applied for it about 2 weeks ago, its been sitting in final review when I call Lending Club they say its waiting to be funded by investors. I have a Prosper loan and got that in 3 days. Why is lending club taking so long. My prosper loan is only 8k, the Lending Club Loan is 20k, but Its taking ridiclously long. Does any one have any lending club experience. 

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I used to invest with Lending Club, yes it does take time for people to fund the loan. Often investors get to pick a loan at a set interest rate and term, while also being able to view your credit score, income, etc., and then they decide if they want to put a "note" or "notes" towards your loan. If there hasn't been enough people willing to invest in your loan at the present time, you'll have to be patient and wait until enough investors fund your loan first.