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Lending Club "Final Review"

Member

Lending Club "Final Review"

I applied for a lending club loan after being denied at citibank. They pre-approved a loan for me, I accepted the loan offer. Submitted my bank account info, verified my phone number and work email. My credit score was pulled as 662. Now when I go to account summary is states three stages, "Funding: Investors are backing your loan" with a check next to it. "Final Review: You finish your to-do list and we review your application" (the stage i am on) and "Done! your loans will be despoited into your bank account." Now my question is, have I been approved? Im currently in final review, but accepted a loan amount and the funded seems to be done since there is a check next to it? How long have people stayed in final review for? I am trying to consolidate my credit and put down a security deposit on an apartment and would like to do so this week.

 

Thanks!

Message 1 of 26
25 REPLIES
Regular Contributor

Re: Lending Club "Final Review"


NorthShore1 wrote:

I applied for a lending club loan after being denied at citibank. They pre-approved a loan for me, I accepted the loan offer. Submitted my bank account info, verified my phone number and work email. My credit score was pulled as 662. Now when I go to account summary is states three stages, "Funding: Investors are backing your loan" with a check next to it. "Final Review: You finish your to-do list and we review your application" (the stage i am on) and "Done! your loans will be despoited into your bank account." Now my question is, have I been approved? Im currently in final review, but accepted a loan amount and the funded seems to be done since there is a check next to it? How long have people stayed in final review for? I am trying to consolidate my credit and put down a security deposit on an apartment and would like to do so this week.

 

Thanks!


Dont know how similar LC is to sofi but process seems similar.  My friend went thru the same thing-appears approved after sending in all documents. Next the money would be in acct-it took about 3 days from approval for money to be deposited. Took a total of 1 wk.

 

Message 2 of 26
Member

Re: Lending Club "Final Review"

Thanks Ramblinggirl! I'm hoping it'll go through soon Smiley Happy 

Message 3 of 26
Member

Re: Lending Club "Final Review"

NorthShore1 Were you approved for the loan? How long did you sit in final review
Message 4 of 26
Member

Re: Lending Club "Final Review"

Hi, 

 

From applying to getting the funds it took a week and a half. I sat in review for about a week. Funding took about 5 days.

 

Message 5 of 26
Member

Re: Lending Club "Final Review"

I also applied with Lending Club after doing the pre-qual step and seeing terms that were much better than Propers offer. I was declined by Marcus, BestEgg, and Sofi, when using the pre-qual step which are soft pulls and does not affect your credit. I figured I might as well check all the big guys since it doesn't affect scoring and had decided to go forward with a consolidation loan.

 

I received the Truth in Lending Disclosure with all the terms of the loan on 6/13/17 from Lending Club and the page stated that investors were backing the loan. The loan was funded with a green checkmark within one or two days. It's now 6/20/17 and the loan is still in the final review stage, which it has been since 6/15/17, then there was the weekend to consider.

 

So total it has been five business days since I pulled the trigger on the loan. The only verifications LC asked for was to confirm both my personal and work email addresses. If you are working with LC, make sure to log on and check your account daily. I didn't recieve an email asking me to verify my work email address, I only noticed the request on the third day when I logged into my account.

 

I will update this posting when there are updates made to my LC account.

Starting Score EX 12-2015: 578 Current Score 10-2017: 708
Starting Score TU 12-2015: 597 Current Score 10-2017: 711
Starting Score EQ 12-2015: 584 Current Score 10-2017: 704
Goal Score all Bureaus: 700 Goal Met 10/2017 I New Goal 750


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Message 6 of 26
Member

Re: Lending Club "Final Review"

Hi Max! Were you able to see people finding your account? I thought I was funded too at first and then realized my funding hadn't even started yet. You would have been able to see a map with peoples contributions depending on their location.
Message 7 of 26
Member

Re: Lending Club "Final Review"

I have not seen anybody funding my account - just a green checkmark and something saying your loan is being funded. Lending Club seems to give you positive encouragement / feedback about the loan process, but also leaves you in a little in the dark about what is really happening.

Starting Score EX 12-2015: 578 Current Score 10-2017: 708
Starting Score TU 12-2015: 597 Current Score 10-2017: 711
Starting Score EQ 12-2015: 584 Current Score 10-2017: 704
Goal Score all Bureaus: 700 Goal Met 10/2017 I New Goal 750


Take the myFICO Fitness Challenge
Message 8 of 26
Member

Re: Lending Club "Final Review"

Hi Max, I can't really remember but I feel like mine had a check mark and then one day when I checked it had changed to a clickable link where I was able to see the finding process happening. Then that funding took 5 days and after that I received my funds in a day or two. I agree too that I felt a little left in the dark. I didn't really need to money right away, I was just consolidating credit card debt, but it was a little frustrating.
Message 9 of 26
Member

Re: Lending Club "Final Review"

Hi NorthShore,

 

Lol, same here. I really am in no hurry for the money as well, because I'm just refinancing credit card debt and hoping to drive my fico scores higher, quicker. Also, I think it would be nice just to have one payment to manage, rather than the nine I currently have payments on. The loan I requested is just for $11k @ 19.99% x 36 months, which should take care of 90% of my outstanding credit card debt. Not the greatest deal, but will save me a little on interest charges relatively speaking. Based on my current fico scores, I shouldn't complain too much.

Starting Score EX 12-2015: 578 Current Score 10-2017: 708
Starting Score TU 12-2015: 597 Current Score 10-2017: 711
Starting Score EQ 12-2015: 584 Current Score 10-2017: 704
Goal Score all Bureaus: 700 Goal Met 10/2017 I New Goal 750


Take the myFICO Fitness Challenge
Message 10 of 26