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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!
@Anonymous 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.
Thanks Ramblinggirl! I'm hoping it'll go through soon
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.
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.
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.
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.