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Frequent Contributor
Posts: 366
Registered: ‎10-25-2012
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Lending club

Last night I was searching for information on lending club to consolidate some credit cards and I didn't find much. So this is my experience around 8 last night i checked the pre-approval offers and it gave me several options without a credit pull. Checked some other lenders and decided I would go ahead with lending club picked the loan I wanted from the options hit submit. It gave me a check list of things I needed to do to complete the loan only thing on it was to confirm my email after that it said my loan was pending final review . This morning I checked around 10 it said loan is funded and should be in my acct in 4 business days. The score they pulled was 675. Overall easy process figured they would at least need a paystub or something at some point in the process it did link to my bank acct to verify it or you can enter you acct info manually.
Valued Contributor
Posts: 1,407
Registered: ‎01-31-2008

Re: Lending club

It is not unheard of that you may still receive a phone call for verification. If it goes beyond the 4 days it does hurt to call and ask if they need any additional information.

 

Since we are all curious:

1. How big a loan did you get?

2. What APR?

3. How many inquiries the last 12 months?

Frequent Contributor
Posts: 366
Registered: ‎10-25-2012
0 Kudos

Re: Lending club

1. 7500 had options from 3000 to 15k
2. 17.9 high but cheaper than the cards im going to pay off.
3. 4 within in the last year 1 in past 6 months for care credit.
Says they are sending the money today and that bank may place a hold for up to 4 days.
Frequent Contributor
Posts: 481
Registered: ‎09-30-2016
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Re: Lending club

When you accepted one of the offers then did you get a HP?


In second year post 13 DC (12-28-15)
Entered garden 05-19-2017 CLOSED ON MY NEW HOUSE 5/17/17!!!!

Current Scores FICO 8: 693/677/687 Updated: August 2, 2017
Goal: 730's across the board
Valued Contributor
Posts: 1,407
Registered: ‎01-31-2008
0 Kudos

Re: Lending club

Thanks for the info.. Others will benefit with your data points.

They do seem to be HP sensitive.

Valued Contributor
Posts: 1,553
Registered: ‎10-21-2014
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Re: Lending club

Hello! I was approved for a 23k lending club loan with 22 hps . My goal is to focus on paying this debt off so I chose a 36 month term and to stop incurring debt.

| Navy Cash Rewards VS | Chevron Advantage | Capitol One MC | EQ 668
| Lending Club Personal Loan | Elements FInancial FCU Auto Loan |
Frequent Contributor
Posts: 291
Registered: ‎06-19-2015

Re: Lending club

I am curious as to how the loan reports to the credit bureau's, does it show up as a personal line of credit or loan or as another credit card? Also, how much of the payment each month actually goes to what you owe? I assume if you have a 36 month loan at a set monthly payment then all of the payment would go to what you owe? Thanks

Filed Chapt 7 BK 6/3/15,DC: 9/8/15 New Car Loan 4/27/17 = 2017 Toyota Rav4 LE 9 Miles
Starting Scores: EXP 479/EQ 529/TU 555
Current Scores: EXP 667/EQ 634/TU 660
AAoA 3.5Yrs|Oldest 11.3Yrs| WWithin =$250|Kays = $500|FBeauty = $1250|VSecret = $1250|
Overstock = $1300|Kohl's = $2500|COne Quick Silver = $1050|
COne Quick Slvr1 = $1500|Fifth 3rd = $1500|Cap1 AU = $2500|Barclay = $2500|WFargo = $5500
Valued Contributor
Posts: 1,553
Registered: ‎10-21-2014
0 Kudos

Re: Lending club

It reports to all 3 bureaus as a personal loan. Half is interest and half is principal at this point. I've only paid 2 payments so far though so normally as a loan progresses more of my payment will go to the principal.
| Navy Cash Rewards VS | Chevron Advantage | Capitol One MC | EQ 668
| Lending Club Personal Loan | Elements FInancial FCU Auto Loan |
Frequent Contributor
Posts: 291
Registered: ‎06-19-2015

Re: Lending club

Thanks, Have you seen a jump in scores if you used it to pay off credit cards? How long does it take to report on credit? Thanks

Filed Chapt 7 BK 6/3/15,DC: 9/8/15 New Car Loan 4/27/17 = 2017 Toyota Rav4 LE 9 Miles
Starting Scores: EXP 479/EQ 529/TU 555
Current Scores: EXP 667/EQ 634/TU 660
AAoA 3.5Yrs|Oldest 11.3Yrs| WWithin =$250|Kays = $500|FBeauty = $1250|VSecret = $1250|
Overstock = $1300|Kohl's = $2500|COne Quick Silver = $1050|
COne Quick Slvr1 = $1500|Fifth 3rd = $1500|Cap1 AU = $2500|Barclay = $2500|WFargo = $5500
Valued Contributor
Posts: 1,553
Registered: ‎10-21-2014
0 Kudos

Re: Lending club

Yes about 30 points although I paid lendmark off and it still hasn't reported the cb as paid so I'm hoping to get another jump then.

| Navy Cash Rewards VS | Chevron Advantage | Capitol One MC | EQ 668
| Lending Club Personal Loan | Elements FInancial FCU Auto Loan |

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