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Odd Denial Message from Lending Club

New Member

Odd Denial Message from Lending Club

First off, I was not even wanting a loan. It said check to see what sort of rates you would get and I got a decline. I thought I would see if it is worth refinancing...

 

The reason for denail that gave me was this:

 

Insufficient number of satisfactory payments on existing LendingClub loan

 

The odd thing is that I have been with Lending Club for 6 years and have paid off loans with them. I have never been a day late on any loans and it shows perfect history in my account.

 

I am baffled. I went through all my credit history and credit reports. They all say perfect payment history. Anyone else get this? Its like these places do not want to give loans to anyone.. If I received an actual honest reason it would be one thing. All I can guess is the system is not working. Maybe they were hacked?

Message 1 of 3
2 REPLIES
Regular Contributor

Re: Odd Denial Message from Lending Club


@hoodun wrote:

First off, I was not even wanting a loan. It said check to see what sort of rates you would get and I got a decline. I thought I would see if it is worth refinancing...

 

The reason for denail that gave me was this:

 

Insufficient number of satisfactory payments on existing LendingClub loan

 

The odd thing is that I have been with Lending Club for 6 years and have paid off loans with them. I have never been a day late on any loans and it shows perfect history in my account.

 

I am baffled. I went through all my credit history and credit reports. They all say perfect payment history. Anyone else get this? Its like these places do not want to give loans to anyone.. If I received an actual honest reason it would be one thing. All I can guess is the system is not working. Maybe they were hacked?


Maybe you should call them and speak to a live person...you said you have "paid off loans with them",  so I'm assuming the "Insufficient number of satisfactory payments on existing LendingClub loan" is not valid because you do not have an "existing" loan...

Message 2 of 3
Frequent Contributor

Re: Odd Denial Message from Lending Club

Could also mean the opposite of what you think. 

 

Paying off loans too early is not good for them or their investors. When your loan is funded, its assumed you will repay X amount of interest over X amount of years. When you pay it off early, those that invested are deprived of some of the interest they though they would get. 

 

As you know, they charge most of the interest earlier in the loan with it tapering down at the end to less than a 3rd of what it was to begin with. 

 

Perhaps you paid them off early and that resulted in "an insufficent number of satisfactory payments" . They are not satisfied with you as a customer for paying off early it seems. 

 

 

765 TU FICO.
Message 3 of 3