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So as part of the rebuilding process I wanted to get a small installment loan. I wasn't looking for alot... $1000-5000 and I can absolutely afford it. I applied at one of the "lending" clubs a few months ago and got denied. But they said try our other club which is called ironically, The Lending Club. Anyway, every month I get an email from them with some supposed non hard pull rate check but I have hesitated because I not sure if its worth the time. I still would love to get a small installment loan but dont want to keep getting denied. Anyone have any experience with these guys ? Thanks in advance !
Seeing your post piqued my interest too about them. According to the fine-print, a FICO score of at least 660 is required to be considered.
In my view, to be safe, don't even try applying until your FICO score is at least 680 at all three bureaus. You're well on your way to that and beyond. However, at that point, you'll likely be able to get better loan deals elsewhere, including a local credit union / bank, and also qualify for higher limit credit cards.
Hey, thanks for the info, I didnt read the fine print just got another email and wanted to see if anyone else had dealt with them. Yeah I am on my way and since I dont need the loan it doesn't matter to me one way or another. Your also correct about the future and if I did need a loan I am sure my CU or Bank could do better than them.
I have been looking at them too. They say I qualify for loans up to $35K. @ $20K the interest rate is 8.18%...lower than the 14 and 16%'s of my cards with high util. I have been seriously considering getting their loan to PO the cards. One of the cards is NFCU nRewards with a $12K bal on $15K limit that is closed. I have to pay that off before Navy will give me another shot. The other card I am an AU on (and the debt is mine).
I haven't made a decision yet, but I am seeing A+ at BBB and good reviews elsewhere.
I wouldn't consider them unless I actually NEEDED a loan. If you just want a loan for scoring purposes, it would be much better to join SDFCU, put $500 into a savings account, and open a secured loan for $500 @ 3.99% for 36 mo. Make a couple of $15 payments, to free up some of the savings, then just put it on auto pay from the savings account. Or you can just put it on auto pay from the loan proceeds if you don't need the money for anything.