Regular Contributor
cpacfp
Posts: 123
Registered: ‎10-05-2007
Lending Club

Do any on you have any experience with the company, " Lending Club".  It looks like you can get some great interest rates to pay down some high interest revolving debt.

Or has anyone heard good or bad things about them?

Thank you.

 

www.lendingclub.com

 

 

Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
Re: Lending Club

cpacfp wrote:

Do any on you have any experience with the company, " Lending Club".  It looks like you can get some great interest rates to pay down some high interest revolving debt.

Or has anyone heard good or bad things about them?

Thank you.

 

www.lendingclub.com

 

 


I've heard of lendingclub.  I was thinking about investing by lending money.  There are many of those type of websites that have popped over the years. 

Regular Contributor
cpacfp
Posts: 123
Registered: ‎10-05-2007
Re: Lending Club

Yes it looks like you can earn some pretty good returns.

it looks like they are a legit outfit.

 

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
Re: Lending Club

I just started borrowing with LC last summer. They are a decent way to get a loan, though rates are better elsewhere. When you apply, your TU is pulled along with your TU FICO (same version as on here) and based on your score and credit, they'll assign you a rating which determines your risk to other investors and your rate. If you accept it, then they'll publish your listing and others can invest into your loan. Along the way they'll ask you personal questions regarding the loan and why. They also have portions of your CR available to them and some of the questions, I'm certain, are to test your integrity in answering them. LC itself will also ask for your tax returns, paystubs, or other info so have that handy. Your have a finite number of days to get the loan funded, though you can accept less if less is funded. If funded completely sooner, then the money is released and put into your account. Monthly payments are drawn from the same account.

Established Contributor
UFGuy2006
Posts: 745
Registered: ‎08-02-2008
Re: Lending Club

llecs wrote:

I just started borrowing with LC last summer. They are a decent way to get a loan, though rates are better elsewhere. When you apply, your TU is pulled along with your TU FICO (same version as on here) and based on your score and credit, they'll assign you a rating which determines your risk to other investors and your rate. If you accept it, then they'll publish your listing and others can invest into your loan. Along the way they'll ask you personal questions regarding the loan and why. They also have portions of your CR available to them and some of the questions, I'm certain, are to test your integrity in answering them. LC itself will also ask for your tax returns, paystubs, or other info so have that handy. Your have a finite number of days to get the loan funded, though you can accept less if less is funded. If funded completely sooner, then the money is released and put into your account. Monthly payments are drawn from the same account.


Sounds very similar to Prosper.

FICO: EX: 743 (10/14); TU: 758 (9/14); EQ 721 (9/14)

In My Wallet: Amex X 5 | Barclays X 3 | BOA X 1 | CapOne X 3 | Chase X 3 | Citi X 7 | DCU X 1 | Discover X 1 | Fidelity X 1 | Fifth Third X 1 | Macys X 1 | PenFed X 1 | PSECU X 1 | Sams Club MC X 1 | Target RedCard X 1 | USAA X 2 | US Bank X 1 | Walmart X 1 | Wells Fargo X 1 = 36 Cards

Holding off apps until the end of the year! Wish me luck!
Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
Re: Lending Club

cesarcjv wrote:

Sounds very similar to Prosper.



It is. I tried Prosper (they pull EX and Scorex PLUS IIRC) and they assigned a loan amount maximum vs. LC's loose policy in letting you set the loan amount.

Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
Re: Lending Club

llecs wrote:

cesarcjv wrote:

Sounds very similar to Prosper.



It is. I tried Prosper (they pull EX and Scorex PLUS IIRC) and they assigned a loan amount maximum vs. LC's loose policy in letting you set the loan amount.


Do they give loans if your FICO is around 620's?




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
Re: Lending Club

IIRC, the minimum TU FICO was 660.

Contributor
flo23
Posts: 88
Registered: ‎07-06-2008
Re: Lending Club
[ Edited ]

I got 5k loan from Lending Club @15% had low scores back in Dec 2010. and also i have a prosper loan of 4k...the only thing i don't like is that lending club reports only to exp & tans and Propser doesn't report at all they will only report you if u don't make your payment's.. I'm also a investors with both of them and you can get some nice returns,,,hope it helps

Established Contributor
UFGuy2006
Posts: 745
Registered: ‎08-02-2008
Re: Lending Club

flo23 wrote:

I got 5k loan from Lending Club @15% had low scores back in Dec 2010. and also i have a prosper loan of 4k...the only thing i don't like is that lending club reports only to exp & tans and Propser doesn't report at all they will only report you if u don't make your payment's.. I'm also a investors with both of them and you can get some nice returns,,,hope it helps


I used propser a few years ago an it reported to both TU and EX. Did not report to EQ.

FICO: EX: 743 (10/14); TU: 758 (9/14); EQ 721 (9/14)

In My Wallet: Amex X 5 | Barclays X 3 | BOA X 1 | CapOne X 3 | Chase X 3 | Citi X 7 | DCU X 1 | Discover X 1 | Fidelity X 1 | Fifth Third X 1 | Macys X 1 | PenFed X 1 | PSECU X 1 | Sams Club MC X 1 | Target RedCard X 1 | USAA X 2 | US Bank X 1 | Walmart X 1 | Wells Fargo X 1 = 36 Cards

Holding off apps until the end of the year! Wish me luck!