topic Re: Lending Club Approval Process - October 2016 in Personal Finance

Lending Club Approval Process - October 2016

Anonymous — Fri, 28 Oct 2016 14:18:20 GMT

I wanted to share my experience with Lending Club and the approval process this past month. Even with all the bad press they received in the summer of 2016, I found the process to obtain a loan from them to be insanely easy.

Day by Day:

Tuesday: Applied for a $15,000 loan to do a re-model on my kitchen. Chose a 60 month loan @ 6.99% interest. I plan on paying the loan off within a year.

Wednesday: I Received an email confirming that my loan was in the process of being funded and in the meantime, I had to complete a "To-Do List" which only consisted of confirming my email address.

Thursday: Email in the afternoon saying that my loan was 100% backed by investors, and waiting for full loan approval from Lending Club/Web Bank.

Friday: Email at 3 A.M. saying that my loan was approved and funds were being sent to my bank account.

Saturday: Funds hit my bank account via direct deposit first thing in the morning.

At no time did I have to provide a W2, Pay Stubs, or Bank Statements. Everything was completely online and only took 3 business days. That is absolutely insane!

Fico Score: 700 (According to their score notice document)

My DTI at the time was around 20% with no late payments in the last 2 years. I had plenty of new CC accounts opened in the past 12 months and approximately 4 hard inquiries in the past 6 months.

Re: Lending Club Approval Process - October 2016

Anonymous — Sat, 29 Oct 2016 23:17:54 GMT

Excellent job and congrats. Thanks for sharing.

Re: Lending Club Approval Process - October 2016

Anonymous — Mon, 31 Oct 2016 22:35:39 GMT

Congrats on your approval and thanks for sharing your experience!

Re: Lending Club Approval Process - October 2016

Anonymous — Wed, 02 Nov 2016 19:14:12 GMT

@Anonymous wrote:
I wanted to share my experience with Lending Club and the approval process this past month. Even with all the bad press they received in the summer of 2016, I found the process to obtain a loan from them to be insanely easy.

Day by Day:

Tuesday@: Applied for a $15,000 loan to do a re-model on my kitchen. Chose a 60 month loan @ 6.99% interest. I plan on paying the loan off within a year.
Wednesday: I Received an email confirming that my loan was in the process of being funded and in the meantime, I had to complete a "To-Do List" which only consisted of confirming my email address.
Thursday: Email in the afternoon saying that my loan was 100% backed by investors, and waiting for full loan approval from Lending Club/Web Bank.
Friday: Email at 3 A.M. saying that my loan was approved and funds were being sent to my bank account.
Saturday: Funds hit my bank account via direct deposit first thing in the morning.

At no time did I have to provide a W2, Pay Stubs, or Bank Statements. Everything was completely online and only took 3 business days. That is absolutely insane!

Fico Score: 700 (According to their score notice document)
My DTI at the time was around 20% with no late payments in the last 2 years. I had plenty of new CC accounts opened in the past 12 months and approximately 4 hard inquiries in the past 6 months.

Update: Lending Club did perform a hard inquiry with Transunion before the direct deposit.

Re: Lending Club Approval Process - October 2016

Anonymous — Fri, 04 Nov 2016 19:15:22 GMT

Thanks so much OP, I'm currently researching personal loans, and this is extremely helpful.

Re: Lending Club Approval Process - October 2016

Anonymous — Sat, 05 Nov 2016 05:53:12 GMT

Very nice!!

Re: Lending Club Approval Process - October 2016

Anonymous — Fri, 11 Nov 2016 00:01:05 GMT

Congrats! And a very nice rate. I am a kitchen and bath salesman and designer if you have any questions please don't hesitate to PM me. Good luck.

Re: Lending Club Approval Process - October 2016

dajewa1 — Sat, 25 Feb 2017 18:47:08 GMT

Congrats