topic Re: Lending Club Application Process in Personal Finance

Lending Club Application Process

ew0506 — Tue, 12 Nov 2019 17:23:28 GMT

Hello All,

I recently asked for a loan from LendingClub and during the process I was asked to verify my phone number by calling them. Then, I was sent an email later to verify (upload) documentation for prrof of income. I was surprised what they requested was about the same as my home loand and I want to know did other's have the same experience.

They wanted 2 years, tax returns. 60 days of bank statrements. 2 years of tax transcipts. 2 years of W2. 60 days of pay stubs. I mean, I have had a lon before and they certainly didn't ask for all this information. The items I'm like "wow" over, are the tax information. Is this normal for Lending Club?

Re: Lending Club Application Process

FlaDude — Tue, 12 Nov 2019 19:42:21 GMT

It varies. They didn't ask me for any proof of income at all, I think have read reports here both ways. I'm not really sure what triggers the POI request, but I do have a long credit history (and it would be even longer if I hadn't closed almost all my cards in the late '80s.)

Re: Lending Club Application Process

ew0506 — Tue, 12 Nov 2019 21:02:14 GMT

Yes, strange, but I figure different for everyone. Thanks for the feedback. Needless to say, I will pass on them, I'm not purchasing a new home and I feel like it's just way too much information.

Re: Lending Club Application Process

FlaDude — Tue, 12 Nov 2019 21:21:57 GMT

I'm not sure either if amount matters, I borrowed 10k. Maybe larger loans get more scrutiny.

Re: Lending Club Application Process

ew0506 — Tue, 12 Nov 2019 21:23:10 GMT

That could be very true also.

Re: Lending Club Application Process

Anonymous — Tue, 12 Nov 2019 21:47:32 GMT

When I applied, I had to send them one year of tax returns and I think just one month of paystubs.

Re: Lending Club Application Process

Anonymous — Tue, 12 Nov 2019 22:40:54 GMT

@ew0506 wrote:
They wanted 2 years, tax returns. 60 days of bank statrements. 2 years of tax transcipts. 2 years of W2. 60 days of pay stubs. I mean, I have had a lon before and they certainly didn't ask for all this information. The items I'm like "wow" over, are the tax information. Is this normal for Lending Club?

They really require all of this? ^

I'll pass on ever doing business with them in that case. If you cannot gleen enough info from last 2 years tax returns and last 3 months pay stubs and bank statements, then it's far too much paperwork/hassle for me. 60 days of bank statements, you mean 6 months right?

Re: Lending Club Application Process

ew0506 — Tue, 12 Nov 2019 22:42:26 GMT

No, they simply said 60 days worth of bank statements.

Re: Lending Club Application Process

Anonymous — Tue, 12 Nov 2019 23:37:32 GMT

Yes, but bank statements generally cycle every 30ish days. So it seems odd for them to request it in "days" versus months. 60 days of bank statements alone would be a lot of paperwork. So they should be asking for the past two Bank statements. IDK, maybe I'm the odd one.

Re: Lending Club Application Process

ew0506 — Wed, 13 Nov 2019 00:34:08 GMT

60 days. 2 months. We are both on the same page 😉

Re: Lending Club Application Process

Anonymous — Sat, 21 Dec 2019 01:50:14 GMT

I applied for a Lending CLub loan a few days ago. I wasn't even sure I completed the entire application because all they required was a self-reported income, contact info, my employers name, SSN, and verified email address. Took me about 5 minutes. No proof of anything was requested at all.

Within 12 hours my loan was approved. Within 24 hours, it was fully backed by investors and I received an email saying the payments to my credit cards and the rest going to my bank account had been sent and my loan info is appearing on my account with Lending Club.

Easiest loan process ever.

Re: Lending Club Application Process

RCFL — Sat, 21 Dec 2019 09:39:39 GMT

Got a 40k loan (36 months) from them without any POI. Only verification was to call them. Painless process and had the money in my account within a week.