topic Re: Lending Club "Final Review" in Personal Finance

Lending Club "Final Review"

Anonymous — Sun, 07 May 2017 23:57:53 GMT

I applied for a lending club loan after being denied at citibank. They pre-approved a loan for me, I accepted the loan offer. Submitted my bank account info, verified my phone number and work email. My credit score was pulled as 662. Now when I go to account summary is states three stages, "Funding: Investors are backing your loan" with a check next to it. "Final Review: You finish your to-do list and we review your application" (the stage i am on) and "Done! your loans will be despoited into your bank account." Now my question is, have I been approved? Im currently in final review, but accepted a loan amount and the funded seems to be done since there is a check next to it? How long have people stayed in final review for? I am trying to consolidate my credit and put down a security deposit on an apartment and would like to do so this week.

Thanks!

Re: Lending Club "Final Review"

ramblinggirl — Mon, 08 May 2017 02:09:23 GMT

@Anonymous wrote:
I applied for a lending club loan after being denied at citibank. They pre-approved a loan for me, I accepted the loan offer. Submitted my bank account info, verified my phone number and work email. My credit score was pulled as 662. Now when I go to account summary is states three stages, "Funding: Investors are backing your loan" with a check next to it. "Final Review: You finish your to-do list and we review your application" (the stage i am on) and "Done! your loans will be despoited into your bank account." Now my question is, have I been approved? Im currently in final review, but accepted a loan amount and the funded seems to be done since there is a check next to it? How long have people stayed in final review for? I am trying to consolidate my credit and put down a security deposit on an apartment and would like to do so this week.

Thanks!

Dont know how similar LC is to sofi but process seems similar. My friend went thru the same thing-appears approved after sending in all documents. Next the money would be in acct-it took about 3 days from approval for money to be deposited. Took a total of 1 wk.

Re: Lending Club "Final Review"

Anonymous — Mon, 08 May 2017 04:15:46 GMT

Thanks Ramblinggirl! I'm hoping it'll go through soon

Re: Lending Club "Final Review"

Anonymous — Mon, 22 May 2017 10:38:51 GMT

NorthShore1 Were you approved for the loan? How long did you sit in final review

Re: Lending Club "Final Review"

Anonymous — Mon, 22 May 2017 23:59:55 GMT

Hi,

From applying to getting the funds it took a week and a half. I sat in review for about a week. Funding took about 5 days.

Re: Lending Club "Final Review"

Max2000 — Tue, 20 Jun 2017 17:35:59 GMT

I also applied with Lending Club after doing the pre-qual step and seeing terms that were much better than Propers offer. I was declined by Marcus, BestEgg, and Sofi, when using the pre-qual step which are soft pulls and does not affect your credit. I figured I might as well check all the big guys since it doesn't affect scoring and had decided to go forward with a consolidation loan.

I received the Truth in Lending Disclosure with all the terms of the loan on 6/13/17 from Lending Club and the page stated that investors were backing the loan. The loan was funded with a green checkmark within one or two days. It's now 6/20/17 and the loan is still in the final review stage, which it has been since 6/15/17, then there was the weekend to consider.

So total it has been five business days since I pulled the trigger on the loan. The only verifications LC asked for was to confirm both my personal and work email addresses. If you are working with LC, make sure to log on and check your account daily. I didn't recieve an email asking me to verify my work email address, I only noticed the request on the third day when I logged into my account.

I will update this posting when there are updates made to my LC account.

Re: Lending Club "Final Review"

Anonymous — Tue, 20 Jun 2017 19:09:08 GMT

Hi Max! Were you able to see people finding your account? I thought I was funded too at first and then realized my funding hadn't even started yet. You would have been able to see a map with peoples contributions depending on their location.

Re: Lending Club "Final Review"

Max2000 — Wed, 21 Jun 2017 05:00:15 GMT

I have not seen anybody funding my account - just a green checkmark and something saying your loan is being funded. Lending Club seems to give you positive encouragement / feedback about the loan process, but also leaves you in a little in the dark about what is really happening.

Re: Lending Club "Final Review"

Anonymous — Wed, 21 Jun 2017 05:22:40 GMT

Hi Max, I can't really remember but I feel like mine had a check mark and then one day when I checked it had changed to a clickable link where I was able to see the finding process happening. Then that funding took 5 days and after that I received my funds in a day or two. I agree too that I felt a little left in the dark. I didn't really need to money right away, I was just consolidating credit card debt, but it was a little frustrating.

Re: Lending Club "Final Review"

Max2000 — Wed, 21 Jun 2017 15:18:05 GMT

Hi NorthShore,

Lol, same here. I really am in no hurry for the money as well, because I'm just refinancing credit card debt and hoping to drive my fico scores higher, quicker. Also, I think it would be nice just to have one payment to manage, rather than the nine I currently have payments on. The loan I requested is just for $11k @ 19.99% x 36 months, which should take care of 90% of my outstanding credit card debt. Not the greatest deal, but will save me a little on interest charges relatively speaking. Based on my current fico scores, I shouldn't complain too much.

Re: Lending Club "Final Review"

Anonymous — Wed, 21 Jun 2017 16:41:31 GMT

@Max2000 wrote:
Hi NorthShore,

Lol, same here. I really am in no hurry for the money as well, because I'm just refinancing credit card debt and hoping to drive my fico scores higher, quicker. Also, I think it would be nice just to have one payment to manage, rather than the nine I currently have payments on. The loan I requested is just for @$11k @ 19.99% x 36 months, which should take care of 90% of my outstanding credit card debt. Not the greatest deal, but will save me a little on interest charges relatively speaking. Based on my current fico scores, I shouldn't complain too much.

I would personally say no to this, go on a strict budget, throw everything I could at the CCs to get the utilization under control, then get a 0% balance transfer card or a decent personal loan for the rest.

I was moving balances around on subprime loans like this myself. I always ended up with CC balances again PLUS the bad loans I took out that I thought would help matters. Be careful. It's a very slippery slope.

Re: Lending Club "Final Review"

Anonymous — Wed, 21 Jun 2017 21:12:40 GMT

Hi Max,

Same, my deal wasnt great either, very comparable to yours but I took out 9k, but it consolidated everything into one payment. My credit score went up a lot since I did this, almost to the 700s now, so I am happy I did it.

Re: Lending Club "Final Review"

Max2000 — Thu, 22 Jun 2017 03:54:03 GMT

Hi Steeler,

I'll consider your advice. Thanks for the feedback!

Re: Lending Club "Final Review"

Max2000 — Thu, 22 Jun 2017 03:56:41 GMT

Hi NorthShore,

Do you remember what your scores were before the consolidation happened? Approx. how many months did it take for your scores to rise?

Re: Lending Club "Final Review"

Max2000 — Fri, 23 Jun 2017 05:24:37 GMT

Today 6/22 I received my first email from Lending Club since applying for the loan on 6/13/17. In the email message, it said that "Investors have backed your loan 100%."

After reading that, I logged into my LC account and on the landing page for my loan, which has not changed in several days, there is a new pop-up window stating:

Your loan has been approved and has been 100% backed by investors.

We plan to transfer the funds to your bank on 06/23.

Please note that your bank may take up to 4 additional days
to show the money in your account.

Thanks again for choosing Lending Club

I was happy to read this, but it seems like LC should have had a couple more updates for me over the nine days since I've applied for the loan. Also, some people have said that there was a link to see where the investers locations are, but my loan is not showing any links like that at all. It has green check marks in all three boxes now, with the "Done!" box being bright and the other two shaded.

I will update this post once I can confirm that the funds have been deposited into my checking account.

Re: Lending Club "Final Review"

Anonymous — Fri, 23 Jun 2017 06:21:33 GMT

Hi! My credit score was 622, went down to 610 after applying for a bank loan and now is 688. This happened within a couple of months. I also found that I had an account with creditors, for a small amount and I paid off. I'm basing these numbers off my credit card Fico score tracker. I do remember lending club giving me a slightly higher credit score when they checked, maybe 630-something.

Re: Lending Club "Final Review"

Max2000 — Sat, 24 Jun 2017 03:01:32 GMT

Hi NothShore,

Wow! that's quite a score swing in two months! Down 12 and then up 78, totally works and I would definately take that! Close to the magic 700

Re: Lending Club "Final Review"

Max2000 — Tue, 27 Jun 2017 04:23:19 GMT

Final Update: The loan funded overnight and the cash was available in my account at BofA, Saturday morning 6/24/17. The total time from applying and having the cash available to use was eight business days.

Pretty seamless process, and absolutely no communication was required with Lending Club during the process - the entire transaction was handled via the LC website.

After funding, LC sent a couple of messages with pertinent payment information and how to make extra payments, or payoff the loan. So far, I'm happy with the product and would recommend this service if the terms are a good fit for the situation.

Re: Lending Club "Final Review"

wanttobeinthe700club — Thu, 13 Jul 2017 02:57:53 GMT

I just applied for a personal loan with them to pay off credit card debt at a much lower apr. I applied on the 8th and did a few things as far as verifying my job and who I was. I have been stuck on the middle "Review" step for a couple days. Today I did notice I could see the investors and I'm at 7% of 12k. Let's see how long it takes now to get to 100%. I agree that you get left in the dark on the whole thing and never recieve emails on anything. No one else would approve me with my BK7 from 2011 except LC. I plan on paying a lot more than the payment each month. Credit Wise estimates my score will jump up about 83 points and that would put me over 700. LC said my TU score was 661.

Re: Lending Club "Final Review"

Anonymous — Sat, 15 Jul 2017 21:41:53 GMT

@wanttobeinthe700club wrote:
I just applied for a personal loan with them to pay off credit card debt at a much lower apr. I applied on the 8th and did a few things as far as verifying my job and who I was. I have been stuck on the middle "Review" step for a couple days. Today I did notice I could see the investors and I'm at 7% of 12k. Let's see how long it takes now to get to 100%. I agree that you get left in the dark on the whole thing and never recieve emails on anything. No one else would approve me with my BK7 from 2011 except LC. I plan on paying a lot more than the payment each month. Credit Wise estimates my score will jump up about 83 points and that would put me over 700. LC said my TU score was 661.

Creditwise is not a FICO score. It's the Vantage 3 score. Capital One does not use that score to manage their accounts. Most lenders do not use the Vantage score.

You need to be in touch with your FICO scores.