topic Re: Is Lending Club legitimate ? in Personal Finance

Is Lending Club legitimate ?

chuckwood — Sat, 06 Aug 2022 01:52:03 GMT

I was kinda looking at personal loans to fix up a house to sell it soon and not rack up the credit card debt. I get the mailers from best egg and lending club seems like daily. I checked Penfed and the rate was 12.99%. My local bank there starting rates are not even competitive. I don't quilify for Navy. I went ahead and checked Lending Club and the rate was 6.34% but had the fee of $400. To me it sounds like a good deal but I didn't know how easy they are to deal wtih. Any ideas or comments are appriciated.

Re: Is Lending Club legitimate ?

pizzadude — Sat, 06 Aug 2022 02:21:26 GMT

If you search on "Lending Club" in this board, you should be able to find several relevant posts such as this thread.

Re: Is Lending Club legitimate ?

disney2 — Sat, 06 Aug 2022 16:18:21 GMT

I've used them and had no issue. I paid it off early and there was no prepay penalty. They were easy to deal with.

Re: Is Lending Club legitimate ?

smcl1919 — Sat, 06 Aug 2022 21:58:08 GMT

I've had a great experience with LC. I have a $40k personal loan with them since Dec 2021 for debt consolidation and reports as an installment loan on your CR. TU pulled at that time was ~724. The application process was very smooth. I'll be paying off the loan early (no pre-payment which is nice) and hopefully re-fi for a lower rate if possible. The downside is the origination fee. Happy to answer any questions if you have them.

LOAN TERMS

Original Loan Amount:	$40,000
Loan term:	60 months
Interest rate:	8.59%
APR:	11.26%
Monthly Payment	$822.40

Re: Is Lending Club legitimate ?

chuckwood — Sun, 07 Aug 2022 23:22:52 GMT

Thanks everyone for your input. I just didn't want to pull the trigger and miss something in the fine print and regret it.