topic Re: Lending Club in Credit Cards

Lending Club

Anonymous — Sun, 22 May 2011 17:10:02 GMT

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

Re: Lending Club

DI — Sun, 22 May 2011 17:13:55 GMT

@Anonymous 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.

Re: Lending Club

Anonymous — Sun, 22 May 2011 17:18:43 GMT

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

it looks like they are a legit outfit.

Re: Lending Club

llecs — Sun, 22 May 2011 20:23:03 GMT

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.

Re: Lending Club

UFGuy2006 — Sun, 22 May 2011 20:32:15 GMT

@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.

Re: Lending Club

llecs — Sun, 22 May 2011 23:50:12 GMT

@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.

Re: Lending Club

LS2982 — Mon, 23 May 2011 01:02:14 GMT

@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?

Re: Lending Club

llecs — Mon, 23 May 2011 12:04:46 GMT

IIRC, the minimum TU FICO was 660.

Re: Lending Club

Anonymous — Wed, 25 May 2011 04:08:34 GMT

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

Re: Lending Club

UFGuy2006 — Wed, 25 May 2011 17:45:26 GMT

@Anonymous wrote:
@I got 5k loan from Lending Club @Anonymous% 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.

Re: Lending Club

Anonymous — Wed, 25 May 2011 21:38:11 GMT

hmm strange cause prosper said they dont report which they are not and i had the loan for 6 months, lending club it reports to trans and exp for me but not eq as of today

Re: Lending Club

Anonymous — Wed, 25 May 2011 23:16:33 GMT

If you use prosper you can get a hidden tradeline and consolidate all your credit card debt and improve your scores a ton by lowering down your utilization

Re: Lending Club

hyprble — Wed, 25 May 2011 23:54:49 GMT

@Anonymous wrote:
If you use prosper you can get a hidden tradeline and consolidate all your credit card debt and improve your scores a ton by lowering down your utilization

This.

I was also happier paying interest to actual people rather than banks. Obviously don't do the above if you think you're going to rack up more cc debt tho.