topic Re: Debt Consolidation Loan - Approved!! Update in Credit Cards

Debt Consolidation Loan - Approved!! Update

ibmrad7 — Fri, 02 Aug 2013 13:07:40 GMT

I was asked here to update my process with a Lending Club loan for credit card reconsolidation. I have everything detailed below, if you have more questions please post here or send me a direct message.

Application:

Tuesday, July 23, 2013 at 10 PM CST

Amount: 8000$

Purpose: Credit Card Reconsolidation

Income: 120K +

AAoA: 3 years and 6 months (as per Credit Karma)

TU FICO: 669 (As per LC)

They perform a softpull on your TU to determine the rate and eligibility and if your TU FICO is less than 660, your application is automatically denied. (No Recons)

Once you submit your application, system generates a To-Do list for you, in my case it was:

- Verify Bank Account

- Verify Email Address

Email verification is straight forward like tons of other places, for Bank verification LC makes a Debit/Credit transaction on the Bank account you provided them

during the application.

Wednesday, July 24th 2013:

Next morning when I woke up, I had an email stating my loan has been fully funded by 80 investers.

Around 4 PM, I noticed the LC transaction on my back account for verification and I completed it by supplying the correct amount on their website.

Thursday, July 25th 2013:

Coming back from work around 5 PM CST, theTo-Do list on my account started showing "Phone Verfication". I called the number mentioned in the list item, the guy at the other end asked some basic questions:

1. Phone Number 2. Employer 3. Annual Income 4. Device used to submit the application (IPad in my case) 5. What Auto Loan I have.

Their CSRs are very courteous and professional. He mentioned phone verification is complete and he is moving my application to "Under Writers queue" and it takes 2-3 business days for them to review the application.

Right after this call all items in my To-Do list were showing checked. Now the anxious never ending wait started.. I was nervous because they state that they only approve less than 10% of the total applications submitted.

Friday, July 26 2013:

I was checking my online LC account every 15 mins lol... Around 4.30 PM, I hit the F5 key on my browser and BAM!!!! Approved!!!!

In my case no documents asked at all.

Today, Aug 2 2013:

Just woke up to an email saying my funds has been released and it should be there in my account within 2-4 business days.

My application was sitting idle with Approved status exactly for a week. Friday to Friday.

Hope this helps. If you have any questions, feel to free to drop em. This was one of the most easiest loan process I have ever seen.

Re: Debt Consolidation Loan - Approved!! Update

manwoot — Fri, 02 Aug 2013 13:10:19 GMT

What's the interest rate on a Lending Club loan?

Re: Debt Consolidation Loan - Approved!! Update

ibmrad7 — Fri, 02 Aug 2013 13:13:47 GMT

It's high 11% + factor in their loan fee. Its coming around 14 and change.

Your interest rate solely depends on your Score. Higher the score, lower is your interest.

Re: Debt Consolidation Loan - Approved!! Update

Anonymous — Fri, 02 Aug 2013 13:30:03 GMT

@ibmrad7 wrote:
It's high 11% + factor in their loan fee. Its coming around 14 and change.
Your interest rate solely depends on your Score. Higher the score, lower is your interest.

what are your repayment terms? does this report to the CB?

Re: Debt Consolidation Loan - Approved!! Update

ibmrad7 — Fri, 02 Aug 2013 13:35:51 GMT

@Anonymous wrote:
@ibmrad7 wrote:
It's high 11% + factor in their loan fee. Its coming around 14 and change.
Your interest rate solely depends on your Score. Higher the score, lower is your interest.

what are your repayment terms? does this report to the CB?

I'll be paying this off before January but my terms are 36 months 260$ a month. It does report to TU and EX but not EQ. Also there isn't any hard pull on my reports.

The only ding I would get on my report is when this loan hits it in 2 months.

Re: Debt Consolidation Loan - Approved!! Update

halos24 — Fri, 02 Aug 2013 14:32:15 GMT

Just wanted to know is this more for debt consolidation not like CCS where it also consolidates but closes your cards?

Re: Debt Consolidation Loan - Approved!! Update

ibmrad7 — Fri, 02 Aug 2013 14:40:07 GMT

@halos24 wrote:
Just wanted to know is this more for debt consolidation not like CCS where it also consolidates but closes your cards?

Not at all. It's cash money deposited right into your account. You can do whatever you want to do with it.

I would recommend reading on LendingClub. It's peer to peer funding... Individual investers fund your loan.

Re: Debt Consolidation Loan - Approved!! Update

halos24 — Fri, 02 Aug 2013 14:42:18 GMT

Thanks, and Congrats by the way!

Re: Debt Consolidation Loan - Approved!! Update

ibmrad7 — Fri, 02 Aug 2013 14:43:37 GMT

Thanks

Re: Debt Consolidation Loan - Approved!! Update

_jb_ — Fri, 02 Aug 2013 14:44:17 GMT

@halos24 wrote:
Just wanted to know is this more for debt consolidation not like CCS where it also consolidates but closes your cards?

That is correct. It is almost like crowd sourcing for funds. You put what you want the loan for (auto, debt consolidation, etc.), and lenders (everyday people like you and I) fund the loan. LC sends you an email giving you several options for terms, and you pick the ones you like.

Re: Debt Consolidation Loan - Approved!! Update

Creditaddict — Fri, 02 Aug 2013 15:32:15 GMT

@ibmrad7 wrote:
It's high 11% + factor in their loan fee. Its coming around 14 and change.
Your interest rate solely depends on your Score. Higher the score, lower is your interest.

I don't believe this to be true anymore... my partners pre-approval for $30k done last month that I posted about showed him at 700ish and gave him the 27.9% based on to many accounts with balances close to limits and to many new accounts or something like that.

11% isn't very bad for an unsecured personal loan!

Congrats!

Re: Debt Consolidation Loan - Approved!! Update

rob022574 — Fri, 02 Aug 2013 15:37:02 GMT

I was denied yesterday for an $11,500 loan with a 693TU due to excessive inquiries (only showed 1 on TU which they softed). Income at $55K with AA of A of 4.5 years.

YMMV with this institution as they are extremely stringent.

Re: Debt Consolidation Loan - Approved!! Update

ibmrad7 — Fri, 02 Aug 2013 15:37:29 GMT

Thanks CreditAddict.

Why I said solely on score because my friend applied at the same time for a 20K loan, High DTI, High Util of around 72% and income of 70K.. his FICO is 753.. He got a rate of 7%.

LIttle surprising in your partners case for sure though. 27% is their G rating.

Re: Debt Consolidation Loan - Approved!! Update

ibmrad7 — Fri, 02 Aug 2013 15:38:17 GMT

@rob022574 wrote:
I was denied yesterday for an $11,500 loan with a 693TU due to excessive inquiries (only showed 1 on TU which they softed). Income at $55K with AA of A of 4.5 years.

YMMV with this institution as they are extremely stringent.

Wow.. denied for 1 inq? That's crazy. I have 3 in past 6 months.

Re: Debt Consolidation Loan - Approved!! Update

Creditaddict — Fri, 02 Aug 2013 15:47:11 GMT

@ibmrad7 wrote:
@rob022574 wrote:
I was denied yesterday for an $11,500 loan with a 693TU due to excessive inquiries (only showed 1 on TU which they softed). Income at $55K with AA of A of 4.5 years.

YMMV with this institution as they are extremely stringent.
Wow.. denied for 1 inq? That's crazy. I have 3 in past 6 months.

about 3-4 months ago now my partner ran it just to see rate and was denied for to many INQ too.

Re: Debt Consolidation Loan - Approved!! Update

rob022574 — Fri, 02 Aug 2013 15:58:05 GMT

They could have said due to too many new accounts and that would have been believable but for 1 inq? That is insane to me.

Re: Debt Consolidation Loan - Approved!! Update

rob022574 — Fri, 02 Aug 2013 15:58:59 GMT

@Creditaddict wrote:
@ibmrad7 wrote:
@rob022574 wrote:
I was denied yesterday for an $11,500 loan with a 693TU due to excessive inquiries (only showed 1 on TU which they softed). Income at $55K with AA of A of 4.5 years.

YMMV with this institution as they are extremely stringent.
Wow.. denied for 1 inq? That's crazy. I have 3 in past 6 months.
about 3-4 months ago now my partner ran it just to see rate and was denied for to many INQ too.

The thing is I was fully funded and given a 12.35 rate for 3 years. Once I submitted the requested documents, a few hours later I was denied. SMH!!!

Re: Debt Consolidation Loan - Approved!! Update

ibmrad7 — Fri, 02 Aug 2013 16:13:31 GMT

@rob022574 wrote:
@Creditaddict wrote:
@ibmrad7 wrote:
@rob022574 wrote:
I was denied yesterday for an $11,500 loan with a 693TU due to excessive inquiries (only showed 1 on TU which they softed). Income at $55K with AA of A of 4.5 years.

YMMV with this institution as they are extremely stringent.
Wow.. denied for 1 inq? That's crazy. I have 3 in past 6 months.
about 3-4 months ago now my partner ran it just to see rate and was denied for to many INQ too.
The thing is I was fully funded and given a 12.35 rate for 3 years. Once I submitted the requested documents, a few hours later I was denied. SMH!!!

They have a great product but need to do some major changes in the process. Our application should reach the investers only after they approve us completely.. Current one wastes borrower's and invester's time equally.

Re: Debt Consolidation Loan - Approved!! Update

themanwhosoldtheworld — Fri, 02 Aug 2013 17:01:32 GMT

I am in the same boat as OP. I applied for a debt consolidation loan two days before you did. All documents are submitted and everything has been verified. I have been sitting in the "Approved" and "Fully Funded" status since last Friday as well but have yet to receive an email stating when the funds will be in my account. I figured it was kind of a long shot with Lending Club being a ton of the reviews that I read online say that they get denied for no reasons or reasons that make no sense as some of you have posted. I am really not counting on getting the loan until it actually deposits into my account. I did read that they only approve 10% of applicants. I make a middle of the road income, have a credit score of 706 and have two "serious delinquencies" according to my credit report. One is from 2007 and the other is from my BK in 2003 which should not still be reporting but is. I also have had 3 inquiries in the last 6 months and my AAoA is 5 years.

They do use a rate scale that goes exactly by your credit. I received the rate it said I would according to my credit score on their chart. I would guess that maybe there is a disclaimer somewhere that says they can add more to the interest rate depending on someones individual situation though. It does make sense now thinking about it being when I was browsing the open loans that you can buy into on the Lending Club site some of them had the interest rate listed and then had, for example, +5.50% listed next to it. It must just be a situational thing.

Re: Debt Consolidation Loan - Approved!! Update

ibmrad7 — Fri, 02 Aug 2013 17:20:42 GMT

@themanwhosoldtheworld wrote:
I am in the same boat as OP. I applied for a debt consolidation loan two days before you did. All documents are submitted and everything has been verified. I have been sitting in the "Approved" and "Fully Funded" status since last Friday as well but have yet to receive an email stating when the funds will be in my account. I figured it was kind of a long shot with Lending Club being a ton of the reviews that I read online say that they get denied for no reasons or reasons that make no sense as some of you have posted. I am really not counting on getting the loan until it actually deposits into my account. I did read that they only approve 10% of applicants. I make a middle of the road income, have a credit score of 706 and have two "serious delinquencies" according to my credit report. One is from 2007 and the other is from my BK in 2003 which should not still be reporting but is. I also have had 3 inquiries in the last 6 months and my AAoA is 5 years.

They do use a rate scale that goes exactly by your credit. I received the rate it said I would according to my credit score on their chart. I would guess that maybe there is a disclaimer somewhere that says they can add more to the interest rate depending on someones individual situation though. It does make sense now thinking about it being when I was browsing the open loans that you can buy into on the Lending Club site some of them had the interest rate listed and then had, for example, +5.50% listed next to it. It must just be a situational thing.

When I called them yesterday, credit analyst told me to hang tight and they are extremely busy because of end of the month. All "Approved" loans are automatically processed in the queue (Which is kind of true and I got the email at 2 in the night)

I think you should be getting your email today or tomorrow. Money is still isn't in my account though.

How much did you apply for if you don't mind sharing?

topic Re: Debt Consolidation Loan - Approved!! *Update* in Credit Cards

Debt Consolidation Loan - Approved!! *Update*

Re: Debt Consolidation Loan - Approved!! *Update*

Re: Debt Consolidation Loan - Approved!! *Update*

Re: Debt Consolidation Loan - Approved!! *Update*

Re: Debt Consolidation Loan - Approved!! *Update*

Re: Debt Consolidation Loan - Approved!! *Update*

Re: Debt Consolidation Loan - Approved!! *Update*

Re: Debt Consolidation Loan - Approved!! *Update*

Re: Debt Consolidation Loan - Approved!! *Update*

Re: Debt Consolidation Loan - Approved!! *Update*

Re: Debt Consolidation Loan - Approved!! *Update*

Re: Debt Consolidation Loan - Approved!! *Update*

Re: Debt Consolidation Loan - Approved!! *Update*

Re: Debt Consolidation Loan - Approved!! *Update*

Re: Debt Consolidation Loan - Approved!! *Update*

Re: Debt Consolidation Loan - Approved!! *Update*

Re: Debt Consolidation Loan - Approved!! *Update*

Re: Debt Consolidation Loan - Approved!! *Update*

Re: Debt Consolidation Loan - Approved!! *Update*

Re: Debt Consolidation Loan - Approved!! *Update*

topic Re: Debt Consolidation Loan - Approved!! Update in Credit Cards

Debt Consolidation Loan - Approved!! Update

Re: Debt Consolidation Loan - Approved!! Update

Re: Debt Consolidation Loan - Approved!! Update

Re: Debt Consolidation Loan - Approved!! Update

Re: Debt Consolidation Loan - Approved!! Update

Re: Debt Consolidation Loan - Approved!! Update

Re: Debt Consolidation Loan - Approved!! Update

Re: Debt Consolidation Loan - Approved!! Update

Re: Debt Consolidation Loan - Approved!! Update

Re: Debt Consolidation Loan - Approved!! Update

Re: Debt Consolidation Loan - Approved!! Update

Re: Debt Consolidation Loan - Approved!! Update

Re: Debt Consolidation Loan - Approved!! Update

Re: Debt Consolidation Loan - Approved!! Update

Re: Debt Consolidation Loan - Approved!! Update

Re: Debt Consolidation Loan - Approved!! Update

Re: Debt Consolidation Loan - Approved!! Update

Re: Debt Consolidation Loan - Approved!! Update

Re: Debt Consolidation Loan - Approved!! Update

Re: Debt Consolidation Loan - Approved!! Update