topic Re: Lending Club (Borrower process)- Are they going to give me the $ or what? in General Credit Topics

Lending Club (Borrower process)- Are they going to give me the $ or what?

Anonymous — Mon, 11 Feb 2013 19:32:08 GMT

How does LC work? Here is what happened:

Loan was applied for "two weeks ago."
Within 5 hours it was fully funded.
It took 2 days for the trial deposits to be confirmed. Next day "To Do List" was generated.
To Do List: Phone Verification, Paystubs and W-2. After submitting the stubs and w-2, the status for those two items read "recieved."
Got a phone call with a reference # BUT the next day when I went to get the info off the site I saw the phone verification was no only a requirement.
(About two days later) the To Do List had changed. Phone verification was no longer listed and everything was marked as completed. When I log on it appears that I am waiting on LC. From my knowledge they have not contacted my place of business.

Here's my complaint. There is 3 days left in the listing and the loan is still UNDER REVIEW. Logically, I tried to contact CS via email. Its been days and no response has been recieved. Their office hours clash with schedule. When I've called they were clsoed and or I did not get a representative ( ideally I would have to call while at work- which is no good.)

What's your opinion? Is LC playing games or is this how they operate? Please share whatever past experience you had as a borrower. Thanks.

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?

jeff318 — Mon, 11 Feb 2013 20:52:39 GMT

You're probably in the wrong forum, since this one is specifically for credit cards... but, from my own experience, I don't remember any unexpected delays with my LC loan about a year and a half ago...

I do remember that they called to verify my employment and that I was almost unable to answer what company I work for! (work for a megacorp and have moved between various subsidiary companies within the last couple years)

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?

Anonymous — Mon, 11 Feb 2013 21:01:06 GMT

@jeff318 wrote:
You're probably in the wrong forum, since this one is specifically for credit cards... but, from my own experience, I don't remember any unexpected delays with my LC loan about a year and a half ago...

I do remember that they called to verify my employment and that I was almost unable to answer what company I work for! (work for a megacorp and have moved between various subsidiary companies within the last couple years)

I'm thinking of getting a Lending Club loan myself. I hear it's only a soft pull on Transunion for their approvals, is this true? If so that would be really convenient.

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?

Anonymous — Mon, 11 Feb 2013 21:32:12 GMT

@jeff318 wrote:
You're probably in the wrong forum, since this one is specifically for credit cards... but, from my own experience, I don't remember any unexpected delays with my LC loan about a year and a half ago...

I do remember that they called to verify my employment and that I was almost unable to answer what company I work for! (work for a megacorp and have moved between various subsidiary companies within the last couple years)

Thank you for your reply. Yeah, I am in the wrong forum :-)

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?

Anonymous — Mon, 11 Feb 2013 21:31:54 GMT

@Anonymous wrote:
@jeff318 wrote:
You're probably in the wrong forum, since this one is specifically for credit cards... but, from my own experience, I don't remember any unexpected delays with my LC loan about a year and a half ago...

I do remember that they called to verify my employment and that I was almost unable to answer what company I work for! (work for a megacorp and have moved between various subsidiary companies within the last couple years)
I'm thinking of getting a Lending Club loan myself. I hear it's only a soft pull on Transunion for their approvals, is this true? If so that would be really convenient.

No hard pull for me.

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?

Anonymous — Mon, 11 Feb 2013 21:35:32 GMT

Wow, I like that. How long ago did you get the loan? Do they require tax returns and pay stubs for everyone who applies?

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?

llecs — Tue, 12 Feb 2013 00:25:30 GMT

OP, I'm a lender and a borrower. This is how they work. I think they're just under-staffed. I'd give them a call if you can. They'll probably just say to sit tight. I remember after my loan funded it was a good 3-4 days after that before there was movement on their end, and that was 3+ yrs ago.

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?

BornSupercharged — Tue, 12 Feb 2013 05:53:15 GMT

@Anonymous wrote:
Wow, I like that. How long ago did you get the loan? Do they require tax returns and pay stubs for everyone who applies?

I just got my 3rd loan with LC recently (wife has 2, I have 1) for $24k. They didnt ask for my paystubs or tax returns. They did a phone call with me and verified a few things, but that was it. And it took the full 2 weeks, plus 1 business day after that, for it to be fully approved and then in about 3 business days after that the money was in my account.

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?

Anonymous — Tue, 23 Apr 2013 16:14:13 GMT

I recently applied for a loan at LC, they just called me today. Funny thing is they called my home land-line number, and I didn't even give them that number (probably found it in my credit history). The only phone numbers I gave them where my cell phone and work number. They asked me some simple questions.

I guess they REALLY want to verify people. The "verify phone number" was removed from the online "to-do" list that they generate for you. I really hope they don't contact my work . They have not asked (as of yet) me for any paystubs or W2.

I guess they have different criteria for each applicant.

*fingers crossed* I'm still waiting for final approval.

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?

Anonymous — Fri, 14 Jun 2013 19:10:35 GMT

I am in the same situtation as you were when you posted this. My loan has been fully funded, I have verified everything they have asked, and now I am just waiting for final review. Did your loan every go from "under review" to being approved? And if so, how long did it take once you had everything verfied? Thanks in advance for your response.

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?

Anonymous — Fri, 14 Jun 2013 19:11:52 GMT

Did you ever get your final approval? How long did it take? I am in the same boat as you were. Waiting...

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?

Anonymous — Fri, 14 Jun 2013 22:24:05 GMT

Hi mouncer,

I wish I could remember the whole process, but I can't. I do remember theme calling my home's land-line phone number even though I never gave theme that number. The number is on my credit profile, so I think they where using it as some sort of verification process (I don't know).

I remember completing the To-Do list, then the next day they added 1 item. I was eventually approved, and it didn't take that long for me. I applied on April 20th and my loan was issued on the 29th.

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?

Anonymous — Wed, 16 Oct 2013 09:50:58 GMT

Doubt you will get a loan from these jokers. They are the most unprofessional in how they do business when it comes to dealing with the public. I never asked for a loan and had never heard of "The Lending Club" until I received a e-mail stating "a loan was available and I was approved subject to verification of employment and income". I had several phone conversations verifying that I had a loan once their requested information was received, also thr account page they set up for me had me 100% funded by their investors. I made trips to social security, VA, and spent $30.00 in fax fees sending what they requested. Numerous times I was told I was APPROVED and would be funded upon receipt of their required documentation. They were sent what they requested. Well, I was turned down for credit! I have perfect credit, no degoratories, lates, etc. and 725 credit score. My point is a real or legimate lender would check your credit first not last in the process?? Well I find out they did get into my credit and knew what it was from the very beginning they could have decided at that point to have eliminated me and never have introduced themselves to me via their phoney e-mail, their lies, and requesting documents that they never had any intention of using. Finding out they get your name from a third party credit service is how they find you. Again I never contacted them requesting a loan the mishmash they put me thru was a ruse of sorts. Their a bunch of amatures and liars in how they operate and conduct their business. My advice be carefull with this bunch of skunks....

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?

Anonymous — Wed, 16 Oct 2013 10:16:42 GMT

It was about a week for me to go from fully funded to having the money in my checking account. The longest part of the process was the final review.

Re: Lending Club (Borrower process)- Are they going to give me the $ or what?

silverzgirl — Mon, 28 Oct 2013 18:20:14 GMT

I applied a month ago; the rate was way too high so I just never proceeded.

I got an email on Friday saying my offer will expire and when I logged in, the rate dropped substantially! It was in line with what I am paying the CCs so I pulled the trigger. They asked for my last two paystubs, and last year's W2. I submitted and later that day I got the call at home and work to verify my numbers. He even threw a trick number at me lol. I think they use your credit file to see if you are who you say you are.

He then told me an additional doc request in the form of a recent utility bill was on the site. I scanned the electric bill I just paid and sent it on its way. All showed received or pending; he said it would be 2-3 days for verification.

I was fully funded within six hours on Friday.

Today my bank account showed a tiny deposit from them to verify my bank account. I logged in and it was checked off at that point. My utility bill was verified; the other two are still "pending."

I figure it takes a few days...and a SP from TU shows my official score is 34 points higher than CK.