topic Re: Lending Club in General Credit Topics

Lending Club

Anonymous — Sun, 25 May 2014 20:21:18 GMT

Well I'm very excited that I was approved for a loan at 7% interest. I am using this to pay off two small loans that have an equivalent monthly payment and the rest to pay off some credit cards that are about to come off zero percent.

My loan was fully funded Wednesday and went to approval status Thursday.

Anyone have any idea when the funds will show up in my checking account?also how long until the first payment is due?

Thanks!

Re: Lending Club

fot1 — Sun, 25 May 2014 21:01:27 GMT

Gotta scratch my head at the %7 interest.. Everytime I checked they offered me %17-%20..

Congrats to you.

Re: Lending Club

Anonymous — Sun, 25 May 2014 21:22:00 GMT

Thanks. I was surprised. My score is 707. I think what really helped is no recent tu inquiries and lots of installment loan history with cars and student loans. The APR is like 8.49 or 8.99 when you factor in the 2% origination fee.
I had checked prosper and they wanted like 13%.
At the 7% I jumped on it!

Re: Lending Club

Anonymous — Sun, 25 May 2014 21:24:25 GMT

Just looked at your signature out of mobile mode. Great scores. Do you have many recent inquiries on tu?

Re: Lending Club

fot1 — Sun, 25 May 2014 21:39:06 GMT

@Anonymous wrote:
Just looked at your signature out of mobile mode. Great scores. Do you have many recent inquiries on tu?

Just one on TU in the past year.. Lending club has not liked something on my profile... Willing to bet it is due to not having an old installment loans on my report..

Re: Lending Club

Anonymous — Sun, 25 May 2014 21:45:49 GMT

That could be it. I have always had car loans thru my credit union and have some pretty old ones. Plus student loan lines. I have a total of 28 total trade lines (open and closed)
All old baddies are gone except a couple 30 days 5-6 years old. What is keeping my score down is 45% util.

Re: Lending Club

fot1 — Sun, 25 May 2014 22:53:36 GMT

@Anonymous wrote:
That could be it. I have always had car loans thru my credit union and have some pretty old ones. Plus student loan lines. I have a total of 28 total trade lines (open and closed)
All old baddies are gone except a couple 30 days 5-6 years old. What is keeping my score down is 45% util.

I have 14 or so accounts open and closed, nothing negative, ulti at%11.. But only two installment loans..IDk..

Re: Lending Club

d170 — Wed, 28 May 2014 05:32:12 GMT

I was also funded and approved last week and nothing as of yet. I was going to call and ask but the loan docs said they weren't obligated to say when funds would be released. I have 6 days still when the listing expires so I'm guessing next Tuesday at the latest

Re: Lending Club

Anonymous — Wed, 28 May 2014 05:36:41 GMT

I finally got an email on Monday letting me know I was officially approved and to expect my money in my account in 2- 4 days. I'll update this thread with how long it took and when first payment is duebecause I can't find that anywhere on the Internet!

Re: Lending Club

Involver — Wed, 28 May 2014 14:41:48 GMT

LC won't even touch me at 760+ because of recent INQs.

Re: Lending Club

d170 — Wed, 28 May 2014 15:01:29 GMT

I'm starting to get ansy and am thinking about calling but feel like they'll just flat out deny me. It shows approved on the website and I was fully funded rather quickly. I guess I'll wait till Monday.

Re: Lending Club

Revelate — Wed, 28 May 2014 17:21:33 GMT

@Involver wrote:
LC won't even touch me at 760+ because of recent INQs.

I sort of wondered about that: I lend on LC (though 3/4 of the notes I made offers on didn't get underwritten this last time, sigh, so darned long to put money in the field effectively on it) but I never see anyone with high inquiry counts even with the bottom feeding I'm doing. Kept thinking it was just population distribution compared to people on this forum, but apparently LC may think inquiries matter more than I do.

Re: Lending Club

Anonymous — Wed, 28 May 2014 17:25:01 GMT

My funds showed up today.. Almost 1 week after approval.
My first payment will be drafted June 27. Now to prioritize payoffs!

Re: Lending Club

Involver — Wed, 28 May 2014 21:12:10 GMT

@Revelate wrote:
@Involver wrote:
LC won't even touch me at 760+ because of recent INQs.
I sort of wondered about that: I lend on LC (though 3/4 of the notes I made offers on didn't get underwritten this last time, sigh, so darned long to put money in the field effectively on it) but I never see anyone with high inquiry counts even with the bottom feeding I'm doing. Kept thinking it was just population distribution compared to people on this forum, but apparently LC may think inquiries matter more than I do.

To be fair I do have a fair number of INQs on EX (6 in the last 6 months), but I have a 19 year credit history and AAoA north of 5 without a single late payment or negative remark. You'd think I could at least get a sub-prime offer, but I get straight shut down.

Re: Lending Club

d170 — Fri, 30 May 2014 04:38:15 GMT

Congrats. I got my email yesterday and first payment pull is 06/29. I'm guessing funds will deposit Tuesday at the latest.

Re: Lending Club

Anonymous — Fri, 30 May 2014 16:30:14 GMT

Congrats d170!