topic Re: LendingClub Review in General Credit Topics

LendingClub Review

Anonymous — Thu, 23 Oct 2014 19:13:58 GMT

I'be been reading here for a while and after a reading a few reviews about LendingClub I decided to pull the tirgger. It was so easy that I wanted to share my experiences with everyone here.

I applied by responding to one of their pre-approvals I receive in the mail. Applied on a Friday night for 7k and was approved for up to 35k. They give you a list of amounts and repayment terms that you are elibible for, I selected 7k for 36 months. This was on a Friday night, message said my loand would post for investors on Saturday. I checked back on Sat and my loan had been picked up very quickly (withing 15 minutes) by one investor for the full amount. I had a checklist of two items to follow up on, email address and bank account. My email address verification was easy and fast. I entered my bank information and had to wait for their deposit. Received the deposit on Monday, and quickly entered the amount into the LendingClub website. Status was changed to Approved and Ready to Fund, or something like that. Tuesday the status changed to Funded, and Wednesday morning I had the money in my bank account! That is 5 days overall, but 2 of those days fell on a weekend. I'm very impressed!

Mine as a consolidation loan, I'm using the money to pay off my higher reate credit cards. Some of the cards I'm paying off are WebBank's (Chevron, Amazon, Dell) I wonder if that will affect me if I every apply again?

Terms weren't bad, 2.xx% (APR 14.XX) but the rest of my credit cards are in the 13-15 range so I can't complain. I have a Home Depot with a $5K balance at around 20%, I didn't inlcude because I was afraid that I'd be rejected for $12k, I might wait a few months and try again. Does anyone know how long I should wait?

My TU score is my lowest at 671 (EQ is 725 and EX 718). All scores pulled here, no idea why TU is so low. My utilizaiton is high, around 63%, and I have a lot of debt but no lates, nothing bad.

Re: LendingClub Review

Berk — Thu, 23 Oct 2014 19:20:56 GMT

I had a very positive experience with Prosper. My requst was for 15k and I was funded in hours. Had to upload bank info and less than 24 hours later got an email stating the money was in my account. My APR is 8% for 36 months.

Re: LendingClub Review

ibmrad7 — Thu, 23 Oct 2014 19:24:50 GMT

Does Prosper perform a HP for your application? I know LendingClub in SP only.

Re: LendingClub Review

Simply827 — Thu, 23 Oct 2014 19:36:17 GMT

I too decided to take out a Lending Club loan. I applied Monday morning, funds were in my account today. I'm very satisfied with the process so far. Hopefully sending in extra payments doesn't prove to be too difficult.

I read on another thread that waiting 6 months before requesting another loan should be good. Though I think you should have went for the whole amount. I was looking on the page about how they set rates and loans 5- 25k had the same risk. I requested 15k and my loan was fully funded quickly by one investor.

Re: LendingClub Review

JSS3 — Thu, 23 Oct 2014 19:47:38 GMT

So they don't need your assets(ie house, car, proof of income)? How does it report? As an installment loan I presume?

Re: LendingClub Review

Simply827 — Thu, 23 Oct 2014 21:31:15 GMT

I was only asked for income and rent payment. No proof of income was requested, though for some, it might.

From what I read, it shows up as an installment loan in about 2 months.

Re: LendingClub Review

Anonymous — Thu, 23 Oct 2014 22:04:22 GMT

Yeah I think these loans show up as an installment loan. And yeah, Prosper does softpulls also for a request. I've never had a loan but I did get quotes from both places, no hard pulls for either. I can assume a hardpull would be done later in the process but I'm not 100% sure as I've never gone through the process.

Re: LendingClub Review

JSS3 — Thu, 23 Oct 2014 22:29:07 GMT

Is there a penalty for paying it off early?

Re: LendingClub Review

Anonymous — Thu, 23 Oct 2014 22:29:41 GMT

No, they only verified my email and bank account number, but then I have other accounts with WebBank, long history and no late payments.

It was so easy!!

Re: LendingClub Review

Berk — Thu, 23 Oct 2014 22:36:08 GMT

With Prosper it was SP only and, no, there is no penalty for paying off early. Obviously, the less of a risk you are, the better the rate you get. Such a simple process. Great way to get an unsecured loan.

Re: LendingClub Review

Anonymous — Sat, 25 Oct 2014 15:27:13 GMT

Regarding your question - the minimum is 6 months to do another loan through them so that's how long you'll have to wait anyway. Maybe in 6 months of paying the first loan your score will have gone up anyway and you'll get an even better rate?

To add, I had a similar experience with Lending Club. Applied from my phone on a Monday, got a loan for $14k on Friday with an APR of 15.36%. They pulled a 680 I was told over the phone when they called to verify some stuff but it was a really simple process to be honest. The rate may sound high but it was honestly lower than most of my CC accounts which I consolidated using this. Felt great. The terms are for three years but I have it planned out to get it paid in about 1.5 years. If there's a downside to the Lending Club, it's that there's no way to just go in and pay online whenever you want to, you've got to call or email to schedule another payment, or just send a check. That's not that big of a deal though because the email is as simple as your loan number, the amount and the date of payment.