topic Re: Lending Club? in General Credit Topics

Lending Club?

Ragelog — Thu, 16 Jun 2016 01:03:28 GMT

If I am at the stage of receiving (Great news! Your loan is approved and your funds will be sent to your bank account. It may take up to 4 additional business days for your bank to receive your funds.) I am pretty much set right?

Anyone have experience and know when they received the funds when they had they had gotten to this stage of the process?

Thanks!

Re: Lending Club?

sports1965 — Thu, 16 Jun 2016 01:18:12 GMT

@Ragelog wrote:
If I am at the stage of receiving (Great news! Your loan is approved and your funds will be sent to your bank account. It may take up to 4 additional business days for your bank to receive your funds.) I am pretty much set right?

Anyone have experience and know when they received the funds when they had they had gotten to this stage of the process?

Thanks!

they are having problems getting loans funded.

but yea youre pretty much asll set

Re: Lending Club?

asphaltcowboy — Thu, 16 Jun 2016 01:21:43 GMT

@Ragelog wrote:
If I am at the stage of receiving (Great news! Your loan is approved and your funds will be sent to your bank account. It may take up to 4 additional business days for your bank to receive your funds.) I am pretty much set right?

Anyone have experience and know when they received the funds when they had they had gotten to this stage of the process?

Thanks!

Congrats on the LC loan. my son applied for a loan with them last year, if I remember correctly, he told me he had the funds in his account within a few days

after receiving the same message. Congrats again

Re: Lending Club?

Anonymous — Thu, 16 Jun 2016 01:36:05 GMT

My funds were in my bank account the day after I got that message. However, I took out my loan before their recent funding problems.

Re: Lending Club?

CreditCuriosity — Thu, 16 Jun 2016 02:09:04 GMT

Ya not sure how the bad press is hitting them if at all with the recent stuff in the news. Sure you are probably all set.. Congrats

Re: Lending Club?

RonM21 — Thu, 16 Jun 2016 02:24:49 GMT

You should be good. Congrats!

Re: Lending Club?

Ragelog — Thu, 16 Jun 2016 03:29:30 GMT

Great thanks I'll report back when I get the funds.

Re: Lending Club?

Ragelog — Sat, 18 Jun 2016 20:02:34 GMT

I received the funds on Friday. I got an official approved and money on the way email Thursday.

Re: Lending Club?

fliphusker — Sun, 19 Jun 2016 00:18:27 GMT

@sports1965 wrote:
@Ragelog wrote:
If I am at the stage of receiving (Great news! Your loan is approved and your funds will be sent to your bank account. It may take up to 4 additional business days for your bank to receive your funds.) I am pretty much set right?

Anyone have experience and know when they received the funds when they had they had gotten to this stage of the process?

Thanks!
they are having problems getting loans funded.
but yea youre pretty much asll set

This is not exactly factual. As an investor with LC, buying loans not stocks, for some it can be a bit of a timely process.

3 ways your loans can be sold on LC

To an institution-Very fast process as it is bundled with many other loans and sold to lets say, a hedge fund or a bank.

Sold on whole market. This is where I have seen some frustration. These notes are said in its entirety to one investor. Used to be if these loans did not sell in a 12-24 hour time frame, they were offered to the fractional market. That time frame has changed, and no idea how long it is now. Then it will take time for it to be funded on fractional market.

Fractional-Your loan can be sold in as small as $25 amounts. Depending on many factors can hinder your note being fully funded quickly. I and others are very picky about note quality. Sure an A1 note sounds great, stable investment not much risk. On the flipside, not much reward either. Like banks and CC companies, we as a whole do not like credit shoppers, as they tend to have a higher defaults.

But as far as loans not getting funded, I have not seen this occur. I have seen some take a longer time then before the issues at LC, but still end up funding. Do not worry about your loan if something were to happen with LC, it just would get sold off. Us investors are the ones who have that worry on our backs.

Congrats though, treat those investors well.

Re: Lending Club?

Revelate — Sun, 19 Jun 2016 09:07:38 GMT

Historically I've had some loans not get funded (I play in the fractional investing bracket too) but it's a really low percentage.