Any experience with Lending Club?

[StihlBilly]

We're trying to renovate (add bedroom and bathroom) and then refinance our house.  We are broken even on the mortgage right now (we owe $220, house appraised at $220), but we did an "as completed" appraisal that factored in the plans for the added bedroom and bathroom.  The "as completed appraisal" came in at $280K, so we want to borrow about $10K to do the renovation.  I've considered trying to do this with a Lowes card by calling for a CL increase, but then I got something in the mail from Lending Club.  The rates are much lower of course, but I have no idea about approval.  That's the good and the bad, here's the ugly:

We had a CH7 BK discharged two years ago.  We are back on our feet, working, income is good, etc...here are our credit scores (mine and my wife's are almost identical):

Equifax - 680

Transunion - 675

Experian - 700

Do we have a shot at getting approved?  Would it be a better option than the Lowes card?  Remember, the idea would be to only pay minimum payments during construction, and then pay it off by taking cash out when we refi.

[Anonymous]

Lending club is only a sp to apply, so you can find out your rates. I believe its a hp if you accept though. Search myfico lending club and you'll see lots of stories. As for Lowes, have you tried credit solution? If you can get a high enough limit, you can use their financing to get 0% for a good amount of time. Good luck!

[Anonymous]

And i think Lending Club sp transunion, and prosper sp ex. You may get better rates through prosper due to a higher ex score.

[Anonymous]

If you score an approval from either Lending Club or Propser, the APR is going to be high because your BK is so new. That said, as noted, it's just a soft pull to find out. Others that are a soft pull are Payoff.com, Sofi.com, PromiseFinancial.com, and Avant.com.

[StihlBilly]

Good to know all-thanks!

[Anonymous]

I think LC requires you to have at least three years of credit history so is your oldest account older than that?

[Country_Feller]

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@StihlBilly wrote:

We're trying to renovate (add bedroom and bathroom) and then refinance our house.  We are broken even on the mortgage right now (we owe $220, house appraised at $220), but we did an "as completed" appraisal that factored in the plans for the added bedroom and bathroom.  The "as completed appraisal" came in at $280K, so we want to borrow about $10K to do the renovation.  I've considered trying to do this with a Lowes card by calling for a CL increase, but then I got something in the mail from Lending Club.  The rates are much lower of course, but I have no idea about approval.  That's the good and the bad, here's the ugly:

We had a CH7 BK discharged two years ago.  We are back on our feet, working, income is good, etc...here are our credit scores (mine and my wife's are almost identical):

Equifax - 680

Transunion - 675

Experian - 700

Do we have a shot at getting approved?  Would it be a better option than the Lowes card?  Remember, the idea would be to only pay minimum payments during construction, and then pay it off by taking cash out when we refi.

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A few months ago I took out a loan with them to pay off some higher interest credit cards. The process was very easy and the funds were deposited into my checking account within two days of sending in the three pieces of information they requested, which was very simple to do by the email they sent me. The payment is automatically deducted from my checking account on the same day each month and they even send me a reminder email about a week before it's due to be taken out. So far I am very happy with them. Good luck on your renovations and I do reccomend Lending Club.

[Anonymous]

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@Country_Feller wrote:

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@StihlBilly wrote:

We're trying to renovate (add bedroom and bathroom) and then refinance our house.  We are broken even on the mortgage right now (we owe $220, house appraised at $220), but we did an "as completed" appraisal that factored in the plans for the added bedroom and bathroom.  The "as completed appraisal" came in at $280K, so we want to borrow about $10K to do the renovation.  I've considered trying to do this with a Lowes card by calling for a CL increase, but then I got something in the mail from Lending Club.  The rates are much lower of course, but I have no idea about approval.  That's the good and the bad, here's the ugly:

We had a CH7 BK discharged two years ago.  We are back on our feet, working, income is good, etc...here are our credit scores (mine and my wife's are almost identical):

Equifax - 680

Transunion - 675

Experian - 700

Do we have a shot at getting approved?  Would it be a better option than the Lowes card?  Remember, the idea would be to only pay minimum payments during construction, and then pay it off by taking cash out when we refi.

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A few months ago I took out a loan with them to pay off some higher interest credit cards. The process was very easy and the funds were deposited into my checking account within two days of sending in the three pieces of information they requested, which was very simple to do by the email they sent me. The payment is automatically deducted from my checking account on the same day each month and they even send me a reminder email about a week before it's due to be taken out. So far I am very happy with them. Good luck on your renovations and I do reccomend Lending Club.

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Same excellent experience I had. Found a lower rate a few months later and paid it off. That was also smooth and easy.

[ta1jr]

Very easy experience for me with Lending Club. Soft pull for initial approval then HP to finalize. Took about seven - ten days to get funds. CSR was pleasant when I talked to them. Got the loan in early June.

[Anonymous]

what documents were requested? is tax returns one of them? what if i m self employed? I essentially make $40000 in self employment but deduct it all to net inc less than 10k.

given that and a soft pull only to check is it worth applying for $10k. I did get a pre-approval letter from them. All i need to do is enter their approval id.