For the benefit of the unwashed non-FICO masses, I put this on Credit Karma initially. I've cross-posted it here for posterity and fellow FICO members...
I was denied a loan by my local bank due to lack of credit history (18 months), but had excellent scores. It was this delay trying through my local bank that caused me to not apply with Lending Club sooner, and I applied right on the cusp of the storm Lending Club is now going through.
I applied May 12th, the same day I was denied by my bank, and my only to-do task was confirm my email. I received a call the same day that I missed from them, but returned it the next day. They wanted to confirm my mortgage payment amount to confirm my identity. It was never added, nor did it show on my online "to-do" list. I waited.
Seeing as most people were funded within a week or less before, I figured my modest amount ($8,000) would go quickly. I did not receive any information or updates. On May 21st, growing concerned as I wanted this money for classes/certifications for a better job, I called to inquire about the status of it. They said it had been approved, and was waiting on funds to fully back it, and that it would take 14-30 days. I was cautiously satisfied by the answer and tried to be patient.
I scoured every review I could, hoping others just had a long wait and would get their money. It didn't seem good. But right at the turn of the month, other reviewers started sharing similar stories and hoped mine would be any day now. I was gonna give it 30 days exactly from time of application to call if I had not heard anything, and anxiously read news article after news article concerning LC's fate.
Yesterday morning, June 8th, I received an email that I was approved and was fully funded. A little bit later another confirmation email came and said that my funds would be disbursed soon, but may take up to 4 days. It was around 3am on June 9th that my funds were deposited in my bank account, with origination fees, was $7,760. A fair price I thought.
I almost didn't feel like writing a review since, hey, no review is better than a bad review. But I figure for those out there scouring these reviews like I was, try and be patient. I will also add some information to summarize to give others an idea.
FICO 8 scores at time of application:
4 credit cards
18 months credit history (total, not AAoA)
Application: May 12th
Approval: May 13th
Congratulation email saying funds would be disbursed: June 8th
Money in bank: June 9th
$8,000 applied for, $7,760 received.
6.49% interest rate
The rates Circle Back Lending, Prosper, and others did not come close. Even my own bank was going to be 10% interest, and they didn't even approve me.
Despite lack of communication and faith a little shaken at first, I gotta hand it to Lending Club for an easy process. I did not even have to submit pay stubs or W2's. I also have not yet received a hard inquiry, which I am surprised by. I know it's a soft pull to pre-qual, but figured it would be hard on approval.
For those wondering, hold out faith a little longer. It will hopefully pay off...but it never hurts to hedge your bets if it's dire.
|TCL: $306,100||Utiliz: 6%||AAoA: 5yrs 2m||Other: Lease, Loan, *No Mortgage||Collections-Lates-BK's: 0|
Seen you post ..never read about lending club ..so I googled them and...
With Lending Club Disgraced, An Industry Looks For Lessons
maybe this is why it took a while?
An interesting side note, Credit Karma has still not put up my review or even approved it. I think because I mentioned my "FICO" scores, they snuffed it. What a joke of a company.