Lending Club

[mountainmom]

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!

[fot1]

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

Congrats to you.

[mountainmom]

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!

[mountainmom]

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

[fot1]

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@mountainmom wrote:

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

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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..

[mountainmom]

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.

[fot1]

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@mountainmom 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.

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

[d170]

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

[mountainmom]

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!

[Involver]

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