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lending club loan


lending club loan

looking for advice! I've been pre- qualified for a 14k personal loan through lending club. I'm looking to finish paying for my July wedding and pay down my debt. Myfico TU score is 708. I have zero late payments in 12+ years of history, no public records. I have high utilization right now but my debt to income ratio is 1% according to Credit Karma as of today. I'm scared to death to officially apply, for fear of rejection, adding a hard inquiry to my report and not being able to get this loan! Suggestions? Am I over thinking this?

Message 1 of 4
Senior Contributor

Re: lending club loan

If you're prequalified and prepared to verify all of the information that you've given them, you should be good to go.


Good luck!

Gardening 18 Apr 2018-01 Nov 2018. Race me for the Gold!
Zero percent financing is where the devil lives...
10/01/17 Fico8 scores: EX 660, EQ 647, TU 663
01/01/18 Fico8 scores: EX 655, EQ 661, TU 650
04/01/18 Fico8 scores: EX 637, EQ 630, TU 644 ow!
Message 2 of 4
Valued Contributor

Re: lending club loan

Yes you are over thinking this. You need to understand how Lending Club works. They are a peer to peer lender and do not just process the loan doc and send you a check. The pre-approval will tell you what interest rate and loan length and amount you qualify for. It is up to you to create a loan listing and post it on the site. The member lenders then agree to fund your loan request with whatever amount they individually wish to buy. You may end up with only a few or up to a hundred or more individual member lenders buying into your loan.

Although I have not done it with Lending Club I did a loan with Prosper. I believe their time for listing and funding was two weeks. There was little or no activity when the loan was first listed and then in the last few days the remaining 85% of the loan request was bought by individual members and the loan was 100% funded. They also had an option to accept your loan if funding reached at least 80%. Go to the Lending Club site and read the How it Works terms and conditions and you will get a better understanding.

Their pre-approval is all you will get from them. The decision is on you whether you want to accept the terms. I don't know about a hard credit pull with them. Prosper did a soft for evaluation and then a hard pull when I created the listing. I can tell you my experience as a borrower with peer to peer has been a positive one. I have read mixed reviews from the member lenders perspective.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL

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Message 3 of 4

Re: lending club loan

thanks for your reply! I've read their fine print, several times! I definitely understand how it works- I'm just afraid to pull the trigger and get denied, even though I've been prequalified!
Message 4 of 4