A quick Lending Club ? for those who have used them

[BklynSilly]

I applied for a 18k Lending club personal loan to consolidate. When I logged into my account the to do list was all green checked. Even though they never asked for any documents from me. That seems a little unusual?  Anyway, I log into my account today and there nothing to even indicate the loan. Is this normal? I didn't recieve a loan was denied email. 

https://i.ibb.co/nB5L1zW/Screenshot-345.jpg

https://i.ibb.co/r3Qym6m/Screenshot-350.jpg 

[FireMedic1]

Welcome @BklynSilly 

When did you apply? Appears you have done all thats asked of you with those checkmarks. Usually a few days.

[BklynSilly]

4 days ago. It's the fact that the account doesn't even have the loan # or anything to indicate a loan on it is throwing me off. 

[Jnbmom]

This just confirms you have done everything on the checklist . Now you have to await the loan process .

[FireMedic1]

Did they deposit the funds in your account? If so. Matter of time before the website is updated I guess.

[BklynSilly]

Nah not yet. I would have thought I would receive an email or something. I think they could be a bit better keeping people informed of their steps and process. 

[TryItAgain]

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@BklynSilly wrote:

I applied for a 18k Lending club personal loan to consolidate. When I logged into my account the to do list was all green checked. Even though they never asked for any documents from me. That seems a little unusual?  Anyway, I log into my account today and there nothing to even indicate the loan. Is this normal? I didn't recieve a loan was denied email. 

https://i.ibb.co/nB5L1zW/Screenshot-345.jpg

https://i.ibb.co/r3Qym6m/Screenshot-350.jpg 

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Setup/attach your bank account for payments.  After that it looks like you are good to go. 

I have received and paid off maybe a dozen LC loans between me and my wife's acct for various projects over the years.  After the 1st loan the checking account stayed attached to my Lending Club account and would attach to any new loan.

Every loan I applied for after that 1st one I'd see that same screen with all green checks, and the funds were in the account 1-3 days later (without POI being requested on most of them or any other documents).  So you *may* just need the bank account for payments attached and done. YMMV

[brk1971]

Couple things for you or others who experience this (disappear from dashboard) -

1. With an application in process that disappears from the dashboard:  If you want to revisit the status of the same loan request, simply type the amount of your request and select the type you previously chose... then click "check my rate" and it'll re-load the one in progress (won't create a new request if there is one in progress).  More than likely it'll show you the same status you last saw (verifying).

2. LC is no longer a peer-to-peer lending CFA. For years it was based on individual investors choosing (or auto-choosing) notes to invest in based on their grade and score. There was a "funding" process step where it went into the investment pool side of the site, and individual investors could actually choose to invest in YOUR loan (or not). (Process is detailed in other threads.)

Then Lending Club bought a bank, and they do not accept individual investor notes anymore. (see: https://www.lendingclub.com/investing/peer-to-peer for more details.) Now, there is a funding step, after approval and confirmation, but it's not performed the same as before. So long as sufficient lendable funds (deposit funds above required capitalization) are available, an approved loan will be funded and disbursed without long delays. 

3. IMO - 90% of the anecdotal data points (that were very relevant) to the P2P performance model of LC are no longer relevant.