Anybody pay off a Lending Club Loan early to borrow a larger amount?

[Dj4Money]

I was approved for a Lending Club loan ($1200) back in Sept/Oct of 2020 

It's on autopay so payment history is flawless.

 Current balance is $1024, yes I know.

 I want to pay it off so I can apply for additional money after it clears.

 Does anybody have experience? 

[LakeLife]

Absolutely.  They are in the business of lending money.  

[Anonymous]

@Dj4Money  Regarding your loan; if you have no open installment loan, your credit score will likely go down. After you pay it off, if you're looking for another loan for purposes of maintaining your higher credit score, you might want to consider a share secured loan from your credit union. These loans come with tiny interest, and can have long terms. Great for maintaining good credit. Some credit unions don't even pull your credit report for share secured loans, which is great to avoid a harmful credit inquiry. For example, Andrews FCU is open to everyone, and they do not pull credit for share secured loans.

[webhopper]

I agree with what others have posted!  I personally like the secured loans because its like paying yourself and at the end of it you have a little chunk of change.  I like doing them so that the loan is paid off in December then you have the money to use for Christmas expenses.  I have done a few of these in my lifetime. 

[Dj4Money]

Thanks for the input.

My car loan and student loans which is deferred as we all know are the installment loans I have currently besides The Lending Club loan.

I was unable to get any EIDL money as funding dried up as I was in the final stages of approval. I am scrambling for ideas to fund my businesses as I want to get out of driving for Uber. My extended warranty is up and I'm in need of a new cooling fan motor, that isn't a problem but I want to take this opportunity to fund the other businesses that I can run from my laptop, guess you call that being a digital nomad.

 I have expenses I want to maintain but that means I need to make roughly $1,500 from my business ventues to keep those accounts in good standing.

 The idea was the EIDL loan which was going to be $18,700 would give me enough runway to get these businesses profitable before they had to be paid back.

 3rd party loans don't offer that flexibility and that's okay.

 I need to pay down my credit card balances as I try to switch paying for everything through my credit cards.

 Looks like this could be a window there I can get maybe not the money I need but definitely more money than I have currently cash wise. 

  The due date is the 24th and it reports to my credit on the 30th of each month. That means if I pay it off on the due date, it will be roughly 6-10 days before I can reapply for more.

 The problem with credit builder loans is I need cash today but let's see if that wold work.

 Just doing some back of the napkin math, the 15 th of the month.

 I paid off my Aspire card ($700) and I just made PIF to my Capital One Quicksilver One ($300). I have other cards but my projected earning minus car payment and fuel cost is $991. 

 
 Now between now and the end of the month I will donate plasma three more times, current balance on that debt card is $188 or a total of $488 if I don't spend any of that money.

 I will get an adjustment from Prop 22 if I put in say 60 hours over the next 15 days which if I don't meet the target based on $16 an hour + $.30 a mile they will make up the difference, which is typically $300-$400

 Fuzzy math says $1829, I could definately pay off that loan which is now under $1000 owed ($989) and just under $1000 left over. That could then be used to pay off my Blaze credit card because the statement closes the 6th of next month.

 I should be able to reapply by then. If I buy my ticket to Europe now I can get it for under $700 and leave around August 10th (my birthday), I should have a loan, approved and funded way before that.

 All I really need to do is reduce my DTI and my credit balances which is what I am doing anyway and my score coming up on three years post BK would be 670-680 at 7% of balances, right now it's 635 EX and 565 TU.  

[GMCTexas]

You are 3yr post BK and already have taken out a bad loan with LC, have cards that are presumably maxed, and want to pay off LC to be able to borrow more to fund a business of some sort. You are donating plasma to make extra money. Not judging, Ive done that too, when I was broke and needed extra cash. 

Frankly I think you should pump the brakes, pay everything down, save up some $, and fund it out if pocket. 

[Dj4Money]

 You are being judgemental (like most Americans).

 Firstly I have been donating plasma since 2012, it has helped me do what I need to do. The payout has increased from $550 month now at $750 a month, IMHO that is too much money to ignore to keep properly hydrated and 90 mins of my time twice a week.

 Because I hadn't done it in roughly a year due to unrelated reasons, I qualified as a new donor and their bonus totaled $1000 six donations.

 There are goals I want to hit which is apart of a larger 2-5 year plan, much of it very personal no need to share any of that here.

 It would take me more than two months to aggressively pay down the cards. ROI on one of my business ventures is very high but I need more capital than bootstrapping it. 

 Since nobody provided any data points and rather offer free advice which we all know the value of that is. When I know something I return to this thread.

[GMCTexas]

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@Dj4Money wrote:

 You are being judgemental (like most Americans).

 Firstly I have been donating plasma since 2012, it has helped me do what I need to do. The payout has increased from $550 month now at $750 a month, IMHO that is too much money to ignore to keep properly hydrated and 90 mins of my time twice a week.

 Because I hadn't done it in roughly a year due to unrelated reasons, I qualified as a new donor and their bonus totaled $1000 six donations.

 There are goals I want to hit which is apart of a larger 2-5 year plan, much of it very personal no need to share any of that here.

 It would take me more than two months to aggressively pay down the cards. ROI on one of my business ventures is very high but I need more capital than bootstrapping it. 

 Since nobody provided any data points and rather offer free advice which we all know the value of that is. When I know something I return to this thread.

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Well it seems like you have it all figured out. Good luck. 

[AutisticPretzel]

I currently have an open LC loan for around $6,000 myself. A couple of days after my loan closed and the funds were dispersed, they aggressively targeted me to apply for a new loan... As a matter of fact I was already pre-approved (Not just pre-qualified) for an additional $18,000. Needless to say I didn't take it but it is pretty neat to know that you don't have to necessarily pay off one loan in order to get a new one if you absolutely need it.

It's something I probably wouldn't recommend for your average individual, but it's something to keep in mind. Hope this helps.