Lending Club Application Process

[ew0506]

Hello All,

I recently asked for a loan from LendingClub and during the process I was asked to verify my phone number by calling them. Then, I was sent an email later to verify (upload) documentation for prrof of income. I was surprised what they requested was about the same as my home loand and I want to know did other's have the same experience.

They wanted 2 years, tax returns. 60 days of bank statrements. 2 years of tax transcipts. 2 years of W2. 60 days of pay stubs. I mean, I have had a lon before and they certainly didn't ask for all this information. The items I'm like "wow" over, are the tax information. Is this normal for Lending Club?

[FlaDude]

It varies. They didn't ask me for any proof of income at all, I think have read reports here both ways. I'm not really sure what triggers the POI request, but I do have a long credit history (and it would be even longer if I hadn't closed almost all my cards in the late '80s.)

[ew0506]

Yes, strange, but I figure different for everyone.  Thanks for the feedback. Needless to say, I will pass on them, I'm not purchasing a new home and I feel like it's just way too much information.

[FlaDude]

I'm not sure either if amount matters, I borrowed 10k. Maybe larger loans get more scrutiny.

[ew0506]

That could be very true also.

[Anonymous]

When I applied, I had to send them one year of tax returns and I think just one month of paystubs. 

[Anonymous]

---

@ew0506 wrote:

They wanted 2 years, tax returns. 60 days of bank statrements. 2 years of tax transcipts. 2 years of W2. 60 days of pay stubs. I mean, I have had a lon before and they certainly didn't ask for all this information. The items I'm like "wow" over, are the tax information. Is this normal for Lending Club?

---

They really require all of this? ^

I'll pass on ever doing business with them in that case. If you cannot gleen enough info from last 2 years tax returns and last 3 months pay stubs and bank statements, then it's far too much paperwork/hassle for me. 60 days of bank statements, you mean 6 months right?

[ew0506]

No, they simply said 60 days worth of bank statements.

[Anonymous]

Yes, but bank statements generally cycle every 30ish days. So it seems odd for them to request it in "days" versus months. 60 days of bank statements alone would be a lot of paperwork. So they should be asking for the past two Bank statements. IDK, maybe I'm the odd one. 

[ew0506]

60 days. 2 months. We are both on the same page 😉