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Lending Club Approval Process - October 2016

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Anonymous
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Lending Club Approval Process - October 2016

I wanted to share my experience with Lending Club and the approval process this past month. Even with all the bad press they received in the summer of 2016, I found the process to obtain a loan from them to be insanely easy. 

 

Day by Day:

 

Tuesday: Applied for a $15,000 loan to do a re-model on my kitchen. Chose a 60 month loan @ 6.99% interest. I plan on paying the loan off within a year. 

Wednesday: I Received an email confirming that my loan was in the process of being funded and in the meantime, I had to complete a "To-Do List" which only consisted of confirming my email address. 

Thursday: Email in the afternoon saying that my loan was 100% backed by investors, and waiting for full loan approval from Lending Club/Web Bank. 

Friday: Email at 3 A.M. saying that my loan was approved and funds were being sent to my bank account. 

Saturday: Funds hit my bank account via direct deposit first thing in the morning. 

 

At no time did I have to provide a W2, Pay Stubs, or Bank Statements. Everything was completely online and only took 3 business days. That is absolutely insane!

 

Fico Score: 700 (According to their score notice document)

My DTI at the time was around 20% with no late payments in the last 2 years. I had plenty of new CC accounts opened in the past 12 months and approximately 4 hard inquiries in the past 6 months. 

 

 

Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: Lending Club Approval Process - October 2016

Excellent job and congrats.  Thanks for sharing.

Message 2 of 8
Anonymous
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Re: Lending Club Approval Process - October 2016

Congrats on your approval and thanks for sharing your experience!

Message 3 of 8
Anonymous
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Re: Lending Club Approval Process - October 2016


@Anonymous wrote:

I wanted to share my experience with Lending Club and the approval process this past month. Even with all the bad press they received in the summer of 2016, I found the process to obtain a loan from them to be insanely easy. 

 

Day by Day:

 

Tuesday@: Applied for a $15,000 loan to do a re-model on my kitchen. Chose a 60 month loan @ 6.99% interest. I plan on paying the loan off within a year. 

Wednesday: I Received an email confirming that my loan was in the process of being funded and in the meantime, I had to complete a "To-Do List" which only consisted of confirming my email address. 

Thursday: Email in the afternoon saying that my loan was 100% backed by investors, and waiting for full loan approval from Lending Club/Web Bank. 

Friday: Email at 3 A.M. saying that my loan was approved and funds were being sent to my bank account. 

Saturday: Funds hit my bank account via direct deposit first thing in the morning. 

 

At no time did I have to provide a W2, Pay Stubs, or Bank Statements. Everything was completely online and only took 3 business days. That is absolutely insane!

 

Fico Score: 700 (According to their score notice document)

My DTI at the time was around 20% with no late payments in the last 2 years. I had plenty of new CC accounts opened in the past 12 months and approximately 4 hard inquiries in the past 6 months. 

 

 


Update: Lending Club did perform a hard inquiry with Transunion before the direct deposit.

Message 4 of 8
Anonymous
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Re: Lending Club Approval Process - October 2016

Thanks so much OP, I'm currently researching personal loans, and this is extremely helpful.

Message 5 of 8
Anonymous
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Re: Lending Club Approval Process - October 2016

Very nice!!

Message 6 of 8
Anonymous
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Re: Lending Club Approval Process - October 2016

Congrats! And a very nice rate. I am a kitchen and bath salesman and designer if you have any questions please don't hesitate to PM me. Good luck. 

Message 7 of 8
dajewa1
Regular Contributor

Re: Lending Club Approval Process - October 2016

Congrats

Message 8 of 8
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