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.
