UPDATE (3:08 AM EST, 11/3/17)
Logged into my Chase account at 2 AM this morning and there was the full loan amount minus origination fees, in my available balance. Promptly submitted two PIF payments to my Amex and Citi card which have statements cutting tomorrow.
Overall, pretty seamless process. Went from application to approval to funds in less than 36 hours. Would do again, but probably would try Sofi which has no origination fees or a local credit union for a lower rate.
UPDATE (5:30 am EST, 11/2/17):
Logged in to my loan application through on my iPhone and received the pop up “Cobgrstualations, __! Your loan has been approved and is 100% funded by investors. We will send the funds to your bank account on 11/02...”
So, I will be posting tomorrow whether or not the funds have arrived.
First off, sorry if this is the incorrect place for this - I didn't see credit card debt consolidate/personal loans in the forum topics. Seeing as in how I have been searching for information geared towards this process and came up empty, I wanted to share my experience for others.
I have been looking to consolidate some debt and pay a lower interest rate. When I was in college/grad school, I wanted to expand my credit portfolio and work towards increasing my scores after a few baddies dropped off from when I was helping my family get through my father's layoff. All in all, I was quick to accept lowish limits at high rates and when it was all said and done, I was pushing $1000 towards minimum payments a month, at 25.99% - 29.99% APRs - so, less than $200 of that actually applying to principle (meaning thousands of dollars just being paid in interest).
So, today (Nov. 1, 2017) I decided to apply for a debt consolidation loan. Lending Club has been sending mailers for quite a time, so I thought "why not do the soft pull". I went to the site, inputed the amount I thought I needed ($14K to get the worst offenders down), and voila, I was preapproved for $22.3K at 13.99% for 3 years or 10.2% for 5 years. I elected to choose $19.6K at 3 years leaving me with a monthly payment of $660ish.
After selecting my amount I was then asked to link a bank account ( I chose Chase so I could do a login), and was informed to keep checking back. When I returned to the main screen I was asked to verify my email. I did so and refreshed the page. The status indicated that it was undergoing review. I decided to check back an hour later, and was notified that I had three things to complete: providing a copy of my ID, verifying my work email (they send a link), and calling in to do phone verification. I submitted my passport photo online and did the email verfication. After these were checked off for review, I then called to do a phone verification. The phone rep was extremely friendly and confirmed a few details before asking 3 credit report questions (past address, previous loan holder, etc.). After confirming my identity, she confirmed that they received the work email verification and my passport documents. She said it could take 2 - 4 days for them to review.
I checked back 2 hours later and was given the message " Great news! Your loan is approved and your funds will be sent to your bank account. It may take up to 4 additional business days for your bank to receive your funds." Unlike a few sources I have seen on the internet, I have not seen a link that allows me to see the funding status of those who choose to back my request, so I am assuming I received 100% and will receive my funds tomorrw (Nov. 2nd, 2017) or a day or two after. I will update this once I receive the funds in my account.
In hindsight, I should have picked the full amount, as it would have eliminated the balance on all my cards. My plan is to pay off the high interest, large balance cards that report first, and then procure a 0% balance transfer card or low balance transfer card (think Citi Simplicity or Chase Slate) once my scores increase and utilization decreases to take redistribute the remaining $3K - $4K.
If folks have other suggestions on how I should approach (and this is probably the wrong forum) I am certainly all ears.
Thanks for listening to my story and excuse any errors.
A few stats:
AAOA: 3 yrs, 6 months
Oldest Account: 21 years (AU)
Oldest individual Account: 7 yrs, 3 months
Age: 25
Income: $83K
Additional income: $82K (bonus, partner's income)
Score/ CA used: 662 transunion
Utilization: 41%
Logged into my Chase account at 2 AM this morning and there was the full loan amount minus origination fees, in my available balance. Promptly submitted two PIF payments to my Amex and Citi card which have statements cutting tomorrow.
Overall, pretty seamless process. Went from application to approval to funds in less than 36 hours. Would do again, but probably would try Sofi which has no origination fees or a local credit union for a lower rate.
UPDATE (5:30 am EST, 11/2/17):
Logged in to my loan application through on my iPhone and received the pop up “Cobgrstualations, __! Your loan has been approved and is 100% funded by investors. We will send the funds to your bank account on 11/02...”
So, I will be posting tomorrow whether or not the funds have arrived.
First off, sorry if this is the incorrect place for this - I didn't see credit card debt consolidate/personal loans in the forum topics. Seeing as in how I have been searching for information geared towards this process and came up empty, I wanted to share my experience for others.
I have been looking to consolidate some debt and pay a lower interest rate. When I was in college/grad school, I wanted to expand my credit portfolio and work towards increasing my scores after a few baddies dropped off from when I was helping my family get through my father's layoff. All in all, I was quick to accept lowish limits at high rates and when it was all said and done, I was pushing $1000 towards minimum payments a month, at 25.99% - 29.99% APRs - so, less than $200 of that actually applying to principle (meaning thousands of dollars just being paid in interest).
So, today (Nov. 1, 2017) I decided to apply for a debt consolidation loan. Lending Club has been sending mailers for quite a time, so I thought "why not do the soft pull". I went to the site, inputed the amount I thought I needed ($14K to get the worst offenders down), and voila, I was preapproved for $22.3K at 13.99% for 3 years or 10.2% for 5 years. I elected to choose $19.6K at 3 years leaving me with a monthly payment of $660ish.
After selecting my amount I was then asked to link a bank account ( I chose Chase so I could do a login), and was informed to keep checking back. When I returned to the main screen I was asked to verify my email. I did so and refreshed the page. The status indicated that it was undergoing review. I decided to check back an hour later, and was notified that I had three things to complete: providing a copy of my ID, verifying my work email (they send a link), and calling in to do phone verification. I submitted my passport photo online and did the email verfication. After these were checked off for review, I then called to do a phone verification. The phone rep was extremely friendly and confirmed a few details before asking 3 credit report questions (past address, previous loan holder, etc.). After confirming my identity, she confirmed that they received the work email verification and my passport documents. She said it could take 2 - 4 days for them to review.
I checked back 2 hours later and was given the message " Great news! Your loan is approved and your funds will be sent to your bank account. It may take up to 4 additional business days for your bank to receive your funds." Unlike a few sources I have seen on the internet, I have not seen a link that allows me to see the funding status of those who choose to back my request, so I am assuming I received 100% and will receive my funds tomorrw (Nov. 2nd, 2017) or a day or two after. I will update this once I receive the funds in my account.
In hindsight, I should have picked the full amount, as it would have eliminated the balance on all my cards. My plan is to pay off the high interest, large balance cards that report first, and then procure a 0% balance transfer card or low balance transfer card (think Citi Simplicity or Chase Slate) once my scores increase and utilization decreases to take redistribute the remaining $3K - $4K.
If folks have other suggestions on how I should approach (and this is probably the wrong forum) I am certainly all ears.
Thanks for listening to my story and excuse any errors.
A few stats:
AAOA: 3 yrs, 6 months
Oldest Account: 21 years (AU)
Oldest individual Account: 7 yrs, 3 months
Age: 25
Income: $83K
Additional income: $82K (bonus, partner's income)
Score/ CA used: 662 transunion
Utilization: 41%
