cancel
Showing results for 
Search instead for 
Did you mean: 

Lending Club Experience~

New Member

Lending Club Experience~

I applied for a loan from lending club to consolidate my debt, and somehow got $40,000 at 5.32 intreset rate!!! The process was very easy and application took all of 3 minutes to complete. Initially, they do a soft inquiry to give you a pre-approval and afterwards if you accept it, they pull a tu report. It was joint application with the wife and they pulled 687 and 742 scores. only bad part is they charge a service fee from 1%- 5% based on credit and take it out the funded loan. We got the lowest rate which was 1% fee, so they only deducted $400, which left us with 39,600.00

Heres the timeline:

applied on 12/30- had to confirm email and sent in proof of income along w/ w2

01/02/18- Got email saying documents were being reviewed around 8 am, 2 pm loan was approved

01/03/18- got email saying funds were on the way to my account

01/04/18- funds were in account

Message 1 of 8
7 REPLIES
Valued Member

Re: Lending Club Experience~

Wow, it really pays to have good credit!

 

While my experience with Lending Club was also very smooth, the terms were much more severe.

First, my Transunion FICO was 612.

I got $7200, but at a very steep 19.99% rate. They also took 6% as an origination fee, so what I got in my bank account was $6768.

 

The only documents they needed was my tax return (I'm self-employed, so no W2s).

 

While the terms were severe, it was worth it because I really needed to pay some credit cards off (if anyone cares to know why, see this thread). The credit cards had very high interest rates themselves, so in terms of APR it was a wash.

 

thatguy15 - Is your income very high? Seems like they gave you a lot of money with very good terms. Or perhaps it was the 742 score?

11/17 - EX 614 | EQ 626 | TU 612
Goal - EX 750 | EX 750 | TU 750
Message 2 of 8
New Member

Re: Lending Club Experience~

nmk94- I think it was the credit score that did it, but I bring home about $3500 a month after taxes. The payment is $1100 a month, but I'll be debt free in three years, and I put all my cards on reoccuring payments like netflix and spotify. They are all shredded now and will be maintained through the auto subscriptions. No more credit card debt for me lol!!!

Message 3 of 8
Established Member

Re: Lending Club Experience~

I checked my quote now from Lending Club. It is :

- 6.08 interest rate

- 8.49% APR

- 36 months

 

I wonder if Prosper has similiar rates as LengindClub or not ?

 

Message 4 of 8
New Member

Re: Lending Club Experience~


thatguy15 wrote:

I applied for a loan from lending club to consolidate my debt, and somehow got $40,000 at 5.32 intreset rate!!! The process was very easy and application took all of 3 minutes to complete. Initially, they do a soft inquiry to give you a pre-approval and afterwards if you accept it, they pull a tu report. It was joint application with the wife and they pulled 687 and 742 scores. only bad part is they charge a service fee from 1%- 5% based on credit and take it out the funded loan. We got the lowest rate which was 1% fee, so they only deducted $400, which left us with 39,600.00

Heres the timeline:

applied on 12/30- had to confirm email and sent in proof of income along w/ w2

01/02/18- Got email saying documents were being reviewed around 8 am, 2 pm loan was approved

01/03/18- got email saying funds were on the way to my account

01/04/18- funds were in account


I have a Lending Club loan at the 5.99% APR.  I could have gotten one of the Amex personal loans at 6.99%. When you look at the balance transfer fee charged by many credit cards to transfer an amount on a zero percent offer, the Lending Club charge is a bargain. Many cards charge 3% so a transfer of $15,000 on a zero percent offer would be $450.

My FICO 8 scores were slightly above 800 across the board on January 1; I got a $15,000 loan for 3 years. I just had to confirm email, proof of residence via utility bill and a telephone 5 minute "interview" which included asking the balance on a specific card and what the letter represented in my email address as it is my middle name as well  as asking me if I had any questions.

Message 5 of 8
New Member

Re: Lending Club Experience~

Prosper quote me almost 24% when I checked with them. The process is the same to check your potential rate. 

Message 6 of 8
Valued Contributor

Re: Lending Club Experience~

I also had a great experience with Lending club. Prequel approval took 30 seconds , submitted W2 and paystub and within 12 hours had email stated approved and funded! Did not get the great rate you got with TU at 748. Income 78000 yr, 21000 @9% but it will free up an extra 570 month which is what I needed. I wonder if having more than one borrower gets you a lower rate
Message 7 of 8
Regular Contributor

Re: Lending Club Experience~

@that guy  Can you share Income & monthly payment on the loan?

Message 8 of 8