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Lending Club Loan Approved

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Epic Contributor

Lending Club Loan Approved

Received pre-approval in the mail for up to $20k, when I filled it out online it came back just $5200 Max but decided to take it anyway because I know once you do one loan with them, they will expand for future larger ones.

 

My question is, How much and how long do I have to keep it open to gain the most from it?

It's a 36 month loan, so I was thinking about paying $2701 on the loan right now to bring me under 50% and then let the payments run for 12 months.

 

Thoughts?

Message 1 of 14
13 REPLIES 13
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Frequent Contributor

Re: Lending Club Loan Approved

Did you take out this loan just to build a relationship? I’ve never taken out a personal loan but with the rumors I’ve heard about FICO 10 I’d be afraid to do it now. In what way will this loan help you?
Current Cards (in order they were approved with current limits):
Cap1 QS (plat.) $2750
Kohls $3K
Cap1 Savor $15K
PenFed Power Cash Rewards $2K
NFCU CashRewards $6K
NFCU MoreRewards $12.5K
Cap1 Venture $30K
PenFed Gold $2K
Ollo Rewards $3.2K
Sync Amazon $10K
NASA FCU Platinum Cash Rewards $3K
Disco It #2 $14.8K
DCU Visa $10K
NFCU Flagship Rewards $23K
Sync Care Credit $15K
PenFed Power Cash Rewards #2 $39K
WF Propel $4K
Comenity AKC $10.5K
Apple (GS) $6.5K
TD Cash Credit Card $6K
Rakuten Siggy Visa $6.5K
BBVA ClearPoints Visa $10K
Disco It #3 $8K

BK 7 discharged July 2016




Message 2 of 14
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Valued Contributor

Re: Lending Club Loan Approved

It will be a miracle if more than a handfull of lender are using FICO 10, five years from now. FICO 9 was released in 2014.

Message 3 of 14
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Frequent Contributor

Re: Lending Club Loan Approved

True. I’ve thought of that.
Current Cards (in order they were approved with current limits):
Cap1 QS (plat.) $2750
Kohls $3K
Cap1 Savor $15K
PenFed Power Cash Rewards $2K
NFCU CashRewards $6K
NFCU MoreRewards $12.5K
Cap1 Venture $30K
PenFed Gold $2K
Ollo Rewards $3.2K
Sync Amazon $10K
NASA FCU Platinum Cash Rewards $3K
Disco It #2 $14.8K
DCU Visa $10K
NFCU Flagship Rewards $23K
Sync Care Credit $15K
PenFed Power Cash Rewards #2 $39K
WF Propel $4K
Comenity AKC $10.5K
Apple (GS) $6.5K
TD Cash Credit Card $6K
Rakuten Siggy Visa $6.5K
BBVA ClearPoints Visa $10K
Disco It #3 $8K

BK 7 discharged July 2016




Message 4 of 14
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Valued Contributor

Re: Lending Club Loan Approved


@Creditaddict wrote:

Received pre-approval in the mail for up to $20k, when I filled it out online it came back just $5200 Max but decided to take it anyway because I know once you do one loan with them, they will expand for future larger ones.

 

My question is, How much and how long do I have to keep it open to gain the most from it?

It's a 36 month loan, so I was thinking about paying $2701 on the loan right now to bring me under 50% and then let the payments run for 12 months.

 

Thoughts?


I just got a mailer from Prosper Pre-Approved for up to $40K. Though about it, but I'm sure I'd get somehting much lower and at a higher rate. lol

 

i don't need it, but if i took out a certain amount it would pay off all my current balances. And I'd still have enough left over to make the payments for one year before it started coming out of my actual pocket. Only thing is the interest and not really needing it.

 

As for relationship, I think once you paid it down and let it run out. You'd probably get more offers, no guarantee on amounts and rates though. When I borrowed from Marcus, I paid it all back in the first 12. Even got a second Loan with them on the 12 month, and it's already paid down 71%  1.5 years later.  Looking to pay off with my Tax refund to save more interest.






Message 5 of 14
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Epic Contributor

Re: Lending Club Loan Approved

Verified income with bank account
No hp
I liked the process!!
Message 6 of 14
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Super Contributor

Re: Lending Club Loan Approved

Congrats on your approvalSmiley Happy

Message 7 of 14
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Senior Contributor

Re: Lending Club Loan Approved

Congratulations on your approval!
Message 8 of 14
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Frequent Contributor

Re: Lending Club Loan Approved

Congrats!
Message 9 of 14
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Valued Contributor

Re: Lending Club Loan Approved


@Hex wrote:
Did you take out this loan just to build a relationship? I’ve never taken out a personal loan but with the rumors I’ve heard about FICO 10 I’d be afraid to do it now. In what way will this loan help you?

There is something to be said for building relationships in case actually needed for the future.

I'm a proponent 

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Message 10 of 14
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