Lending Club question

[CashBackQueen]

I have a Lending Club loan that I took out 14 months ago with a high interest rate (21%, APR 26%) and I have an offer on my account to take out another loan. I'm wondering if with my positive payment history (100% on time) and my TU score increasing about 30 points since my original application, would I get a better interest rate this time around? I don't need or want another loan, but since they don't refinance current loans, I'm thinking this could be a way around it. On the other hand, I don't know if a 30 point increase is enough difference to get a better rate, and maybe I should wait til I'm closer to 700. I'm also gardening, so I'm reluctant to do this, but I'd also like to pay this loan off faster and with a better rate.

At what score do they start to offer low rates?

[Anonymous]

You can check and see your rate or if you qualify very easily through the email that was sent. It will be a soft pull to check, hard pull to accept. You might see a better interest rate. They will charge a new origination fee on a new loan. Lending club reports as a Consumer Finance Account on my report.

[CashBackQueen]

Thanks, that's good. At least if I'm not offered a better rate I can just not accept it and not waste a hard pull.

[brk1971]

Incidentally, if you do get a better rate for a consolidation loan (choosing that option in the pre-qual application), and you decide to accept the offer, once it funds, you will have an option to pay the existing loan as a part of the new one. Thus, if your intent is to refi the existing loan (and other debt), and the deal works out for you, you don't have to receive and then send that same amount to LC.