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Lending club

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twall06
Frequent Contributor

Lending club

Last night I was searching for information on lending club to consolidate some credit cards and I didn't find much. So this is my experience around 8 last night i checked the pre-approval offers and it gave me several options without a credit pull. Checked some other lenders and decided I would go ahead with lending club picked the loan I wanted from the options hit submit. It gave me a check list of things I needed to do to complete the loan only thing on it was to confirm my email after that it said my loan was pending final review . This morning I checked around 10 it said loan is funded and should be in my acct in 4 business days. The score they pulled was 675. Overall easy process figured they would at least need a paystub or something at some point in the process it did link to my bank acct to verify it or you can enter you acct info manually.
Message 1 of 14
13 REPLIES 13
Appleman
Valued Contributor

Re: Lending club

It is not unheard of that you may still receive a phone call for verification. If it goes beyond the 4 days it does hurt to call and ask if they need any additional information.

 

Since we are all curious:

1. How big a loan did you get?

2. What APR?

3. How many inquiries the last 12 months?

Message 2 of 14
twall06
Frequent Contributor

Re: Lending club

1. 7500 had options from 3000 to 15k
2. 17.9 high but cheaper than the cards im going to pay off.
3. 4 within in the last year 1 in past 6 months for care credit.
Says they are sending the money today and that bank may place a hold for up to 4 days.
Message 3 of 14
Anonymous
Not applicable

Re: Lending club

When you accepted one of the offers then did you get a HP?

Message 4 of 14
Appleman
Valued Contributor

Re: Lending club

Thanks for the info.. Others will benefit with your data points.

They do seem to be HP sensitive.

Message 5 of 14
Anonymous
Not applicable

Re: Lending club

Hello! I was approved for a 23k lending club loan with 22 hps . My goal is to focus on paying this debt off so I chose a 36 month term and to stop incurring debt.

Message 6 of 14
Anonymous
Not applicable

Re: Lending club

I am curious as to how the loan reports to the credit bureau's, does it show up as a personal line of credit or loan or as another credit card? Also, how much of the payment each month actually goes to what you owe? I assume if you have a 36 month loan at a set monthly payment then all of the payment would go to what you owe? Thanks

Message 7 of 14
Anonymous
Not applicable

Re: Lending club

It reports to all 3 bureaus as a personal loan. Half is interest and half is principal at this point. I've only paid 2 payments so far though so normally as a loan progresses more of my payment will go to the principal.
Message 8 of 14
Anonymous
Not applicable

Re: Lending club

Thanks, Have you seen a jump in scores if you used it to pay off credit cards? How long does it take to report on credit? Thanks

Message 9 of 14
Anonymous
Not applicable

Re: Lending club

Yes about 30 points although I paid lendmark off and it still hasn't reported the cb as paid so I'm hoping to get another jump then.

Message 10 of 14
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