LendingClub Creditor experience?

[Anonymous]

Hello All,

I recently got approved for a loan from LendingClub in which Im using to help consolidate and pay off my debts to avoid some pretty high interest rates. During the process, I placed 80% of the total amount I was approved to be paid off directly from the lenders. I was wondering if anyone has any experience in how long this usually takes to show up on my cards. I already received the other portion of my loan in my bank account, so I'm curious on when will this part take into effect.

Thanks,

[FlaDude]

I got a loan from them about 6 months ago, best I recall everything was paid within a day or two.

Note that their loans often (maybe always) have origination fees so that will be deducted from your proceeds that are deposited.

[AlmostNJ]

I have had 3 Lending Club loans. They are exactly as advertised. There is an origination fee. It took about 3 days max for each for loan to be funded.
You cant pay ahead (multiple payments). The payments come off the back. Other than that they were very good.

[tcbofade]

---

@Anonymous wrote:

Hello All,

I recently got approved for a loan from LendingClub in which Im using to help consolidate and pay off my debts to avoid some pretty high interest rates. During the process, I placed 80% of the total amount I was approved to be paid off directly from the lenders. I was wondering if anyone has any experience in how long this usually takes to show up on my cards. I already received the other portion of my loan in my bank account, so I'm curious on when will this part take into effect.

Thanks,

---

I imagine that they're already paid... might be a few days before you can see it on your end tho.  The payment from Lending Club might be a bit slower to process by your credit card companies. 

[Anonymous]

Thanks for the replies.

So far two of my cards (Both Chase associated) got paid off, but the other two havent seemed to have gone through yet (Associated with Synchrony Bank).

[Five6Two]

---

@Anonymous wrote:

Thanks for the replies.

So far two of my cards (Both Chase associated) got paid off, but the other two havent seemed to have gone through yet (Associated with Synchrony Bank).

---

Now time to cut those bad boys up and not get yourself into more debt! Best of luck to you. 

[Anonymous]

Yup Thanks. I plan on paying back this LendingClub loan aggresively as well, whether or not I benefit from the early payments mainly cause I just want to get out of debt as soon as I can. It feels a lot better not having to pay a 20% APR interest on 4 cards and just an 8% interest rate on one loan payment for the next 36 months (hopefully completed sooner). Just waiting on the other two cards to go through now since Synchrony seems to be taking its time with them. 

[Five6Two]

---

@Anonymous wrote:

 It feels a lot better not having to pay a 20% APR interest on 4 cards and just an 8% interest rate on one loan payment for the next 36 months (hopefully completed sooner). 

---

I totally agree with you. I took out a Personal Loan from Marcus by Goldman Sachs and it was instant relief to pay off several high interest cards and have one low apr/one payment. It certaintly helps to pay it off aggressively! 

[FlaDude]

---

@Anonymous wrote:

Yup Thanks. I plan on paying back this LendingClub loan aggresively as well, whether or not I benefit from the early payments mainly cause I just want to get out of debt as soon as I can. It feels a lot better not having to pay a 20% APR interest on 4 cards and just an 8% interest rate on one loan payment for the next 36 months (hopefully completed sooner).  

---

I've mentioned this on other threads before but I went from paying almost $1k/mo in interest to under $200 via a combination of 3 low interest loans totalling $40k and some 0% balance transfers. This has made a huge difference in my ability to make progress on my debt.

[Anonymous]

Yup! I honestly dont know why I didn't do this earlier. I just wish these "Bill Pay" payments come in ASAP so it makes it before my statement ends