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I applied yesterday morning for a $40,000 loan at 6am eastern time. I did all the verifications they requested. Emails both work and personal. Bank account links etc. I logged back on a few hours later and found out I was approved at a 6% rate. I know I have a high credit score with zero late payments and a very high balance in my checking account. I guess they took all this into consideration and approved me instantly. I did this loan to pay off 0% credit cards that will expire soon and go to 22%. I could have paid it off myself out of my checking account but decided to do this loan to keep my credit active.
I was skeptical at first because I came across LendingTree by a sponsored IG Story. After filling out some of the prompts they asked you, everything was easy going from there. I did not experience all the negative things people were posting. I submitted my application to Lending Club Tuesday evening, got a message that I had to confirm my email address, approved within 5-10 mins (because I kept refreshing status), received an email about my approval Wednesday (even though I already knew since Tuesday), received another email that my funds were released to my bank, and by Thursday 6:30 am, my direct deposit was in my account.
I believe it went through as quick as it did because I selected the option to connect my banking account to Lending Club. From what I heard, they're able to verify a lot of things that way such as your employment, salary, identity, etc. That's why I did not have to submit verification documents as other reviewers had expressed. The whole process was less than 48 hours from start to finish.
I had chose the lump sum option. Therefore, out of the $12,000 that I had borrowed, $600 was taken out for fees and only $11,400 was deposited. I have a 12% APR. Everything was clear cut upfront. For others that complained about this, they must had not read everything. APR and fees would had been lower by half if I had chose the other option in which they pay your CC half directly and give you the remainder monies. I didn't want to do that and was planning to pay off my 3 yrs loan in 1 year instead. If all goes well, I might apply for a 2nd loan for something else just for the convenience and relax state of mind to not worry about living paycheck to paycheck. The only regret was that I didn't borrow more because I forgot to take into consideration that I will be on maternity leave soon and will not be paid that 3rd month off.
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I was a personal banker before my current position and my boyfriend is a banker now. We know there are a lot of scams out there and had a meeting with my bank all scheduled, but I recently found out that, when applying for loans, you can apply to as many places you want within a 45 day period and it will only count as one hit on your credit score (you'll want to wait at least 3 months before applying for something new after you've accepted a loan).
The APR I received with Lending Club was less than what my bank (a credit union) currently offers and less than all the other places I got quotes from (4 others and I reviewed 15+ quotes through Credit Karma). I was very pleasantly surprised. The application process was very quick and easy to understand. When I had a question, the online chat agent was available within a few minutes. When I was approved for the loan, they automatically sent out the payments to my current credit cards and the extra to my bank account. They also offered to let me change the due date of my loan each month, which is helpful for budgeting. So far, I have no issues or concerns.
The most difficult thing was choosing a lender as there are many options and considerations to look at. Once that was done, Lending Club made the rest of the process easy and pretty straightforward. All was done online except for one phone call to confirm that my phone number was correct. They were able to collect most data needed from other sources, limiting my effort to little more than name and social, and eventually, choosing what other debts to pay off. I would probably give the website 8 of 10 stars as I did not find the steps to be completely obvious or intuitive, that is, there was a listing of "next steps" but not for me a clear way to complete them. Phone call confirmation was especially pleasant, an English speaking rep who was efficient and courteous, willing to answer questions, and clear about next steps to process and what else I needed to do.
Overall, so much more pleasant than dealing with a bank or even credit union, who always seem to have another form to fill out, and one more "little requirement" that needs copies of some form or something I did not even know existed. Final approval was delayed by two days, only because I did the application on a Friday late afternoon, go figure. I have not seen the repayment process yet, but if that goes so smoothly as the application procedure, I hope I don't start applying for more loans I don't need just because it is so easy and pleasant. I compare this to something like a real estate loan, where once done, you swear you will never move because you don't want to have to do that again, or a car loan, where it seems like nothing is ever final, a little tweak to a rate, a "fix" for price, an "adjustment" to term, somehow it is never really final.
The process was straightforward. To be honest, I never thought anyone would ever give me another line of credit or loan for that matter. My bankruptcy discharged in August 2017 (it's now April 2019), and although I have worked hard to make sure I did things right this time and I now have a credit score range of 650-678 (depending on the agency), I was continually turned down. Heck, I was even turned down from the all mighty Navy Federal! Everyone is always going on about how they help EVERYONE, well they didn't help me. But you know who did? Lending Club. They gave me the terms upfront, pre-approved me, and I had a decision in about 2 days. I had the money in my account the following day. I'm happy with how all of this turned out. I now have to my 15K loan-less the fee of $800 (and again they were upfront about) which I'm delighted to do. My fiance and I can now plan an awesome wedding!
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Lending club does not allow you to make a payment early by any means. That means you can't pay when you have the money available, and you can't move the money into a different account as you can only have 1 account on file. They use this to increase the odds that your account won't have the funds available on the day they charge it, as you can't plan around your own pay cycles. This is a blatant attempt to make extra money on fees. Should be an illegal business practice. Even if you call them on the phone you can't make a payment early.
So i applied person loan by paying 400rs which is not refundable, got call from executive name Shalini Shivaji Gondal who not well trained, so my residence is owned and its under my grandmothers name and she is no more, same way even my dad is no more, in the case from where i show relationship proof, for this lady executive is asking death certificate of my dad does death certificate will have my grandmothers name got laugh uhh same here??? is that required i don't no, more over i have address proof of same in adhar, bank statement, voter id, internet bill etc.. so what else needed more than this to provide a loan??? finally i came to know this a fake company which fools customer to pay they processing fee and looting customers...
Lending Club found a better rate, for my personal loan, than my credit union did. After I answered all their questions, it only took less than a couple of hours before they responded with an approval. The whole process was easy, professional, and quick.
I called to make an early payoff and they stated that they are not capable of making same day payments. This was on a payday Fri for me and the claim that they will take the money out on the next business day AND charge me interest until the payment is gathered. They do not have any information that says that early payments must be made a day in advance. Why would I call and tell them to take money out a day in advance if the money is not in my account. That is called fraud. Why are they charging me to for a problem that is not mine. They will not waive the extra fees. I am ready to pay off my account. Do not penalize me because your system will take extra days. I put in a complaint, but they were not able to send me a copy of my complaint, so I don't know if a complaint went in. I am looking for another number to complain to, but found this. I will never use them again, and I will not recommend them to anyone.
I am amazed with the quick easy process that Lending Club offers. They offer a checklist of everything they need for the application process. Then you submit the application. Offers are provided with repayment date options. You can set auto payment option, after you log in to your bank. The turnaround time to get a response was quick. I would recommend to friends and family. Another company took weeks to respond, but Lending Club nailed it.
Lending Club expert review by Barbara Friedberg
Lending club is the biggest peer lending marketplace. The company was launched in 2007, and it was originally one of Facebook's applications. Lending Club makes loans up to $35,000.
Financial and social rewards: Similar to Prosper, money borrowed through Lending Club originates from peer lenders who commit their own cash to the system. These consumer lenders help borrowers and receive higher than bank interest rates.
Easy application: Potential customers complete a quick online application. Lending Club rapidly calculates the consumers risk and assigns a credit rating and an interest rate to the potential loan. Loan applicants can examine their options without impacting their credit score.
No hidden fees or prepayment penalties: Transparent fees and the ability to prepay the loan without penalty are two of the advantages of a Lending Club loan.
Mobile-friendly: Lending Club has a sleek and easy-to-use mobile platform, which is convenient for borrowers and lenders on the go.
Award-winning: Lending Club has won many awards for its services, including recognition as one of Forbes' America's Most Promising Companies and a CNBC Disruptor 50.
Easy payment options: The company deducts borrowers’ single monthly payments from their bank account, so the repayment process is simple and easy.
Best for: People looking to refinance debt, those starting a business, experiencing financial hardship and consumers experiencing a big life event.
Lending Club Company Information
- Company Name:
- Lending Club
- Year Founded:
- 71 Stevenson Street, Suite 300
- San Francisco
- Postal Code:
- United States
- (888) 596-3157
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