Lending Club Review for Borrowers: Is it Legit?

I applied myself and got $2,000 cash in six days.


Reviewed by:
Rating:
4
On December 23, 2014
Last modified:May 7, 2015

Summary:

Easy. Low rates. Origination fee could be stated more clearly, but overall Lending Club remains one of the best places for an online loan.

A few weeks ago I applied for a loan at Lending Club. It was a Monday morning, and I was still in my pajamas. After having some cereal and coffee for breakfast, I went to the living room and turned on my computer.

I knew Lending Club had low rates, but I wanted to see what they would give me. I loaded their site up and checked my rate. The rate was good, so I applied. After filling out some forms and verifying my identity, I got an email from them saying the loan was approved.

Loan Withdrawn as Cash

Six business days later, nearly $2,000 in cash was deposited into my bank account.

Loans up to $35,000 via Lending Club

Check your rate
Won’t affect your credit score.

How are the rates at Lending Club so low? Well, unlike a bank, Lending Club does not have local branches, so they have no vaults or tellers to pay. Since they run completely online, they can pass on the savings to us in the form of better interest rates. Most people get a rate 5% lower than their credit cards, which can mean thousands of dollars in savings. Also, the rates are fixed. They will never go up, even after a late payment.

4 Steps for a Loan through Lending Club

Getting an unsecured loan at Lending Club turns out to be really easy. There are just four things to do:

Step 1. Check your rate

Go to the Lending Club website and check the interest rate they offer you for a loan (some people use MyInstantOffer.com). This requires you to give them a little bit of information like your name, address, and date of birth.

Check-Your-Rate

One minute after clicking the big green Get Your Rate button, you will be approved (or denied) for your loan. As you can see below, I was approved for a loan with a 9% interest rate, which is an APR of 12% (APR = interest rate + fees).

Lending-Club-Loan-Approved

If you like the loan amount and interest rate they offer you, click the big green Get Loan button. If you want to increase or decrease your loan, select the amount you prefer and click the Get this loan instead button.

Step 2. Provide your personal details

Here you give Lending Club the information they need to verify your identity, including giving them your social security number. You can feel safe about doing this since Lending Club secures this page with 128-bit encryption.

Provide-Phone-Number-Social-Security-Number

After clicking Next you will arrive at the Disclosure Statement.

Lending-Club-Conditions-Terms

Agreeing to these terms is like signing your name to the loan application. Once done, your application is officially complete.

Step 3. Wait for your loan to get funded

With all that out of the way, the loan opens for funding. Lending Club loans are a kind of loan called peer to peer loans. This means Lending Club does not actually fund your loan themselves. Instead, they have lots of investors around the country combine their money to fund your loan. Note: currently every single loan is getting 100% funded at Lending Club, so don’t worry too much about this step.

Below is my B-grade loan on the Lending Club platform. At the time of this picture it was 60% funded by 11 different investors:

Lending-Club-Listing

Click to enlarge

Within an hour of my loan being open to investors, it reached 100% funding from 28 different investors from states including Texas, New York, and Virginia:

My Investors

Step 4. Verify your information

To finalize the process, you need to verify your identity with Lending Club. They will probably give you three steps to complete: submitting extra documents, confirming your email, and verifying your bank account.

Loan-In-Review

  • Submitting documents: This is probably the most complicated step. Lending Club may ask you to provide old tax returns or paystubs. Every application is different. If you have digital versions of your files, you can submit them online. If you only have physical copies, you will need to make them digital with a scanner (or fax them). For my loan, I was asked to submit three months of bank statements. My bank provides these online in PDF files, so no scanning or faxing was needed. A few clicks and the files were uploaded.
  • Confirming your email: just click the link in the email they send you. Simple.
  • Verifying your bank: Lending Club makes a small deposit in your bank account (less than $1). Once they make this deposit, you log into their website and type this number in, verifying the bank is yours. For my loan, the trial deposit was there on Tuesday, the morning after I applied.
  • Credit history: At this point in the process, Lending Club may run a hard inquiry on your credit history (also called a hard credit pull). Hard inquiries will temporarily lower your credit score, but only for a few months. They remain on your report for two years. Remember that getting a good rate on a loan (like a mortgage or car loan) is more difficult if you have a large number of recent inquiries. A decent rule of thumb is to wait 6 months between every loan you apply for.

My $2,000 Loan Was Approved in 5 Days

Just five days after applying and verifying my identity, Lending Club sent me an email saying my 3-year loan was approved:

Loan-Approved-at-Lending-Club

My application process:

  • Dec. 1, Monday: Checked my rate at 10am and accepted their offer. Loan was 100% funded that afternoon. I submitted my documents, verified my email, and waited for bank deposit.
  • Dec. 2, Tuesday: Verified my bank account (deposit was 38 cents).
  • Dec. 5, Friday: Lending Club moved from ‘Under Review’ to Issued.
  • Dec. 8, Monday: $1,920 cash was deposited in my bank account in Seattle

Why did Lending Club give me just $1,920? Why not the full $2,000?

Lending Club did not give me the full loan amount. They took $80 of my loan (4%) as a fee ($2,000 X 0.04 = $80). This is how Lending Club makes money, and this fee is called an origination fee. It is different for every borrower. If you have excellent credit you will pay just 1% in fees. Most borrowers will pay 4-5% in fees like I did:

Lending-Club-Rates-2015

It is important to include this fee in your loan request if you need to. For example, if you need exactly $20,000 and expect to pay 5% in fees, you would probably want to ask for $21,052 since $1,052 (5%) in fees would leave you with the full $20,000.

Paying Back the Loan is Easy

A month after your loan is approved, you will begin making payments. These payments will automatically be taken from the bank account you gave Lending Club when you applied. They will happen once per month until the loan is paid off.

Make extra payments: a very good idea. Any extra payments you make mean less paid interest overall, so try to do them. Lending Club allows both one-time and permanent extra payments. You can make these by calling them: 1-888-596-3157.

Pay back the loan early (no fee): also a great option, and Lending Club does not charge prepayment fees. Pay in full at any time.

Is Lending Club Safe? Is it Legit? Yes.

Many people wonder if this is a scam. After all, most have never heard of Lending Club before. But I can personally say that Lending Club is a very legitimate way to get a loan. Lots of positive press in major media prove that fact:

Secondly, applying for the loan is very safe. Every page of the application is protected with 128-bit SSL encryption, so you can feel secure knowing your information will remain private and confidential.

Review Verdict: A Great Loan at a Low Rate


Reviewed by:
Rating:
4
On December 23, 2014
Last modified:May 7, 2015

Summary:

Easy. Low rates. Origination fee could be stated more clearly, but overall Lending Club remains one of the best places for an online loan.

If you need cash or simply want to pay back credit cards, Lending Club is one of the best options around.

Pros:

  1. Lowest rates nationwide
  2. Easy and quick application
  3. Fast cash – I got a loan in six business days
  4. No prepayment penalty, pay it off for free at any time

Cons:

  1. Maximum loan is only $35,000
  2. Origination fee should be more clearly stated

Final Word

For a quick low-rate loan, Lending Club is one of the best options nationwide. You can easily find your rate and apply at no risk of it affecting your credit score.

Check your rate with Lending Club today, and get started toward your loan.

Check your rate

Won’t affect your credit score.

Lending Club

Comments

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  1. Kim says

    After you get fully funded by investors and verify bank / email…. Does that mean it is definetely approved?? They haven’t ask for additional info yet (taxes, bank statements, etc).

  2. Destiny says

    Why would you wait 6 days to fund a loan when you can receive a signature loan from a credit union or bank usually in 24-48 hours with no origination fee?

    • says

      Hi Destiny,
      A few reasons. The biggest is, getting a signature loan from a credit union can be difficult for most people. Second, it requires driving somewhere, whereas you can get a Lending Club loan just by going on your home computer. That said, if you can get a better rate at a credit union then definitely consider that! Lending Club is a great option, but it isn’t necessarily perfect for everyone.

      • Brad says

        Glad you wrote this up. I just completed the application process. I’m usually skeptical of any of these type of things because so many companies (since graduating college) has tried to lock me in to some crazy loan with crazy interest rates.

        My credit is a little on the poor side… so the APR was still around 20%, but I went with a small loan that I can pay back this year to try them out first. 20% is still lower than one of the credit cards that I have (that carries a balance).

        This is an interesting idea.

  3. Thomas Wilson says

    I was asked to pay $200 for a verifying voucher. I was denied due to my credit score. However, received an email from Steve Hart (408-905-1835) from Lending Club.
    He stated this was common practice and my funds would be received upon my verification of $200. Please inform if this is valid

  4. Rob says

    Can I please quote from the above very useful guide for a presentation on Crowdfunding / P2P to some institutional investors? Thanks.

  5. Beverly says

    I am interested in seeing what kind of interest rate I would get but I don’t want to fill out all the information they are asking for and not be able to decline if the rate is not what I would consider a good rate. Am I able to delete and get out of it should I decide I don’t want to get the small loan??

  6. Bama says

    I received a preapproved offer from Lending Club. I applied for $15k online Sunday night and was approved. It showed my credit score from Transunion, which was 715. Next, I verified my email address. Monday morning, I was at 30% funding. Tuesday, I verified my bank account after LC deposited/debited a small amount of change. I was fully funded by the end of the day. On Wednesday, I received the bank deposit of $14,400. My interest rate is 11.99%, which is way below any of my credit cards. The process was fast and easy for me.

  7. Lindsay says

    I was approved at lending club for $10,000 (requested amount) with 685 credit score for 11.99% rate (14.24% APR), however I was declined at Prosper due to credit score. From what I’ve read, it is usually the opposite so I’m not sure what happened. I applied to lending club through the readyforzero platform so maybe that made a difference?

    I decided to reduce the loan amount by several thousand to pay off one high interest credit card from Citibank (29.99% with no late payments ever!) that recently reduced my credit limit for no reason under my control. I would have consolidated more but my other cards are not much higher than the lending club loan so thought I’d start small to try out the service.

    We recently bought a new house and my credit dropped as a result of starting a new mortgage loan with 100% financed . With my old house, I had equity so it reported more favorably.

    I am currently at the stage of waiting for money to deposit into my account and I can’t wait to pay off that CITI card!

    • Lindsay says

      Just to update, prosper also noted on my disapproval email that I had too many credit accounts that exceeded 90% utilization in the past 6 months which impacted my “prosper score” I bet that is where they differ because they reported my credit score at 695 which is slightly higher than what lending club reported. (I applied for both on the same day)

      • Itgirl AJ says

        Hi. Can you tell me what payment schedule they gave your for the $10K at 11.99% (14.24 APR)? (PS. I want to get away from CitiCards also!!! Thank you!

        • Lindsay says

          I actually decided to take only 6000 because I wanted to pay off just the one high card and be conservative since I had no experience with peer to peer lending. For 6000, I chose a three year plan with payments at 197/month. When you apply, it shows three year and five year payment options and all the loan amounts you qualify for so you can compare with the amount you requested. Hope that helps. Just to let you know, I applied on Monday and the money was in my bank account this morning so I’m officially free of Citicard!

  8. Meghan says

    I am interested in paying down credit card debt from multiple credit cards. I was sent a pre-approval letter from the Lending Club. I am just curious of the rate and amount that I would be approved for. Will checking my offer put a hard inquiry onto my credit score immediately or only if I accept the offer?

    • says

      Hi Meghan. You’ll have to check your rate using the button above to see. Everybody’s rate is different. However, checking your score is only a soft inquiry. It will not hurt your credit score.

      Also, I did not even get a hard inquiry when I accepted the loan, but others have.

  9. Mary says

    Hi I want to take out a loan for 10K. My credit is very low. what are the chances of me getting approved. And how do I know this is not a scam.

  10. Gary says

    I am interested in a LOan but do not like having automated withdrawls for my payments. I like making them myself due to getting paid at various times of the month. Somewhere I read this is available. How does someone accomplish this ?

  11. April says

    I am applying and was worried that the download part of the application was safe. I feel better about it once I read your article.

  12. sassy9289 says

    What if I apply for a loan but don’t have a personal bank account can it be deposited in someone,else’s account?

  13. Scott Medeiros says

    Lending Club will take 5% away from what ever amount you are approved for and call it a Loan Origination Fee. They say this is how they make their money, So the High interest rate is what exactly? Stay away from this company unless you are desperate or ok with having 5% stolen from you on top of a high interest rate.

    • says

      Thanks for your opinion Scott. But Lending Club has to pay the bills somehow, and their origination fee (included in the APR) still keeps them one of the most affordable options in the country.

      • Scott Medeiros says

        This is not my opinion Simon. Lending Club does a poor job of advertising this 5% fee. How do all the other credit card companies makes millions of dollars each year from their interest rates yet Lending Club does not make enough money and feel the need to implement this unethical fee and take advantage of their customers?

        • JB says

          Credit card companies make millions of dollars by charging the retailer a fee every time you use your card, so basically those fees are wrapped into the purchase price of every item at Target, your local grocery store, etc.

        • Chris says

          from what I understand, the interest is going to the people that funded the loan. simple logic would tell you that. the people funding the loan make money that way, otherwise there would be no point in putting up your own money to loan to someone else.

        • Beth says

          I just got a loan and my origination fee was only 1%… not a rip off at all, and much less than a 3% balance transfer fee — especially since I’ll be using mine to consolidate debt and pay it at a lower interest rate. This might be because I was an existing LC customer.. my original loan had a higher fee. Still, it was worth it to me to consolidate my 22% APR credit card debt.

  14. tvh says

    Beware of this type of loan processing as your information may be at risk. Never send your personal information in an email as they request, as you don’t know who on the other end is receiving it or what if any safety of information contained is secure.

  15. maria says

    I would have like to get rid of two credit cards : Citi with 25.24% APR and Capitol One with19.99% APR. I checked my rate . For the 15,000 I needed to pay the cards, the Lending Club offered a 29.99% APR. Even for lower amounts, the APR was the same. Unfortunately, my hope to get rid of the cards is over. Why do I get such a high APR, when apparently everybody else is getting an APR lower that the one at the credit cards? Thank you. Maria

  16. TC says

    I applied on Monday for a 12,000 Loan. I got an email the next morning I was funded at 60% and then 90% as of yesterday and then an email later in the day with Congrats I was approved and backed 100%. My bank account doesn’t show any small deposits within the last few days (i.e. less than a dollar). Today the lending club website (when I logged on) shows that my 1st payment is due on 3/18/15 and that the loan has been “issued”. Should I assume this will be in my bank account in the next few days? My origination fee was 480.00 (and the balance they say I will receive is 11,520. I must say – this was very quick and easy (assuming it shows up in my bank LOL). Thanks!

  17. Honey says

    Same thing for me too, Coleen. Except, I submitted my docs on Saturday, verified my email that day, verified direct deposit amount on Tuesday and today is Thursday but I haven’t received a confirmation from them other than confirming the correct dd amount I reported. I sent my paystubs again today and followed up with an email to [email protected] but still nothing. I read that it can take up to 14 days but not hearing anything from them after the dd amount was confirmed is kinda discouraging.

  18. Rebecca Triola says

    Hi, I recently applied for a $10,000 loan. This was on a Friday and over the weekend while waiting for the process I realized I needed a $12,000 loan. Fist thing Monday morning I was calling/emailing a representative that had contacted me to get the loan set up. I have never gotten a response and now my $10,000 loan has gone through and the funds are being issued to my account. If there anything I can still do to change this to a $12,000 loan? And advice is greatly appreciated!

    • says

      Hi Rebecca. I’m not sure there’s much you can do at this point. You can always apply for a $2,000 loan through Prosper, though you will need to do what is right for your particular situation.

  19. Honey says

    Hi Jovani,

    Mine was like your’s and Syvia’s before, but yesterday the look changed and the adverse action notice was added to the other list of docs. It’s also says the loan listing expires in 3 days and 4 hours, but at the point it will only be two weeks into the process and I thought it was good for 30 days. I’m just getting mad now because they haven’t even bothered to call or email me. :-(

  20. Sylvia says

    Update:

    About an hour ago, my status changed and it says “Done! Your funds will be deposited into your bank account.” So yay!!! I’m still trying not to get my hopes up because I’ve read multiple reviews where even though it has gone through the approval process, the funds still don’t get deposited and then the loan is rescinded! I don’t see why that would happen in my case, but it’s still nerve wracking. Under “Account Activity” there is nothing yet, so the deposit hasn’t been initiated. Fingers crossed this all works out. I’ll feel better once the funds are there. :-) I have never been so excited to pay off credit cards. Having one monthly payment and an end date in sight is going to be so wonderful.

    Side Note: I still am unable to see the investors backing my loan or anything like that. Not sure why some have that info and others don’t. Also, I have not received any emails from Lending Club since the intial “verify email” and “verify bank” emails. No email letting me know the status changed to “Done”. So my advice for those waiting is to keep checking your account online and don’t just wait for an email.

    Here’s how my process has been so far:

    1) 3/18/15 Wed. (approx. 11 P.M.) – applied for a loan because I had received a pre-approval in the mail. Verified my email that night.
    2) 3/19/15 Thurs. (approx. 9 A.M.) – submitted my year end pay stub and two most recent pay stubs.
    3) 3/20/15 Fri. – Submitted my w2s.
    4) 3/20/15 Fri. – the trial deposit was in my bank account so I was able to verify my bank account.
    5) 3/20/15 late afternoon – Called Lending Club to ensure they received my documents because the Account Summary said “received” but it wasn’t showing as completed. Lending Club said they received the docs and it was in review.
    6) 3/24/15 Tues. – Sent Lending Club an email to check on the status because my loan expires on 4/1/15. I asked them in there was anything further they needed from me.
    7) 3/25/15 Wed. 1 PM – Status changed from “Final Review” to “Done! Your funds will be deposited into your bank account.”

  21. Sylvia says

    Update:

    3/25/15 1 PMish: My status changed from “Final Review” to “Done! Your funds will be deposited into your bank account”.

    I am happy and excited, but also trying to be patient. I’ll feel good about it once the funds are deposited. Lol. I’m so excited to pay off my credit card, have just one monthly payment, and have an debt free end date in sight. Fingers crossed this all goes through.

    On a side note, I have not received any emails from Lending Club since the initial “verify your email” and “verify your bank account” emails. I have not received an email letting me know my loan status has changed or anything. Also, I’m still unable to see the investors backing my loan like some other people are. Not sure why that is.

  22. Robin says

    Hello I recently applied for loan almost two weeks ago and i keep getting emails that its 60% approve 80% approved and 90% approved. Its still pending but have heard or got an email since the 90% approval. I like to know if that is normal or it there something that may happened?

    • Ana says

      Hi Robin,
      This happened to me too. My loan is at 100% funded but still waiting review. I haven’t received any emails after the 90%. Today is 7 days since I applied.

  23. Alan says

    If a loan is paid back early do you avoid paying additional interest or is all interest front loaded onto the loan?

  24. ardi says

    I applied for $20k to pay off credit card and was fully approved in 24 hours. Does this impact my credit in a negative way because I put “Credit Card Refinancing” instead of personal reasons?

    • says

      No. It won’t say Credit Card Refinancing on your credit report. Just that it’s a non revolving loan from Lending Club, the amount issued/paid, and if you’ve been paying on time.

  25. Chris says

    After accepting the loan terms, how long do you have to wait in order to see the funding status like Simon posted? All I see is “Investors are backing your loan” on the Account page.
    Thanks

  26. Stacy says

    I see that “Hard inquiries will temporarily lower your credit score, but only for a few months.” How much will it be lowered? Does your credit score automatically go back up once the loan is paid off?

    • says

      Typically hard inquires lower a score by 5-25 points depending on the person. These points will come back after 2-6 months or so, though I say this as my opinion and not as n expert on credit risk.

  27. Tommy says

    Dealing with Lending club as far as getting a loan goes has been the best experience i’ve had applying for any loan. It was so simple. I got the pre-approved offer in the mail (usually I throw those out) and decided to just give it a try. I’m really impressed with how fast everything went. I applied Tuesday, it’s now Friday and I woke up to have the loan already in bank account. (Over $10k) I thought it was gonna be too good to be true and I’d get some kind of email saying the loan wouldn’t be approved, but LendingClub really came through. Thank you

  28. Shannon Gutwein says

    I received an email with a direct phone number to call. It was a 415 number and the sender on email was Tami Doe. This seemed odd? Thoughts?

      • SLB says

        I did a “soft application” on the website, and someone saying they were from Lending Club called and left a message on my phone saying they needed ‘more information’. It was also a 415 number.

        Two questions:
        1. Was this guy actually from Lending Club, or is this a scammer? and

        2. If it was a scammer, how did he know I applied to Lending Club online and how did he get my phone number?

        This makes me very wary of using Lending Club, as they don’t seem to be secure.

        Also – Simon, why do you say not to apply over the phone, and why do you think they’re calling if it isn’t legitimate?

        Thank you!

  29. April says

    Received a preapproved letter and thinking of applying but when I have to send check stubs could I include my husband’s workman’s comp checks?

  30. Mitchell says

    It’s been four days in final review, if they are going to deny would they do so right away? My credit karma still does not show a credit inquiry from them so it seems that nothing is progressing.

    I tried a tradition home equity just before this but was denied because my mortgage company isn’t reporting my online payments, due to a bankruptcy in 2012 they can’t report even though I exempted my mortgage from the filing. I fear that this will affect this attempt as well and i desperately need a roof on the house.

  31. Mitchell says

    Minutes after writing the above inquiry I received an email from LC requesting utility bill. I guess that shows some movement but still no credit inquiry alerts. So now I guess another three days to review the newly requested document.

    • Mitchell says

      Update: I received a verification call yesterday Eve and was told all would be approved and funds transferred today and to allow a few days for bank processing. However, still no credit pull.
      This confuses me, is it actually really done with no hard credit inquiry?
      Just wondering if it could still be rescinded..

      Not going to count on it til I see it in my account.

  32. Shannon says

    I found the application process very simple. However, the waiting afterwards is horrible. I understand things take time, but the not knowing is agonizing. Especially when you are anxious to pay off debt! I am still in the “review” stage, hopefully I will get an answer soon.

  33. Albin Raety says

    I got a mailer from the Lending Club in the mail. Suspicious? A little but I applied online. The process was so smooth I could not believe it. Calls to customer service were handled in an extremely professional manner. I can’t believe HOW EASY this loan was. Seven days from submission of application to money being deposited into my bank account. I would highly recommend the Lending Club to anyone. I am still in amazement of how easy the whole process was and the professional and courteous manner in which any and all of my questions were answered.

  34. WTC says

    I applied with LC on Wed. April 15th. Loan was fully funded by Sunday April 26th. My loan status is still IN REVIEW. I already have one loan with them so I didn’t have to verify my bank account there was already a green check mark next to that. Is all it requested was that I verify my email which I did on the 15th. Yesterday I logged in and it asked me to perform a phone verification. I also had a missed call from them. Tried to call back and left message. When I log in today the request for phone verification is gone. I’m confused…do they still want me to call them?

  35. jen says

    I applied 3/31 and still waiting all verifications done, docs all uploaded but say in review. I didn’t think it would take this long.

    • Taisha says

      I concur with Jen. I am reading all of these reviews at how quick the process was, but I have been in “Final Review” for almost 5 days. I did call them, but sort of felt like the person answering my call was not giving me “all” the information. For example, he said, you should know by Friday (today) if you were approved? I thought, wow, that is strange because per all of the information I filled out and the 100% financed that I was approved.

      Anyway – still way better then the current interest fees on my credit card and loan I will be paying off with this.

      Any suggestions would be great Simon.

      Happy weekend to all.

  36. RoTimi Akinmoladun says

    After reading this review and the comments from others who have also given Lending Club a chance, I plan to do the same in order to reconsolidate and pay down some of my higher interest credit cards. Lending Club has been aggressively mailing out pre-approval solicitations to me which I usually shred due to not wanting to have any new hard inquiries on my credit reports.

    However, I desperately want to take measures to get some (and eventually all) of my credit card debt paid off asap but I owe a lot and have a very high debt utilization % with not a lot of available credit. I’ll give them a try in a month or so for about 1/3 of the total debt I owe and go from there. I hope to have the same success that others have had in going this route!

    P.S. Oh and 1 more thing to mention that other people who reach this page might benefit from knowing, I have recently discovered that transferring your revolving credit card debt into a debt reconsolidation loan will tend to be the fastest way (2nd only to paying off the debt balance with cash) of seeing a dramatic increase in your credit score! In addition to the possible savings by getting a lower interest rate on the debt that you owe makes this a very easy decision for those who are in a similar situation. Cheers :)

  37. Jon says

    Like a lot of people I received information through the mail stating prequalification for a 35,000 dollar loan. And like a lot of people were skeptical, wondering if it was a scam, or what is this peer to peer thing etc etc.
    I tried to get a debt consolidation loan through my local bank for 11,000 dollars and was told I would have to have collateral etc. So I came home one day and once again had a piece of mail from Lending club with the pre qualified up to 35,000 dollar loan. So I came across this article and read many others and decided what the heck its worth a try. There was a code that was provided and entered it through myinstantoffer.com and immediately qualified for a max of 11,000 dollars which is what I needed.
    My credit score is 687 Transunion…got the verify email and verify bank. Did both and then was asked to submit a w2 and a year end check stub as well as 2 most recent paystubs. Loan was fully funded by investors within 24hrs. It sat in review for about 4 days and today the money was deposited in my acct. Was 10,450 because of the 550 fee they charged me, but oh well (fees vary based on apr and loan amt).
    Got a 13.99 interest rate and paid off 3 credit cards with this that had 29.99 interest rates so the trade off for 3yrs vs forever is well worth it.

    In closing it was an easy process for me and I don’t make tons of money and my credit is fair so this is legit and something worth trying if you are up in the air about it. I don’t work for their company and this is a real review and it has helped me big time. In 3yrs all my debt will be a memory thanks to Lending Club and this article and others like it. Only bad thing for me anyway is the waiting for the final review that seems like it takes forever even though it was 4 days for me. If you tell the truth and submit what they ask then its very likely you will have no trouble getting a loan.

  38. John says

    I applied for a small loan of 4.800 on April 24th had also verified my email and submitted all required documentation it still in final review, I contacted the office today and was told very sorry for the delay but numerous loan request had been submitted this month, I understand this, however I would greatly appreciate if they were to finalize my loan too. I’m on Social Security and would like to have the loan to pay consolidate some debts.

    • John says

      UPDATE>>>>> received review completed on application and monies will be transferred to bank! I’m A very Happy Man…….will be even happier when the amount shows up in my bank lol

  39. Carl says

    I applied for a loan on April 24/2015 it is now May 5/2015 still in final review I have submitted my last year W-2s and two forms of my most current paystub’s on April 30 as they requested and I’ve called them yesterday to see if they need any further information he told me no and they have received The documents requested everything was still on the final review how muck longer it’s just about four business days for me now

  40. Carl says

    Please tell me how much longer I have to wait to know if my loan was approved it’s been in review since April 30, 2015

    • Melissa M. says

      Carl,
      Mine is still in final review also. I guess the only thing we can do is call them again. Day 14 will be Thursday for me. I definitely will go with Prosper, if there is a next time. I was actually tempted to jump to Prosper yesterday, but will give Lending Club until tomorrow. So, I will be jumping ship tomorrow. It will be sad for the investors that funded my loan immediately. They will be missing out on a great borrower and definite interest income. I never miss payments and always have the funds to pay my bills.

      • Carl says

        Thanks a lot Melissa I think I will be doing the same thing this is truly ridiculously too long of a wait

        • Carl says

          Same here Melissa I pay my bills every month on time never late I just want to consolidate them and have only one bill Plus I like to do some remodeling on my new home

  41. Carl says

    No Stacey E no word as of yet I emailed LC this morning no response as of yet and I’ll follow up with a phone call this afternoon hopefully I get an answer by the end of the week or tomorrow should I say this is has been a long process I wish you the best

    • Stacey E says

      Thanks for the update Carl! I’m guessing our long waiting period is more the exception rather than the normal since this is one of the only threads that came up in my search today. It seems like others would be complaining if it happened more frequently, so we must be special considerations for them!

  42. Carl says

    Hey Stacey E have you tried calling them or any emails if so what have you been told? I was told the decision can take up to six business days

    • Stacey E says

      Carl,
      I just called, but got the same response as yesterday. They appreciate my patience, but everything is still being reviewed. They have everything they need from me.

      I have been under final review since late last week once I verified my bank information. I have no idea what to expect at this point, because it doesn’t seem anyone actually answering the phone calls is able to disclose what’s actually going on during the review process. I’m not sure if the “delay” is based on my credit scenario or just overwhelming volume on their end, which someone indicated to me earlier this week when I called.

      I am fine if they can’t process the loan, since I have other lined up with my credit union and prosper.com, but I’ve never been in a lending situation where I was so “unclear” of the status or next steps for so long. Very odd….

  43. Melissa M. says

    Carl and Stacey,

    There might be hope, mine was finally approved this morning. That was a very long process. I’m sure it’s the volume of loans right now. Good luck guys! Hope yours comes through soon. It’s good that we have this thread going, so people know that it could really take 14 to 20 days.

  44. Jmc says

    Just received my approval today, says funds will be deposited in my account. Did not give a date. Until I see those funds I am holding my enthusiasm!! Here is my experience.

    May 9 got my rate and applied (Saturday)
    Verified email and added bank account

    May 11th received small deposit to verify bank account
    May 13th did phone and work verification, checked account and got all green checks.

    Was not asked for any additional documents. Prob the smoothest process I have ever experienced. Like I said though waiting to actually see the money in my account!

    For reference got approved for a 21,000 loan with high 600 scores. I have a good history and length of credit with past installment loans, mortgage, no late payments etc. Could be why it was so easy.

    Hope this helps!

  45. Pennie Britz says

    Should me or my husband input our wages? He makes more than me. Can we combine them? Thank you!

  46. Amy says

    I had a wonderful experience!!

    I applied on Friday night. I had to confirm my email address, my phone number, my bank account. My loan was 100% funded on Saturday. I received an email this morning that everything was APPROVED and my funds would be deposited into my account on the 19th. I asked for 15k for my credit card pay offs.

    I would highly recommend Lending Club to anyone!!

  47. TGPTDS says

    I applied yesterday, received my rate information etc. They asked for email verification, account verification and income information. Everything has been submitted and/or verified and the documents are “being reviewed”.

    I show a green check mark beside funding with a note to see who has invested. I am at about 6% funded at this point which worries me as I see others are getting 100% funded in just a day or two. Should I be concerned that if I am approved after the Final Review is completed that it won’t get fully funded?

    Truly wanting to get the debt consolidated and paid off.

    Thanks for any feedback.

    • TGPTDS says

      Well, I guess I was not quite patient enough. Still waiting on Final Review but the loan has been fully funded.

      We will see what happens at this point.

  48. Hopeful says

    The “Final Review” status is killing me. Should I assume that the longer I am in final review the higher my chances are of being declined??

    Waiting sucks.

    • Hopeful says

      Well, I am very discouraged at “final review” status taking so long. I sent in everything they asked for the same day and verified my account the next.

  49. Blessed says

    I was going to write a review a day ago but I wanted to wait until everything was confirmed (money in the bank, lol). I have been researching this company for a couple of weeks. I never respond to random mail that comes to my house and or advertisements online. However, I remembered the name of this company. I hit a point about a week ago where I had to ask myself “how long am I gonna keep paying on these credit cards? cause at the rate I was going it would have taken me about 12 years. Well to make a long story short, after reading the pros and cons of Lending Club, the pros seemed to outweigh the cons. I even tried looking up the company and scam in the research field, lol. but nothing came up that assured me this company was that, instead I found more positive reviews than negative. Most of the negative rested on the origination fee and the difficulty in paying the loan early, neither was enough to turn me away ……So on Sunday, I was interested to see what my rate would be and got approved,but was hesitant to click the green button cause I wanted to think about it for a bit. My phone rings on Monday from Lending Club asking if I had any questions and I had about 12 questions that all needed to be answered for me to be safe with proceeding. At the end of the phone call, I was convinced that it was something I wanted to go for, I even prayed about it because I wanted to make sure that I was making the right decision. I read every fine print I could find. So here is what happened:

    Sunday-Filled out Application and Checked Rate
    Monday-Clicked the button to select the loan (I was given several options but depends on work and credit score, my score was a 680 but I have a really good job-$71,000)
    Was 100% funded minutes after applying. I had two items on my to do list (verify email and verify bank account)

    Tuesday-didn’t hear anything (drove me crazy)

    Wednesday-Lending Club deposits a small amount of money into my account, put that number under my bank verification and then my to do list was complete.

    Thursday- Recieved an email from Lending Club stating all was approved and money would be sent to my bank account, my account summary had more detail and I received a note stating that money would deposited that day but may take up to four days for the bank. ACH deposits normally come in at midnight with my bank so I was hopeful that it would be the next day.

    Friday-(TODAY)-Money was deposited in account. The process took a total of 5 days for me. Even though it was 5 days it drove me crazy, cause I have been so ready to pay these credit cards off, and I did not want that opportunity to be taken away. This was an easy process, if you are in doubt do it cause I was where you were. I have nothing to gain from this review but wanted to share my experience cause I am sure you are intensely reading these reviews like I was, lol. Good luck to all of you!

    • Hopeful says

      So glad it worked out for you. I had to do a work verification and am still showing: FINAL REVIEW

      Hoping it goes through. The waiting is horrible.

      • Blessed says

        Hopeful,

        I read a review where someone was waiting just like you and it took a while, close to 14 days but they were still approved (that probably doesnt provide any comfort) but I wouldnt give up just yet. I hope you hear something soon.

  50. HappyMan says

    My score is in the high 600’s and I got approved for 20K.
    My loan process —

    May 18th ( Monday) –
    1. Applied for the loan @ 3PM
    2. Loan 100% backed by Investors by 5PM
    3. Email verified.
    May 19th (Tuesday) – Small fund (<1$)deposited to verify bank account and I verified by noon.
    After that no call/no emails from Lending club until Friday(May 22nd), I call them and the representative was polite and said loan process was waiting on one step and he said you should hear something soon.
    I waited for 3 more days and called them again on Tuesday (May 26th) and they said that the loan process should take closely 14 days and asked me to wait until then, I asked them if I needed to submit any documents, but they said nothing is required and it is taking a while only because of the huge loan applications during this time.
    I did not hear anything, so I called on June 1st (Monday) early hours and asked them if anything is missing and do I need to do anything from my end, then they said that my employer verification part was taking a while, I informed my employer and asked him to verify.
    June 3rd (Wednesday) – I receive an email to submit my W2 and two recent pay stubs. I did it as soon as I saw the email from Lending Club.
    June 4th (Thursday) – LOAN APPROVED!
    June 5th (Friday) – Amount deposited to my bank and was under processing.
    June 8th ( Monday) – Amount in my bank and already paid my credit cards!

    For me the entire loan process took close to ~ 20 days.
    One suggestion for borrowers – Do call and check with them if it's taking a while they will let you know if you need to submit anything.

    THANK YOU LENDING CLUB!

  51. HappyWoman says

    Thanks for the timeline and advice HappyMan!
    Just applied this morning and was 100% backed about 3 hours later.
    I verified my email, haven’t received the verification deposit yet.
    I fully expect this to take at least 3 weeks which is fine.
    The credit card interest I’m paying is obscene. I am so focused on being debt free.
    I have buried my consumer mentality for good.

  52. HappyWoman says

    I received an email that I was approved yesterday 6/11/2015. Funds were in my account today, I decided to check just in case, not expecting the funds to be there this quickly. I’m literally paying off cards right this minute. I can’t believe this is real! I’m pinching myself! This is an answered PRAYER!! This is the best thing ever because I assure you I was paying crazy interest rates on multiple cards. Prayer works! I can’t believe how fast it happened!! I started writing out a budge this morning, not realizing that I was funded already. I’m sticking to the budget because once this debt is paid off, I’m done with carrying CC debt for good.

  53. John says

    Hi Simon,

    A little off topic, but I noticed the screen print you shared of your investors… ‘FMF512 from Austin Texas’ caught my eye. I realize these are screen names, but is it possible to live in a state that does not allow investing in peer to peer, and use a different address?

    For transparency, I live in Michigan, and am currently an investor at Prosper, but want to try Lending Club.

  54. Terrell says

    I only came here to comment. I applied on a Monday for 15,400.00, gave them 2 check stubs, and 2014 w’2’s, credit score was a 690, 8 days later money was in my account, very easy and fast, my apr was 11.33,way way lower than my credit card rates, so what would have taken me 15yrs to pay off , will now take 5 yrs, and I’ll save money every month.

  55. Scott says

    I applied last Saturday. My score was 705 and i make $100K per year. I have been in final review for four days. I haven’t been asked to swnd any pay stubs but i did provide my work number. I need this money now. Will they offer a smaller lapn of something goes wrong? I thought I was locked in when it said my loan was fully funded within two hours of applying. Any opinions?

  56. Margo S. says

    The process was quick and easy. I applied June 15th. June 19th my funds were in my checking account and I was on my way to paying off high interest rate credit cards. it was a great feeling knowing I can manage this monthly payment at a significantly lower rate. If there were any delays there were caused by me…….waiting too long to start the process. Once I researched the company I gave it a try. No regrets

  57. Ken says

    I recently received a pre-approval letter from Lending Club, directing me to myinstantoffer.com to get a quote. I was little surprised to received such an offer because my credit is just fair with a FICO score of about mid-600s (barely make the cut) and have very high credit card utilization ratio. Since checking rate doesn’t hurt (soft pull, rite?) so I pull a trigger anyway for a $10k consolidation loan (credit card plus another high interest personal loan). It turned out I received a list of offers from $2K to $16K, with the interest rates of mid-teens (not that bad given my circumstances). My questions is: how likely I would get formal approval and have the loan funded if I proceed my application. Would I get denied afterwards?

  58. Nicole says

    I am interested in applying for a loan of 10k, I have 683 credit with low credit utilization ratio and perfect payment history. I have been “pre approved” for the full amount at 13.3% for 60 mnths which would work great for me. I am self employed and fear I cannot verify my income (I am an independent marketing consultant, and most of the time I receive payment in cash from clients). How will this effect my final approval?

  59. HagM says

    I applied today for 21K, according to mint.com my score is 700 with equifax. I know I have 2 o 3 closed collections from years ago that I knew for sure it was going to impact my request for the loan and I haven’t applied for any type of credit for years (about 3) trying to repair my credit (I have a secured card $1500 limit from 2 years ago). LC offered me 9K @ 32.99 APR, supposedly I have a 612 with transunion, and prosper denied my request because I have 605 with Experian.

    • HagM says

      I got an email of the approval and says they are experiencing some delays and that my funds would be in my bank by 4th of July, nice!
      What I don’t get is why can’t or could never see the amount % funded of my loan. Anyways I will write back as soon as I get my loan.

  60. Amy says

    I applied for a Lending Club loan on a Saturday. By the following Friday, I had an approval and a “Congratulations” email. The following Monday, the funds were deposited in my bank. I had a 666 credit score according to LC, (I believe they use Experian) and received a 13.84% loan. I have a car loan and a three high interest credit cards, but I pay on time, and have had the accounts for more than a year. I had a bankruptcy in 2012. I am now able to pay off the three high interest credit cards and will be debt free in three years, minus the car loan. I will save a considerable amount of money over time. I paid off the credit cards. My new motto is…If I can’t buy something with cash, then I don’t need it. I am so happy that I decided to give LC a try. Great company. Will use again for home improvement down the road.

  61. JulieNE70 says

    I applied for a $20K loan on Monday June 22nd by Friday June 26 I’m only funded at 34%. Should this concern me? Does is still hold true as it says on their website the 99% of the loans are fully funded?

  62. Mrs. Griffin says

    To piggy back onto what JullieNE70 said, I am having the same “issue”… I applied for a $12K loan on 6/23 and today on 6/26 I am only 23% funded. How long does this usually take? What is the turnaround time in which most loans are fully funded? Does Lending Club have estimates?

  63. Margaret says

    If I got pre approved but they did not grant the loan did they do an inquiry because I was under the impression there would no be inquiring to get the initial approval or not then inquires were made if u decide to take the loan. I hope not one of the reasons I was denied was to many inquiries in a short

  64. Mrs. Griffin says

    UPDATE: I got am email from Lending Club saying that I was approved but they were experiencing some delays. What does that mean? What kind of delays? I wish they would be a bit more specific.

    • HagM says

      Hi, I got the same email, approved but they are experiencing some delays and that I’ll get the money by 4th of July

  65. Kristeena says

    If I ask for a certain amount, let’s say 10k.. and it’s not approved or is approved but doesn’t get funded, will they let me know If I can get funded for a smaller loan amount? Or do you have to reapply? If so, is that potentially 2 hard credit pulls?
    TIA

  66. SP says

    I recently opened an account with Lending Club to use it as an investment. I found it very interesting to read these comments and am glad to see it is working on the borrowing side for most of you. From an “investor” point of view, I thought I would share my thoughts on selecting loans in which I “invest”.

    I filter to look at 3 year loans only. Since I am new to this, I would like to limit my exposure in the short run.

    I also filter by credit scores and select those with the highest in C, D, E and below.

    I have yet to see a loan description with any details, but to me this would definitely be more compelling and encourage me to take a second look. I like the idea of peer to peer loans and any further details (i.e., starting my dream small business, paying for college, etc., ) would definitely be a positive in my book. Similar to DonorsChoose (making gifts to teachers/classrooms in need), I like the personal aspect of these LC loans.

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