Lending Club Review for Borrowers: Is it Legit?

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

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


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Loan Withdrawn as Cash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.


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).


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.


After clicking Next you will arrive at the Disclosure Statement.


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:


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.


  • 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:


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:


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:
On December 23, 2014
Last modified:May 7, 2015


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.


  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


  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


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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).

      • Joe says

        Just received an email saying Congratulations my loan was approved was 100% funded and i will receive it within 4 business days in my bank..so thats all then? No more steps? Im definitely good to go?

      • tyler says

        I applied for a loan and 6 days ago I sent my tax information but still have heard nothing. It says 3 business day. How long does it normally take?

        • Cary says

          I’ve been waiting 12 days so far. I did all the items on my to do list and my loan had been funded but it’s been under final review for the 12 days and have heard nothing. I emailed them twice now asking about my loan but nothing. Wish they would keep people informed more.

          • Monique says

            My loan is the same way it has been a full 8 days no phone calls no word nothing.. Everyone says they call to verify and still not have heard anything as of yet. Very frustrating. I heard they can do all this and still deny it so I would rather know one way or the other and soon.

          • Cris says

            I applied for a 20k loan on a Thursday and by Saturday the monies was in my bank account. The lending club is the real deal. Fastest loan processing I have ever seen. The only thing I verified was my email, and bank info- they sent me a small deposit to my bank. I didn’t even have to send in pay stub or tax forms, I was not asked for any of these things, so I guess each situation will be different. Good luck to everyone.. I know I am on my way to being debt free with a lower interest than my CC. Thanks to lending club.

    • Jacqueline says

      You should do it. I have done it before and it sure helps for debt consolidation. Just make sure you don’t use your credit cards after so you don’t gain the multiple loans again.

    • Vanessa says

      Hi Simon, I applied for my loan Wednesday 8/19. I submitted all the requested documents straight on to the website and I also verified my email. However they didn’t ask me to verify my bank account and i haven’t seen any small amount off of my bank account.. Is this normal?
      Also i got an email a few hours ago stating that my loans are 100% funded.. Does this increase my likelihood of definitely getting the loan. My credit score is 689.

      • David says

        Vanessa, when my loan was made late in 2012, they made a couple of $.02 transaction authorizations into my bank account to make sure it was legit.

        • Vanessa says

          Thanks David! My loan was not approved and no bank account verification either. They gave me their answer on the 5th business day, at least relatively quick. However my mother also applied for a loan and 9 days later(today) they told her to submit more documents, Tax return 1040A, 3 most recent bank statements, utility bill, 4506 form and a photo ID. They wouldn’t be asking for thissss much information, just to deny her the loan in the end…or would they? They also verified her bank account like 2 days after she applied.

          • tj says

            Very odd. Never asked for tax returns or bank statements. I got my 20,000 loan in 4 days. they made a small deposit into my checking account and then withdrew it to make sure it was mine. Then next the 20,000 was deposited

  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.

          • Ben says

            The fee isn’t too bad all things considered. My origination fee was ~3.5%. APR is around 12.8%. This loan is replacing credit cards ranging from 18-25%. I’ve been using YNAB to enforce no additional debt on those cards for the past 8 months, so falling back to using those cards isn’t happening. Plus I am dedicating money to pay the 3 year load off in about two years. Heck,even if I paid it off in 3, it would have cost the same a month as slightly above the minimum payment on the credit cards, which would have been paid off in never at that monthly rate.

  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

      • Marc says

        Hi Simon

        The last thing I heard was sober a week ago saying my loan was 100% backed by investors but I haven’t heard anything since. Should I worry because I really need this loan!!! Thx!!!

        • Hope says


          Did you ever receive your loan? I applied and was 100% funded on 7/16…confirmed my email and submitted requested docs…they said they’d deposit a small amount to confirm my bank, but never did. I emailed to check on that, and they emailed back that my account was confirmed, and then that task dropped off of my to do list. It’s been in final review ever since..,haven’t heard anything ekse from them, except today the little blog that said they were reviewing my application went away…but still no email and no funds…? Any information you may have would be great…I’m starting to think I should look into other options…

          • Denise says

            I applied on July 22nd, the next morning I got an e mail saying my 6000.00 loan was funded. The next day they verified my bank acct and put a small .97 deposit and a reversal. Did everything on my “to do ” list and have not heard anything else. I called several times last week (7/31/15) was the last call and they told me they are currently running about 14 business days because of increased applications.

  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.

      • Coleen B says

        Thanks Simon. I just received my acceptance! Great day for sure! Hang in there Honey, I’m sure you’ll hear soon.

    • Rhonda says

      I have almost the same deal. I am showing that the loan was issued, have payment dates and all, but I haven’t had the small deposit. This was all Thursday and it’s now Sunday. Should I call them?

  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


    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


    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.

      • Hope says


        Did you recently apply for a loan? Have you received it? If so, how long did it take??

        I applied and was 100% funded on 7/16…confirmed my email and submitted requested docs…they said they’d deposit a small amount to confirm my bank, but never did. I emailed to check on that, and they emailed back that my account was confirmed, and then that task dropped off of my to do list. It’s been in final review ever since..,haven’t heard anything ekse from them, except today the little blog that said they were reviewing my application went away…but still no email and no funds…? Any information you may have would be great…I’m starting to think I should look into other options…

        • Monique says


          Call them. I am still waiting myself and applied over 2 weeks ago but I have called. Yesterday, they said they we’re going to attach an alert because it has been a bit so the best thing to do is to call. I hope I hear something soon but getting a tad more hipeful

        • Monique says

          Well I know it took over a week for them to even contact me to tell me they needed more information.. Now 2 weeks later last 4 days I keep submitting new documentation.. Was hoping for an answer today but once again need more documentation. Hopefully they are done needing more documents and I can get my loan. Good luck!!

          • Monique says

            Only update is I don’t think I am getting it.. Hard to show income because I work with a lot of cash and don’t always deposit every dime I make into account. Oh well good luck everyone

  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?

      • Maria says

        Hi there, Simon. I just received an email regarding my loan saying that it’s 100% Backed. How would I know what documents I need to submit for the final processing. Also, I still didn’t receive any deposit on my banking to confirm or verify my bank. I don’t mind waiting till Monday since I just applied for it today.

        Will they send me an email regarding the documents they need for me to submit?

  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.

  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

      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

      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


        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.


  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?

    • Ken says

      I eventually pull the trigger and formally applied $12k on the evening of 6/25 (Thursday), submitted the pay stubs (2 most recent) and the 2014 w-2 the day after. By 7/1 (Wednesday) the account remained under review and I called the customer representative of Lending Club, who stated the application was still in the reviewing process and she asked me for a little more patience. The next morning (7/2) all of sudden I received an email message saying that my loan was 100% backed by investor–to my surprise since there was barely about 25% backed the day before. I called LC again and I was told my application was approved! I received a congratulation message on the next morning (7/3) , and the funds was in my back on the morning of 7/6. The APR is 15.9%, which was great given my mediocre credit (663 on TU). Everything was fast and smooth and I can’t help about give my appreciation and thanks for Lending Club and the generous investors. Good Luck to you.

  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?

  66. Heychica says

    I’m in the process of trying to get a loan approved. First, there are comments on this website from people who have lower credit scores than me getting bigger loans approved. Second, their process is not quick. I submitted all documents requested and after three business days, called to get a status check. I was told “sorry, it can take up to 4 days for the review. The website shouldn’t say 3 business days”. Then when the customer service operator looked at my documents, he stated they would be a problem because my most recent check stubs had the “corners” cut off! I photographed the checks and sent a copy to Lending Club. All of my information, pay dates, income, taxes, net/gross, deductions, hours worked and hourly rates etc is visible but since the “4 corners” of the actual check stub were not visible, it was probably going to be returned for more information, which would take ANOTHER 4 business days to review. After the review period, if I’m actually approved (the investors have back 100% of your loan is pre approval, so I don’t think I’ll actually get the loan amount that was quoted to me but probably something less), than it will be another 4 business days until the money is deposited. I could have just gone to a bank and gotten a loan and it would have taken as long. I actually need the money in a short turn around for something that was totally unexpected and tapped out my reserve cash. I thought this would be the solution since it appears that they’re pretty quick with processing the loan applications. I guess not.

  67. Becca says

    I received an email saying “Great news! Investors have backed your loan 100%. Your money is almost in your hands.” I haven’t been able to complete the Do-List yet i.e. uploading my W2’s form last year or the verify the bank account yet. Does this email mean I have been approved and will receive the loan even if those two items haven been completed yet?

  68. Heidi says

    I applied for a $8000.00 loan today at 1 pm, verified email and sent a copy of my drivers license, at 3 pm I received an email that my loan was 100% backed by investors. Super excited, now waiting for the next steps. Looking forward to getting all my credit cards paid off :)

  69. Michelle says

    My application now showing ” We’re currently working on your application. It may take up to 3 business days to review your loan. We’ll contact you if we need more information.” , But I was apply at 13-Jul-2015 and now its 20-Jul-2015 still no anything update….

    • Mark says

      Hi Michelle, did you get the loan? I also applied on Monday September 21st and today is Thursday 24th, and my application shows the same thing: We’re currently working on your application. We’ll contact you if we need more information”. Was your loan approved? i guess i gonna have to wait a little bit more!!

  70. Mccoy says

    I applied for a 4k loan and the funds were fully invested the same day, verified my email and sent the appropriate paperwork. It is still in review. I emailed them and have not heard back yet. I applied on 7/16/15, it should not take this long especially fully funded within a few minutes. Feeling frustrated!

  71. Kelly says

    My bank account is at a small bank and it does not allow me to check my account through email. I am concerned about that one dollar that is deposited in my account because I cannot access it through email. Are there other options?

  72. Adam says

    I applied for a loan and was approved on the 7th of July. It keeps saying it will take up to 3 business days to complete. Its now the 22nd of July and still no funding. All paperwork has been done and turned on. Have called 3 separate times and get the same answer that it’s in final stages. Come on man it’s been 15 days already!!

  73. Amy L says

    We submitted docs last Thursday, but have never had the trial deposit/withdrawal done as of yet. Now the option to verify my bank account does not show up on the “to do list”, it’s just gone… My bank info does show up in my account (the last few digits of the acct#). Also, someone called yesterday but we missed the call. Tried to call back and the phones were busy. We sat on hold for 15 minutes or so but then had the option to leave a message so we did that. No one ever called back. Is this normal? Am I getting this loan? I was hoping to have it pretty quickly in order to pay some things off.

  74. Chuck says

    I am having the same issue as Amy above. Applied and funded almost 2 weeks ago. Last step was bank verification with the deposit/credit step. That transaction never happened. Now that step in the process has disappeared and loan is still in “under review” status. I have no idea what is going on!

  75. Amber says

    Received many mailings for LC over the months. For kicks decided to check my rates and offers. Did not respond to any of them for a few months. Continually received emails saying “Offers Waiting”. Then received an email from rep seeing if I had any questions.
    Finally decided to apply on. Say.7/25/25.
    Received email a few hours later stating Fully Funded
    My “To Do List ” only consisted of verifying email and calling them from home phone.
    While on phone I was asked several identidy questions from my credit report.
    Spoke to 2 different reps,very nice and respectful.
    Received a Congrats email this a.m. stating approved,money to be on my account within up to 4 business days.
    Logged into my account,to do list is gone,replaced by first payment due 8/27 and says “loan issued “.
    I’m confused as no documents were required and no confirmation of bank account verified with a small deposit.
    Is this a definite or can offer still be rescinded ?
    No getting excited until monies actually accounted for !

    • Amber says

      Money in my account first thing this morning.(7/28/25)
      4 days start to finish.No docs needed.
      So thrilled. Interest rate a little high but only need loan for 7 months so I am happy.
      If info helps anyone they pulled TU for me.
      Thanks Simon and LC.
      Good Luck all.

  76. Krish says

    Applied for loan on 7/15 it was a pre approved application and was 100% funded the status still shows it is under review.Called 3 times was told the file
    Is still pending any one experiencing same situation .

    • April says

      I am experiencing that same issue. They said they have a high amount of loan applications but they been noticing a 7-14 day wait for the process to finish. Im reading others are taking longer as well but some seem to be saying to be patient it will happen. I dont know if I should look elsewhere or wait.

      • Krish says

        I am in same boat April and thinking how long i can wait.Will wait till i complete 14 days that is thursday.

        • April says

          Still same status today too, my 14th day will be August 3. It’s like I feel good about it and think its going to happen, but there is no way to get a concrete answer until it either happens or doesnt happen. I really want to pay my small debt off and have 1 payment a month, I am like please let this mean it is going to get approved and work out for me. Let’s stay in touch, might make us feel better. I will keep checking the reviews and keep you updated, I am just as anxious as you and it feels good to talk to somebody.

  77. mosstrap says

    Same here April.. Applied Thursday July 16th was 100% funded on the 20th , confirmed small deposit on the 20th.. Called on the 24th and was told it’s still in review and they have a lot of applications and to continue to check my email.. If I get an update I will keep you guys posted and I hope you do the same..

    • April says

      Will definitely keep you posted. I even tried calling again today, less then an hour ago, still waiting on the senior reviewers to review it. I have not clue if I have been officially approved or not. I would hope that if I were to be denied that I would have at least known that by now. I am 100% funded, but, it looks like it is up to the middleman to determine the final result. I am trying my best to be patient, but I just want to be relieved and do what I plan on doing NOW and get if over with, I could use 1 payment in my life rather than 5. lol.

      • Tired of waiting says

        Same her . I just want to know so I can move forwar . I really need this loan. I’m being patient. I wish I had one of those 5 days scenario but I think its going to be the 14th da . Everything is funded and all documents have been submitted. I’m just hoping that I’m not waiting just to be denie .

  78. Alex says

    Same with me. Received a pre-approval code and offer in the mail. Applied on Monday July 20th – approved for more than I needed so I chose a lower loan amount. Loan was funded in less than one hour. Only things on to-do list are verify email and bank account – both done by Tuesday July 21st. I have been sitting in final review since then – today is July 28th . I called customer service was told they are backed up and to be patient it will finish in 7-14 days. But, does this mean I am approved or can they still decline it?
    Hate this waiting!!!

    • April says

      Applied 7/20/2015
      E-Mail Verification 7/20/2015
      Pay Stubs/W2’s Uploaded and Completed 7/20/2015
      100% Funded 7/20/2015
      Bank Verification 7/21/2015
      Called Customer Service quite a few times and have been told they are behind each and every time.
      In Final Review 7/21/2015 – Still in this status, no other documents have been requested since, just waiting.

  79. Jay says

    Applied 7/15/15
    E-mail verification 7/15/15
    100% Funded 7/15/15
    Bank verification 7/16/15
    Called Customer Service 7/23/15 told they were behind, application in final review.
    Request for income verification 7/26/15
    Congrats E-mail 7/27/15
    Funds in account 7/28/15

    • April says

      Now that sounds encouraging. I have my fingers and toes crossed. Hoping for the best, expecting the worst.

      Applied 7/20/2015
      E-Mail Verification 7/20/2015
      Pay Stubs/W2’s Uploaded and Completed 7/20/2015
      100% Funded 7/20/2015
      Bank Verification 7/21/2015
      Called Customer Service quite a few times and have been told they are behind each and every time.
      In Final Review 7/21/2015 – Still in this status, no other documents have been requested since, just waiting.

      • mosstrap says

        I just woke with representative also and he said its still being reviewed, but I should definitely hear something by Thursday the 30th by the end of the day if not call back on Friday A.M…

  80. mosstrap says

    I just check the website and it’s saying everything is done.. Not in final review anymore but I don’t have a congratulatory email or its approved message.. Well I will keep you guys posted if it’s approved or not..

  81. mosstrap says

    My loan has been 100% approved and schedule to be transferred to my account on 07/29/15.

    07/16/15 (Thursday) applied for loan.
    07/20/15 (Monday) 100% backed by investors and confirmed small deposit.
    07/21/15 ( Tuesday)I sent in my documents ( W-2 and two recent check stubs)
    07/28/15 ( Tuesday) I logged in account I have congratulations approved message…. Good luck april, if mine got approved then so will yours… TRUST ME

    • April says

      Thx! Nothing changed yet. Did you get the loan depostited in your bank account too? Or maybe you said that above?

      • mosstrap says

        I will know today at 9:00 A.M. Eastern time.. But the letter also states it could take up to four business days for my bank to put it in my account..

        • April says

          Ok, make sure you keep me updated on that too, PLEASE. Gee, money is the root of all evil, ugh, Im like having anxiety over here lol Thanks for updating me, I appreciate that.

    • Krish says

      Same timeline as you mosstrap but nothing updated yet.Called and the agent said it is still under review if i don’t hear by tomm afternoon than call.This is exhausting.

  82. chuck says

    For those that had the bank verification step disappear, I emailed lending club about the issue. It took a week for them just to reply to the email. They said the bank was auto-verified so I don’t have to worry about it. They said the loan process is still around the 14 day wait period due to loan application volume. I applied on July 16 and was 100% funded the same day. Will keep you posted.

  83. PM says

    I’m having trouble understanding how some people are approved so quickly, and others sit in final review for so long. I applied on 7/15, verified email and bank account, and verified direct deposit on 7/16, and I have been in final review since then. I called them on Monday 7/27 to verify my identity, and I’m still in final review. My original email from when I applied says my loan expires on 7/29, which is today. So does that mean that if they don’t finish the final review today that I would have to start the whole process over again?

    • chuck says

      I applied on 7/16 and my original email says the loan expires on 7/30. However, on their website they state that they allow 28 days for the verification process to occur before the loans expire. The website says when the loan expires “all funds are released”. This whole process for me has been a pain and they give conflicting information. At this point all I can do is wait. But I am very disappointed with how my application is being handled. I sent them an email with a question awhile back and it took them a full WEEK just to respond to a frickin email.

  84. mosstrap says

    Money is in the bank..
    First applied 07-16-2015
    Money deposited 07-30-2015
    Two weeks total for process to complete..

    • April says

      Well Mosstrap, that is good news to hear, I will stay hopeful. Good luck with paying off what you need to pay off!!! :0)

    • Christine says

      That’s a bit reassuring. I suppose we’re all so used to instant approval that waiting for a more traditional loan timeline seems maddening. I was pre-approved for $35k but only borrowed $3,000. I filled out the application on July 25 in the evening. Early on July 26 I got an email saying investors have backed my loan, though my account activity is still blank and it doesn’t show who the backers are.
      The only thing on my ‘To-Do List’ was to verify email and that was done immediately. Haven’t heard anything else, I guess I’m waiting like everyone else.

    • April says

      I read someone else it took theirs like 25 or 28 days total. Looks like it varies for folks, not sure why, but your application is still good even if expired, that I found out today, but I think you already knew that. We are all still swimming so far, let’s not sink just yet.

      • Nicole says

        April – Please keep us posted on your status, as I am in the same boat. I applied, verified my email address, and was 100% backed by investors on 7/23; I verified my bank account on 7/24. Since then I’ve heard nothing, no additional documents have been requested. I will continue to be patient, but would like to know how it’s turning out for others.

        • April says

          Nicole, I definitely will keep you posted, as of today, SAME status. I am calling them again at 9:00am when they open. I been calling every single day since I applied.

          • Nicole says

            My status is the same. I haven’t called them yet, but since a week has gone by I will give them a call today.

          • April says

            I have finally been told that I was approved. I called today and the lady said she would try to push it forward and I was approved a few hours after, now I just have to wait for the monies to be disbursed. Will update you when that happens. I CANNOT wait to pay my debts and feel that relief of having just 1 bill and extra money a month.

          • Nicole says

            Congrats, April! I’m still in the same boat, no movement. I didn’t have a chance to call on Friday so I will try and get in touch with someone today.

          • Nicole says

            I called today and was told my application is still being reviewed. Still did not request any additional documents, and told me they had 20,000 applications in July and are really busy. Said I should hear something by the end of the week.

      • mosstrap says

        Last time I inquired about the timeframe of my loan the representative said he put a notice on my application that says I’ve been in review over the time limit, then he says it won’t take long now.. So my advice to you all is keep calling and remind them your 4 business days are up… Stay hopeful april and continue to be positive because it will happen.

        • Jay says

          I applied for a $10,000. loan on Sunday, July 19th and recieved in my account “Your $10,000 loan is on the way. What’s next?” …Final Review…”We are currently working on your apllication. We’ll contact you if we need more information.” Today is July 31and I haven’t heard a word, so much for these quick 4 day deposits. I have a 720 credit score it said I was 100% funded frpm the beginning and then nothing. I even sent an email yesterday and was told I hear from someone in 24 hours…nothing again! I have bever been able to watch my loan get funded, recieved any email denying the credit. Any suggestions?

  85. Brian says

    This is taking way to far long for this. I applied on 7/15/15 and approved for 4k sent in all the necessary paperwork and then they could not read something so I had to re-send information. I am still waiting for the funds to be deposited and it is now 7/31/15. I am beyond frustrated! I was fully funded within 6 hours! I am not sure about this and also they say a payment is due 30 days after the loan was approved, I do not even have my money!

  86. Chuck says

    My process is very slowly moving along:

    7/16 – applied and funded/under review
    7/30 – lending club called me asking for employment verification
    7/30 – 2 pay stubs and w2 added to the to do checklist
    8/1 – submitted w2 and pay stubs in the morning.
    Will keep everyone updated. They must be way behind. Nonetheless they should change the timeframe listed on the website, it’s frustrating a lot of people.

  87. Vin says

    So, after reading this and several comments I decided to check the rates that prosper and lending club would offer. I plugged in my info into both and got way better rates at lending club (6.4% vs 11% for 3yr and 9.7 vs 16% for 5 year).
    Obviously I went with lending club to consolidate my credit card debt. On 7/19/2015 I applied for $13000 loan. Oddly, the only thing I had on my “To Do List” was to verify my email.. Weird, i was doubting my approval since there was no paperwork required. I received a “100% backed by investors” email less then an hour later, then a then a notification that the money will be transferred to my Account later that night on 7/30. OK, I find this speedy process to be surreal but it was deposited like it was stated.
    Anyway, I think there is more to the application criteria then people realize. I do have a good job history, same one for 20 years, my credit history is 20+ years, my score is 695, credit karma shows in at 56% credit usage, nothing bad on my report, no loans other than my car lease, about 35% debt to income ratio.
    I thought it was a shot in the dark with with my usage at 56%, but that is a lot lower than a year ago when my wife first became disabled and I had to adjust to our household and all the bills surviving one income. Took every dime of that money and paid the credit card bills. Having one loan with way, way lower interest than any of my credit card bills will definitely help us get back to where we were before my wife became disabled quicker.
    I have one question, I read your can call and make an extra payment, what if I wanted to pay $2000-3000 next month, do they accept that? Do they count that as “x” amount of future payments or does it come off the principal balance?

    • Chuck says

      I agree that everyone’s situation is different and wait times vary greatly. From what I have read from my loan documents and in the FAQ on the website, it says you can pay extra on payments to reduce interest paid on the loan.

  88. anna70 says

    It has been very frustrating process.I applied July 20,one thing in to-do-list was to confirm my email address.I had not heard anything from them till August 3 when it was 2 weeks I had applied.They asked for phone verification-I called them,answered 3 questions.The man said it would be 3-5 days for superiors to finally review my loan.I asked if they need any documents from me that I would be able to speed the process….He said that NOW they have everything .
    I am sure after 3-5 days they would ask for income verification and it would take again 3-5 days to review((( feel that I need to look around for other resources.

  89. Shar says

    I hope this helps

    7/22 Applied for loan around 11pm
    Requested 18,000 for approved with an 18.5%. My score with TransU was 657. Credit Utilization of 94%

    7/23 email verification
    7/23 received email loan was 100℅ funded
    7/23 submitted two pay stubs and w2
    7/24-8/3 Sat in final review (drive me insane)
    8/4 completed phone verification
    8/5 received approval email and loan issued
    14 days total
    Lending saved my life. I am beyond greatful . I will pay this loan off and hopefully become an investor.

    • Nicole says

      This is very helpful. I applied the day after you did and have been in final review since July 24, having only verified my email address and bank account on July 23. This gives me hope that I will be hearing something within the next couple of days. Thanks, Shar!

  90. Alberto C says

    Hi. I applied for a $12,000 loan on Monday, August 3rd. The next day I submitted my documents and my bank account was verified. So approximately when you think that lendingclub will give me an answer as to it was approved or not? Thanks

  91. peter says

    I submitted on and was “approved” for $9,000 on 8/4. Fully funded 8/5. Verified email, verified bank account all by 8/6. Been in Final approval status since. My credit score is low 600’s and they never asked for any extra documents from me. Also there was one other item on my checklist, i believe it was sign loan documents or something like that, but it disappeared on 8/10. Anyone know if any of this is a sign i wont be approved?

    • rochelle says

      Same here. I applied on 8/3 and was “approved”, fully funded 8/4 and verified bank account and email the same day. I am still in the final review stage as well. Ive called to follow up a couple of times but they assure me that no other forms are needed.

      • peter says

        Without giving me specifics, do you have good credit? I am concerned mine being in the low 600’s will be the death of my final approval.

        • rochelle says

          My transunion score was used which is mid 600’s. I called again today because the waiting is killing me softly. The rep said she didnt forsee any barriers to being “approved” but that they were experiencing a high volume of applications. She did attempt to get in contact with my loan reviewer (or at least thats what she told me) but she was not in the office. She was very nice though. lol.

  92. Ryan says

    Like everybody else, I received the offer in the mail. I applied on 7/28 and I was pre-approved for 20K. I accepted the 20K, signed my loan docs, verified my bank and email, submitted my W2 and last 2 pay stubs.
    7/29 I received an email saying my loan was 100% backed, but I go to check my investors and it doesn’t show anything. My status showed its in final review.
    8/10 I called LC to find out what is taking so long and if it is 100% guaranteed and they said it is still under final review and they are currently experiencing a high volume of applications.
    8/12 Still nothing and it has been 16 days now. Im getting a little impatient and worried it may not be a sure thing.
    FYI, my credit score is a 669 and I make 120 K/year

  93. James says

    Hello guys,
    I have been reading the comments on this page while I was awaiting my loan. So I wanted to share my experience:
    8/4 – Applied for $18,000 loan and received the initial approval.
    – Completed Email Verification.
    – Within 2 hours, loan was 100% funded by investors.
    8/6 – Bank Account Verification showed up in To-Do-List. Verification completed same day.
    8/12 – Phone Verification showed up in To-Do-List. So I called the number in the afternoon and the nice gentleman on the other line asked just a few basic questions to verify my identity. I was told a final decision would be made in 3 business days. The phone verification process was smooth and it took no more than 5 minutes. Then when I logged in the web site later around midnight, I received this pop-up notification that my loan was 100% approved!
    8/13 – I received an email early morning confirming the final approval of my loan and stating that the fund is being sent to my bank account.
    8/14 – Checked bank account online first thing in the morning and found that the loan is being posted to my account.
    Overall, the whole process took 9 days in my case and doing business with Lending Club was relatively a pleasant experience for me.
    I know individual cases and experiences vary depending on respective credit situations and other possible factors, so I thought I would just share my own positive experience with Lending Club. Thanks.

  94. Rachel says

    Hello everyone, here has been my experience with Lending Club so far:
    8/4 – Applied for a $13,000 loan and received the initial approval.
    – Completed Email Verification.
    – Within 2 hours, loan was 100% funded by investors.
    – Bank Account Verification showed up in To-Do-List. Verification completed same day.
    – submitted pay stub and W2
    8/12 – LC rep called and verified my identity. She told me that my loan was approved.
    8/13 – I received an email early morning confirming the final approval of my loan and stating that the fund is being sent to my bank account.
    8/14 – Checked bank account online first thing in the morning and found that the funds are deposited.
    I took out a loan to pay my high interest credit cards. I can finally sleep at night now.

  95. Monique says

    So I applied for my loan on August 5. They requested documentation.. I submitted all that right away and still waiting.. I keep hearing about a phone verification which I have not gotten as of yet. I received an email saying that the loan was fully funded almost immediately after applying but don’t see the funding. I am having trouble understanding how the process is so different for each person. I need this loan and if not approved I really need to know one way or the other. I am truly getting discouraged

  96. peter says

    Anyone get a loan approved with a low credit score? Tomorrow is 2 weeks since i applied and got everything finalized on my side. They have not requested any additional documents from me so I called today and they said it should be finalized one way or the other within a day or two. Kind of on edge about this since i really need this loan to pay off some credit cards.

    • Monique says

      Well I applied August 5th and still have not heard anything as of yet. Let me know if you hear anything because I am getting frustrated myself

      • peter says

        ***Update*** I just got a call from Veritax who is a third party hired by Lending Club and they called to verify my identity. Hopefully that is a good sign and a decision is nearing for me.

  97. Amanda Dominguez says

    very very disapointed, could not get a loan for 5000 when i make 34000 a year and my credit according to Lending Club was 713, i guess you must have perfect in the 800s credit to get a loan.

  98. Noel says

    I have been declined twice and I just got a preapproved letter in the mail. I would really like to pay off some high interest credit cards but I don’t want to apply and get denied again…. How guaranteed is the preapproved letter?

    • Monique says

      Did you go through the whole process and get denied twice?? I have been waiting 2 weeks and no word as of yet? From what most people say is that if they go through the process 90 percent or so get approved. I am still waiting.

      • Noel says

        No I was denied at the beginning both times… but I don’t get why they sent me another “preapproved” letter :/ Hope you get your loan soon. good luck. I’m tempted to try again but expecting another denial even with the preapproved letter

  99. peter says

    For all of us waiting on pins and needles for a decision……….I just called and the rep made me realize something……..the waiting period is up to 14 BUSINESS days!!! Stupid me was counting days including weekends. So since i submitted on the 4th, technically it could take up until the 24th!!! Just thought i would share in case anyone else was doing the same thing

  100. peter says

    Does anyone think they would call to verify identity if they were going to deny your loan? Better question i guess is has anyone gone through the identity verification and then been denied? I just got the identity verification call about an hour ago so I have my fingers crossed that good news is coming

    • Monique says

      I think once they check identity it is pretty much the final stage and you have been approved. From what I read that seemed to be the last thing on the list after they have already approved your loan. Check later I am sure it will be done

      • peter says

        I just checked my account and the “Final Review” at the top of the site now has a check mark next to it. Im really getting nervous now lol. I should have a decision today i hope.

        • Monique says

          Good luck Peter! I keep getting emails saying they need more documents. I submit them and then the next day I get another email saying same thing then again I submit them and get another email. Three days in a row but as long as they need more documentation that is not a no so I feel ok about this. Keep us updated!! Good luck again

          • peter says

            ***UPDATE*** Approved!!! Called last night to check and they verbally confirmed it. Got an email this morning stating the same and my account online is updated accordingly! Super relieved!

  101. Ale says

    Hi I applied for a loan today of 5000 and was approve but their asking me to pay 230 before I get my loan did anyone else get asked to pay a 230 ? Is this normal

  102. Angela says

    First off, thank you Simon for your informative post regarding The Lending Club. For those that are still following this post, here is my information regarding my loan process with the LC:
    Sunday-8/25-Applies for a loan via the Credit Karma site. My credit score is 704, I am retired, and I receive a monthly pension. I requested 13k and was 100% funded in 30 minutes. I verified my email as requested and submitted proof of my monthly income.
    Monday-8/26- .09 cents was withdrawn from my banking account, and I noted the withdrawal amount on the LC application.
    Tuesday-I spoke with an LC representative regarding an error I found on my credit report. The kind and professional representative advised that I was already approved and should see the funds in my account by Thursday, 8/27. I have nothing but praise for The Lending Club as the process is seamless and requires nothing more than access to a computer and a bit of patience.

    • Angela says

      My apologies but I had the dates wrong:
      Sunday-8/23 I began the process
      Wednesday-8/26 The process was completed and the funds were submitted to my bank.
      Also, LC DEPOSITED .09 cents into my account not withdrew.

      Best decision I have made regarding the consolidation of credit card debt. I highly recommend using Lending Club

  103. Bill says

    Have any investors tried to pull their money out of lending club yet? I have a highly diversified portfolio of nearly ten thousand notes and have automated reinvesting paused going on six months now. My return has completely FLATLINED over that time period! My account value has held steady in a narrow $100 range for all of those six months, as defaults have cancelled out interest payments. My account still shows 7.9% return, despite my account value going nowhere! Anyone out there that invests with them, seriously try just letting your account build cash for 3-4 months and watch the account value stop appreciating whatsoever. It basically means you will get zero return for the 3-5 years it takes to get your money out!

  104. J.D. says

    Applied August 30th. Funded August 30th. Verified bank account sept 1. In final review since sept 3. It is now sept 9. Still in final review.

  105. Dennis says

    Poor experience! They responded to my application saying my request had been funded. Then they asked for a copy of my tax return, pay stubs and a release to get info. from the IRS. I provided all of that and they then told me they couldn’t fund my loan because my income wasn’t sufficient enough! What? The documentation I provided supported the income I stated on my application that they told me was funded. I then applied to Prosper and I was approved and funded within 4 days.

  106. george says

    im in final review , i’ve already verified my account so its checked off. but i want to change my bank acc the funds will be deposited into. is this possible??

  107. Evelyn Cox says

    I was skeptical applying for a loan, but, so happy I took the plunge. Applied Monday, got 100% funding by Wednesday, and money was in my bank account, Thursday. This was for an amount of $7,750. This was the easiest process we have ever had. No red tape and signing of 50 million documents. Thank you lending club.

  108. Jerry says

    Logged in and I am receiving the message Congratulations your loan is approved. Everything should be completed by Oct 2. Does this mean the funds will be sent? My box is still showing final review last box has not be checked yet.

  109. Deon says

    Well I tried to use Lendingclub to pay off a credit card with a 28% interest. Lending club gave me an offer, 32% APR and a $400 processing fee (that’s how lendingclub makes their money, and the ‘lender’ supplying the loan gets 32% APR). So yeah… don’t go in thinking you’ll get a good interest rate from lendingclub, these lenders they use usually end up wanting more than your credit card company.

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