Lending Club Review for Borrowers: 5 Steps for a Loan

For those looking for a loan, Lending Club can be a great option. They offer some of the lowest interest rates in the country (as low as 6%) on personal loans as large as $35,000. Additionally, the rate is fixed. Unlike a credit card, it will never go up. Finally, Lending Club is a peer to peer lender, so the money for these loans comes from people across the country.

Lending Club offers loans up to $35,000.
Check your rate
Won’t hurt your credit score.

I wanted to see just how easy it was to get a loan from Lending Club, so two weeks ago I applied for one myself. I checked my rate, accepted their offer, and submitted the required documents.

P2P Loan Cash

Six business days later the cash was in my checking account.

5 Steps to Get Approved for an Unsecured Loan at Lending Club

For those who are new to Lending Club, the process can seem hard to grasp, so I have reviewed the entire borrower process below:

#1. Check Your Rate

Go to the Lending Club website to check the interest rate they offer you for a loan (some use MyInstantOffer.com). This will require you to fill out some information about yourself, such as your name, address, and yearly income. It is important that you be honest here, because any false information will get your application denied. Once you submit this information, Lending Club will verify your identity and check your credit history (using TransUnion).

Note: checking your rate will not hurt your credit score since it is done through a “soft” credit check.

Remember, the more money you ask for, the higher your interest rate will be. In this way, it is a good idea to only ask for the amount you need. This will not only give you a lower interest rate, but your monthly payments will be more affordable.

Here is what the application looks like:

Lending Club Check Your Rate Screen

I checked my rate at Lending Club for loan of $1,950.

#2. Accept the Offer

Less than a minute after submitting your information, you will see whether or not you qualify for a loan. If you do qualify, Lending Club will offer you an interest rate as well as the option to increase or decrease your loan amount.

When I applied for $1950, I was offered a 3 year (36-month) B-grade loan with an interest rate of 12.99%. I was given an option to increase the loan amount, so I increased it to $2350 by clicking the box with that number.

Lending Club Qualified Loan Screen

If you like the interest rate and amount, you can click the Get Loan button. Lending Club will then ask you for some additional information, like your employment history and whether you rent or own your home. Also, you will be asked to give a title to your loan. For my title I simply entered the words Debt Consolidation.

Lending Club Submit Info Screen

(click to zoom)

Finally, you will have to agree to the official loan terms as well as submit your banking information, specifically your bank’s routing and account number.

Lending Club Bank Info Screen

(click to zoom)

You can find these numbers listed at the bottom of a check in your checkbook. You can also get these numbers by calling or visiting your bank.

#3. Wait for Your Loan to Get Funded

Once all this information is submitted, Lending Club will take a few days to review your loan themselves (seen in your status being “Under Review”). Lending Club will also create a listing for your loan and add it to their investor platform. People around the country will have the chance to examine your credit history and loan, funding you if everything passes their inspection.

Lending Club Listed Loan

(click to zoom)

When I applied Monday morning, the loan was listed on the platform at 2pm that same afternoon. My loan quickly reached 100% funding from 33 different investors.

Nov 18 Funders

Interestingly, most lived in California. A few had asked me to answer some questions like “What are your monthly expenses?”, but the loan hit full funding before I could give them an answer. Alas.

#4. Verify Your Identity & Bank Account

While you wait for your application to get funding and pass a final review, you will have to verify your bank account, your email address, and submit some additional paperwork. To verify your bank, Lending Club will make a small deposit in the account you gave (mine was 36 cents). You can prove that you own your bank account by looking at your recent deposits, finding Lending Club’s deposit there, and typing this amount into the box on their website.

Lending Club Borrower Account Screen

When Lending Club asks for some additional paperwork, there are a few ways to get them these documents:

  1. Digital Scanner: If you can scan your documents, this can be a quick and easy option. Many print shops like Kinkos offer to do this for you for a small fee (find your closest Kinkos).
  2. Fax Machine: You can also fax your documents directly to Lending Club.

Each application is going to have different requirements, but I was asked to submit last year’s W-2 forms as well as the first couple of pages from my last tax return. I scanned each of these documents with my home scanner to PDF files, and then uploaded them through the Lending Club website.

Lending Club Submit Required Documents

Lending Club will probably call you over the phone to verify your identity. When they called me, a San Francisco number showed up on my cell phone’s caller ID. A nice-sounding guy congratulated me on my qualified status and asked me to verify a few things like my address and yearly income. He then said I would be notified soon if I was approved for a loan.

Finally, Lending Club will run a hard inquiry on your credit history (also called a hard-pull). This inquiry will temporarily lower your overall score by a small amount, and will remain on your credit report for two years. Remember: getting a good rate on an additional loan (like a mortgage or car lease) will be more difficult if you have a recent hard inquiry. It is a good idea to wait at least six months between every credit application.

#5. Get Approved & Get Cash

That Friday, five days after I applied for a loan, my application status changed from Under Review to Approved and the loan was officially issued. One business day later, $2,256 was deposited into my checking account. In total, it took six business days (eight days if we include the weekend) to get a loan from Lending Club.

Even though I applied for $2350, only $2256 was deposited into my account. Why did this happen? Where did $94 go?

Lending Club took 4% of my loan in fees (they call this an ‘origination fee‘). Borrowers with great credit are charged 1-4% in fees; most borrowers are charged a 5% fee. It is important to think about including this fee in your loan amount. For example, if you need a $10,000 loan then the 5% fee would be $500, so you might want to ask for $10,500. That way, when your loan is issued, the full $10,000 would be deposited into your bank account.

Repaying the Loan

After receiving the loan, you will begin to make monthly repayments. These payments will be automatically withdrawn from your bank account each month until the loan is paid back: 3 years for my loan.

Extra Payments

If you want to do extra payments on your loan (just once or permanently), you can always call Lending Club to set this up. (888) 596-3157 was the phone number they gave me. I called Lending Club up today and asked them to increase my next payment to $100. They said it would be no problem. The reality is, I will be paying my entire loan back after one payment (heh – sorry lenders), but I wanted to see how easy it was to make an extra payment.

I Got a $2,350 Loan in 6 Business Days

Let’s look at the calendar of my loan process:

  • Nov 18 – Monday: Checked my rate, accepted the offer. Loan was added to platform at 2pm and 100% funded within 45 minutes.
  • Nov 19 – Tuesday: Lending Club called by phone to verify my information
  • Nov 22 – Friday: Lending Club approved and issued the loan
  • Nov 25 – Monday: Lending Club deposited $2,256 in my bank account

Note: your process may be different than mine – either faster or slower.

Review Verdict: A Great Loan at a Low Rate

Apply for a Loan at Lending Club

For those of you who need quick access to cash, Lending Club is one of the best options available today.


  1. Very low rates for a loan
  2. Easy to apply
  3. No hidden fees
  4. Fast! (got cash in 6 business days)
  5. Zero prepayment penalty (pay the loan off early without a fee)
  6. Funded by people like me


  1. Maximum loan amount is only $35,000
  2. Scanning/faxing paperwork
  3. Origination fee could be stated more clearly

Final Word

Honestly, I really enjoyed applying for and receiving a loan through Lending Club. The process was largely a quick and easy one. For those of you who are thinking of applying for a loan through them, I hope this information is useful. Personally speaking, I would have no issue recommending a Lending Club loan to my friends and family if they needed one.

Check your rate at Lending Club:
Check your rate
Won’t hurt your credit score.


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  1. says

    Nice! I always was curious how it was ‘on the other side’. However, it would have been fun to do an extra experiment and come up with an interesting title and loan description to see how it would affect funding :) Perhaps a business loan to keep your peer to peer lending blog up and running. I know there have been very interesting looking notes I’ve seen in the past.

    • Lynne says

      Thanks for to the person who posted the extensive description of how it all works. It made it very easy to apply. I do have concerns however that the post came from lending club itself as a way to promote the organization, because it wasn’t until the end of the post that I learned there is an origination fee. Though this was clearly stated – it was at the bottom of the review, and I made the mistake of not carefully reading the process on this review, or the fine print in the loan origination document (feeling a little desperate about finances, yet confident that the org. was legit and safe based on the review). Therefore, I was surprised when I received $11,400 instead of $12,000 (a 5% origination fee). However, it was reassuring when I scrolled to the bottom of this review to find the explanation, and went back to my loan documents to see why I received so much less than I applied for and the explanation of the loan origination fee. I like this org overall and appreciate the reviewer posts. Just don’t forget to factor in this fee in your budgeting!

      • Chau says

        Thanks for taking the time to write up this review. I will definitely forward this along to those that are considering LC. I just posted for a $6k loan (36 mnths) but plan to pay it back in 8-12 months. Looks like it’s already funding quite quick.

        However, in 2008 I did apply for a $25k loan from Prosper and was asked for supporting documents which I faxed and got a fax confirmation. About a week later and no money, I get this nasty email saying that I wasted investor’s time by not submitting the requested documents and that my application has been pulled and I am no longer qualified to post for another Prosper loan. I contact Customer Service because I did fax in all my documents, etc. After some back and forth, I decided it’s too frustrating and let it go.

        So far, LC seems to be an easier experience; just waiting for the deposits to verify my bank account….

  2. says

    I applied for a loan with LC for 2k and got an interest rate little over 7%, so I took it and invested it (as my investments are making me around 16%. After about a year I tried to apply for another loan, same size, but the rate was suddenly 16% or more, so I turned it down. What I didn’t like was unlike with Prosper if you want to take another loan you need to create a new account with a new email. Prosper allows you to have one account only and two or more loans.

  3. Harvey says

    Thank you very much for the detailed explanation of the borrowing experience. Since I have only been an investor I wondered what it was like to be a borrower. I really appreciate all the p2p information you provide!

  4. KHarris says

    I applied for a $10,000 loan and had the money deposited into my account within 6 calendar days! No additional paperwork was required. Lending Club investors helped me out during a difficult time! The rate was high due to credit rating, but I am happy that the option was available. Fortunately, I will be paying it off this month, just 7 months after origination.

      • Fran says

        Hi Simon,
        I’ve been looking for the best way to consolidate my credit card debts & am glad I saw your blog/website . Up to now I am still searching & comparing interest rates to apply for a personal loan whether thru my bank, credit union or p2p. This is the first time I heard about p2p thru your website even though this has been in existence for many years.Your step by step explanation is easily understood . My question is when LC does a hard inquiry on the applicant’s credit history, is there a possibility that the application will be denied after all the requirements has been met? If so, how long will the applicant’s personal profile be retained by LC.

  5. Jeff Johnson says

    I applied for a $12,000.00 loan on a Wednesday and was fully approved and funded by Friday by one investor. The money was in my checking account the following Tuesday. There is an upfront fee that reduced my loan to $11,520.00, but that is explained when you take the loan. My reason for applying was to pay off all my credit card debt in a 3 year period at a fixed rate, which ended up being a very reasonable 10.05% APR. They do let you know that only about 10% of their applications are approved and that their requirements are very stringent. I could not be happier with their service to this point.

  6. Stacy says

    I had I great experience as a borrower. I requested $20,000. I was approved and funded by ONE investor right away. The funds were in my account within 4 to 5 business days!

  7. Mary Roberts says

    I am working on gaining my history back after paying/writing off some credit cards. My scores are all over 720 for all 3 institutions, but it’s the history that is holding me back from getting credit to earn history. Do you think a loan like this would benefit me? I was looking at $15K. Your review was great, very simple and easy (no mumbo-jumbo) to understand to the common folk. Your thoughts are appreciated.

    • says

      If you are someone who is moving their debt from high interest credit cards to a low interest Lending Club loan, then yes, this loan could benefit you. However, I’m not a financial professional, so you may want to consult one.

      • Debra B. says

        Thanks so much for the information! Was a bit skeptical. Just looking to consolidate debt Simon, as well as you. You provided excellent info.


  8. Solomon says

    If I had trashed the pre-qualification letter that invited me to apply for a loan from this Club, I would have done myself a great harm. Less than one business week to electronically fulfil requirements and get approved is a feat. I have never come across a process as friendly, seamless and mind-blowing as Lending Club’s method of engaging potential borrowers. This is one dynamite of an institution. I understand they have Larry Summers on their team. What do you expect? Common sense approach to helping folks in real need. More grease to your elbows, Lending Club.

  9. Diane says

    Thank you so much for sharing this in depth information! I just received a letter in the mail from Lending Club, offering their services and it did look promising, but I wanted to do a little research first, before deciding to go for it. And I’m so glad I found your post about it! I have a lot of credit card debt, due to me being a not-so-wise young adult with their first couple credit cards, and now that times are rougher for the family, I really want to be able to pay off this debt and be able to help my parents with their financial issues too. I will definitely be looking into this tonight and will share with my parents, who also have high debt too. Hopefully, they can help us all out. :) Thanks again for the awesome review; I will be sharing it with my parents and see if they’re interested!

  10. Kahlil says

    Thank for providing this process. It is very easy to follow and understand. Now as far as the repayment, do they debit your account on pay days or just random days? I would hope its the former.

  11. Strother B Moore says

    I just went through the process and it was quite painless. I filled out the application. They verified my work, income, banking and contact information. Within 3 days my loan was funded and within 5 days the money was in my account. Easily, the fastest, hassle free experience that I have ever had. Can’t thank them enough and the terms were very well within industry standards.

  12. Jimmy says

    I’m so glad I saw this blog while searching the web for debt consolidation. I’ll be looking into applying later this week and hope to get good news. I really want to consolidate all of my credit card payments into one. That’ll make things so much easier. Thank you for writing this review for us!

  13. Anna says

    Thanks so much for the review. I’ve been looking for a way to consolidate some credit card debt. I got Lending Club’s letter in the mail and wasn’t sure if it was a scam or not.

  14. Paul says

    How private is my personal information from others, including my loan’s investors? I would hate for anyone listed as an investor on your site to be able to see my credit & personal info.

    Also, how accessible are small loans ($1000) for one rebuilding credit? Thank you.

    • says

      Hi Paul. Lending Club offers $1000 loans, and if you are using them to pay off high interest credit card debt, then its possible this could improve your credit score.

      Your personal information is kept confidential. If you look in the screenshot above (under the “Wait for your loan to get funded” heading) you’ll see Lending Club scrubbed my loan listing of any of my personal information.

  15. Teri says

    What about self employed? Is it difficult? I received a letter myself and was wondering about that situation.

    • says

      If you are self-employed, the verification process is a little more complicated. Everybody’s situation is different. I had to fax/scan in my last year’s tax return to prove income.

  16. Jenny says

    I’m a little disappointed with my Lending Club experience. It’s been almost 2 weeks since I applied and every three days they ask for more documents which takes several days to verify. Why don’t they just ask for it all at once? Then after my W2 was already marked as verified, they ask for it again. I’m down to the last couple of days before the loan offer expires, and I can’t help but to think they are stalling so it isn’t approved. If its not going to be approved, why not just say so instead of wasting my time?

    • says

      Wow, sorry for your experience Jenny. Sometimes this verification process can take longer than normal, but that sounds really frustrating. I would just keep supplying them with the documents they need and hope for the best.


  17. Miranda says

    So, if I understand correctly, for you to write this report and help us all understand this process it cost you $94. (origination fee) I just want you to know how grateful I am that you took the time to write this and let us know how the process works. This fee is not returned to you if you repay early? Why…. the interest I understand but why not the 5% if you are charged 500-to 800 dollars on larger loans and repay within six months or sooner. That’s a lot more than the interest accrued in those months.

    • says

      The fee is not returned to you. Lending Club has to make a profit to stay in business, and this origination fee is one way they do that.

      That said, the fee is still lower overall than you would pay for a loan at a bank.

  18. Winnie says

    Hi Simon,
    After reading your post I was relaxed a bit. I go a pre-approved loan in the mail and immediately went to the website to apply. I applied the maximum amount of $35,000 loan and I was approved. Then it went ahead telling me to check my email for verification. I haven’t receive any email from them so I alerted my bank thinking that it was fraud. This is the first that a website instructed me to check my email but no email has been sent. I’m glad I read your post. Hope it will go through.

  19. Dusty says

    Once the loan status changes to “Approved”, does that mean the loan will definitely be issued?

      • Dusty says

        Thank You. My account status just changed to “Issued” and I received an email stating the loan had been sent to my banking institution. What an unbelievably easy and fast process!! Really impressed!!

  20. Stephen Jewell says

    Thanks for the article but the “check you rate screen” you show does not include SS#. I am not surprised not to see your SS there but surely they couldn’t check you credit with that?


  21. Brian says

    My credit score is in the low 500s, but I need emergency funds to consolidate debt. Do you think I’ll be approved, or can someone help me find a legitimate loan that accepts bad credit?

  22. Francine says

    Do they check your credit report more than once? Like the other lenders that review your application?

  23. Beth says

    My husband and I wanted to consolidate a few high interest credit cards into one payment a month while saving a bit of money. We looked at Lending Club and Prosper at first but some of the reviews turned me off, so we tried to go more conventional routes with banks and credit unions. The rates offered by the banks were pretty insulting (19%) given our credit ratings not to mention they would not have saved us any money. So we went back to Lending Club and Prosper because they couldn’t be any worse.

    We used my husband’s info because he is the primary wage earner, but both of us have about the same credit score (720s). Lending Club offered us a rate of 8.39% over 3 years for an $11400 loan and we jumped at it.

    The application was submitted on May 20th, mid day, accepted and funding began that evening. The next day my husband had to verify the bank info and his email address, then on Thursday he had to make a call to verify a bit more information. Our loan was approved (moving from “in review”) on Thursday afternoon as well. By Friday night (around 1130p EDT) the loan was fully funded.

    The money (minus the origination fee, which I read about when reading about the funding of the loan, so as long as you read everything, you won’t miss it) was in our bank this morning, a day after the loan was issued. So from start to finish, the process was just over a week, and that was with Memorial Day tossed in.

    The process was very easy, we didn’t have to submit any paperwork in the way of paystubs or W2s. Since my husband has a small business as well as a “regular” job, we only went with the earnings he makes at his job, to make things easier.

    I would recommend Lending Club to anyone who is looking for a way to consolidate debt or who needs a loan for any reason.

  24. Brian Schmelig says

    Simon, I see a lot of people asking for loans that are large sums, and probably have a higher interest rate because of the amount. Would it be better to apply for 2 separate loans of smaller amounts, getting better interest rates on both? Just a thought.

    By the way, thank you for your time and information. This is a great resource for good people to hear real stories from good people.

  25. Clayton Louis says

    Does Lending Club report positive/negative payment history to the 3 credit bureaus? Thanks for all the useful info!

  26. Greg says

    My score is almost 700 but I had a foreclosure in 2010.
    Could I still qualify for a loan?
    Thanks for the info.

    • says

      Hi Greg. Lending Club and Prosper have approved people with past foreclosures, but every borrower approval is highly dependent on lots of other variables, so I cannot say whether or not you would get approved. The best advice I can give you is to check your rate and see what they offer you. Simon

  27. Paz says

    Thank you Simon Cunningham ,but I have a question for you hope you don’t laugh at me,I am not clear on the Rate and APR what is the difference,I not well inform on this terms :(

  28. Torrance says

    I received a loan from Lending Club on July 28th and then today Aug. 5th I got an email saying that I was denied the loan. When I checked my account the money was still there.. If Lending Club sent me the approval letter and the interest rate and pay schedule…can they later deny me and withdraw the loan money beyond the monthly payments?

    • says

      Rate is the interest you pay per year on your loan. APR is what your interest rate would be if all *fees are considered in the equation, and thus APR is a better measure of the loan for borrowing money.

  29. Kelly says

    If I apply and chose one loan option, can they come back and charge me a higher interest rate based off a hard-credit inquiry? And if so, after it goes In to review and waiting, do I still have a final option to deny if they change the terms?

  30. KD says

    I seem to be pre-approved for a loan through LC. But I just started a new job and won’t have a pay stub until next month. I can show my 2013 & 2012 W2s, of course, but they don’t reflect my current employment and salary. Shall I wait until I get my first pay stub? Will I even be approved for loan?

    Thanks for your article & any advice!

      • KD says

        UPDATE – I was actually approved within a day, they didn’t even request supporting documents in my case. Perhaps my credit history was enough? But, thank you for your reply!

        P.S. I recieved a 10k, 3-yr, approx 14% APR which I’ll use to consolidate credit cards into a once monthly, more reasonable payment, that’s going to force me get debt free within the next few years (I might have been able to do it without the loan by juggling payments around, but mentally it helps me to do it this way). Good experience, so far!

  31. Mike says

    I have had a wonderful experience with Lending Club. The process took approx 1 week from start to fund. Easy process. I have to admit I was a bit leary. I noticed that Lending Club has not reported on any of the three bureaus. Do they report payments you are making?

  32. Lisa says

    I applied yesterday & was approved by 296 investors. I’m still waiting on deposit to verify my account. It says fully funded but ap status says under review. I had to send a utility bill today & 3 bank statements. It shows they’ve received everything. Any idea if this means it’s approved or when it would fund? After reading about LC I’m worried if it’s even actually approved as stated.

  33. Don says

    Hello. I applied for a loan, half way funded in one day. I am self employed but can’t provide W2s or tax returns. If I am fully funded, and can provide my bank statements will I still get the loan?

  34. Cindy says

    I received a “Pre-Approved” offer up to $20,000, recently in the mail. Does this mean that I am guaranteed a loan of an amount up to $20K. The reason I ask is because me and my husband (now deceased) file bankruptcy 3 years ago. I do have some unexpected home repairs needed that need urgent attention. This is my only hope of getting the cash quicker.

    I just don’t want to go thru the hassle of waiting several days, for an approval, then this show up on my credit as an inquiry for nothing.


  35. Steve says


    First and foremost, thank you for this review!

    My only question for you concerning this is: Do you have to relinquish/destroy the paid off credit cards (which is what my plan is)… But i’d like to keep the accounts open as to keep my credit ratings going.


    • says

      Of course, I suggest everybody destroys their credit cards if they struggle to keep them free of debts, but keeping the accounts open (though cutting up the cards) is a strategy many use to build credit even after the cards are gone.

      That said, Lending Club does not require you to send in photographs of destroyed credit cards or anything like that.

  36. Julie H. says

    Hi Simon,
    Thank you for all the info. My husband and I are in the process of all this and I have a question I haven’t found an answer for. In my account status is says:
    Thanks to the following 1 investors, your loan was successfully funded:
    Does that mean that, that 1 investor fully funded my loan? I’ve also checked on the page that show the loans that are available for investors to invest in and mine was not on there.
    So does that mean that the 1 investor took care of all of it and that is why it is not listed on the available investment loan page?

  37. Sophia says

    Hi, just wanted to take the time and write a post about the Lending Club. They are awesome! This is the second loan I have applied for, the first one being paid off. I applied on early Tuesday morning and one investor bought my loan and yesterday got an email from Lending club that the funds would be deposited into my account on 11/07/14. Total of 4 days!!! Second loan was much faster then the first as they did not have to verify bank account and email address. I only had to fax over a current utility bill and that was it. No phone call this time or an other communications. I think also because there was only one investor that funded my loan in less then an hour. They have been amazing for me!!

  38. jess says

    Hi Simon. I applied for a loan and it said my interest will be 14.31% and APR is 17.97%. What does that mean? Is it that I will be paying two fees? A monthly interest of 14.31% and a APR of 17.18%? I’m confused because I’m using it to pay credit debt, which currently is at a 29% APR.

    • says

      Hi Jess. The APR includes the interest rate. Basically, the APR is the rate you’ll be paying if you include fees in the overall price. APR is a more accurate way to understand how much this is going to cost you.

  39. Stephanie Williams says

    My loan says it is fully funded by one person, but I don’t see where it says it is in approved status. I had a pre screened offer and my email and bank account have been verified with no other documents requested so far. Do you think I will get the money soon?

  40. Dee R. says

    I received a pre-approved offer for a LC loan. I was reluctant to proceed but, after reading all the positive reviews I feel confident to follow through with qualifying process. Thanks to all for sharing your personal eexperiences.

  41. vincent delucia says

    Simon, i own 2 condos outright. On paper i am in a good place, but on hands i am not. I applied for a loan at a bank and was willing to USE BOTH CONDOS AS COLLATERAL!! I can pay off any loan!. I just need alittle help via a loan to get me back on my feet. A loan of just 5_7000 would put me in a really good place. Me, willing to put up paid off property as collateral, should show that i am prepared to pay off any loan. That is a huge risk factor that i would only be willing to take if i new for sure that defaulting is not an option. Would this lending company and there investors please be willing to take all of this into account, and give me the one and only chance i need to get back on my feet?? Thanks a bunch

  42. James Joe says

    Lending Club (LC) Timeline and Experience

    I want to share my experiences with LC with this loan I’m making. I am liking this company so far and wished that I had known about this much earlier. Anyways, I don’t see a lot of these info available when I was applying so I want to get this out there and hopefully this will help some other borrowers out there


    Sunday 11/23/14 (8.30am):
    – Submitted my loan to LC (FICO 689, C1 at 12.39%, $30,000 60 months, $673,27/month, DTI: 13.33%, Credit Card/Debt Consolidation (I’m at a pretty good credit standing, never late/miss payments, just have lot of balance on my CCs))
    – LC will take 5% origination fee ($1500 of $30000 so I will actually getting $28500 in my bank account). pretty steep I think.. I hope it’s well worth it
    – Uploaded last year W2 and two latest Paystub (my company uses ADP so I do have them in PDF format already)
    – Enter my bank info, got email from LC to enter verification digits (I do not have them yet.. have to wait a few days)
    – Enter my email, got email from LC to click and verify email
    – Application Status: Under Review
    – My loan immediately available for investor to invest

    Tuesday 11/25/14 (8.30am):
    – Checked my bank account (Wells Fargo) and got a small deposit (less than a dollar) from LC
    – Enter that digit cents in the LC account details and got an email saying that my bank account has been verified
    – Received an email from LC at 9.10pm saying that funding is now at 30%
    – Checked my LC account and my Applicaton status changed to ‘Approved’. I got no phone call verification or anything like that. I guess my w2 and paystubs were good enough.

    Sunday 11/30/14 (2.52pm):
    – I’ve been watching the funding process all week. It was going fairly slowly. I think it’s because I applied this right before thanksgiving :/
    – Received an email from LC saying that funding is now at 60%
    – I’ve been monitoring this all day/night at this point. Once it hit 60%, things are moving very quickly

    Monday 12/1/14 (11.11am):
    – Received an email from LC saying that funding is now at 90%
    – Refresh my screen like a mad man for the next few hours. my loan was fully funded at 12.30pm
    – I got no emails or notifications on the account details screen. A bit nervous as nothing happened all afternoon. Again, I kept refreshing that Account Detail screen.
    – Finally at around 8.30pm, when I refresh the Account Detail screen, it does have a pop up saying congrats your loan have been approved and fully backed 100% by investor bla bla, fund will be transfer to you on 12/2/14 but it may take up to 4 additional days from your bank for the fund to be available.

    Tuesday 12/2/14 (1.11am):
    – Received an email from LC saying that the loan is approved (and pretty much the message i see on the account details)
    – I checked the Account Detail again on Tuesday morning and it shows a lot more details including next payment amount/date, loan overview, how many month left, etc
    – I wrote this on Tuesday morning at 8.45am so I’m still waiting for the money to show up on my bank account. Will post my update after I recieved by funding

    • James Joe says

      I checked my bank account this morning (Wed 12/03/14) and the money have arrived! Couldn’t be happier with LC. Would recommend this to everyone.

      Summary: Applied on Sun 11/23/14, Money in the bank Wed 12/03/14. It took 11 days (include weekend and Thanksgiving holidays).

      Hope this helps

  43. John says

    I applied for a 24k loan and got fully funded after only 3 business days. Great! But now the details pop up window says I will have to wait just over a week for funds to be deposited? And possibly 4 days bank processing time??? Should I call LC and ask why the wait or do some have experience that they deliver faster than system says?

  44. Shonda says

    I was approved on Tuesday night 12/9 but my pop up said they would deposit funds on 12/15 Monday. Is this normal to have that much of a gap between when you are approved to when funds are deposited. It looks like most people on here received their funds the day after they were approved. I’m hoping the fund come faster. Was there this long of a gap on your approved pop up? Thinking I may call.

    • Kevin says

      I called and they said that the date in the pop-up window is just the latest that funds can be to your account but expect it sooner So they say….

        • Shonda says

          They say money had been sent so now to see when it shows up in my account. We are on day 11 (including weekends) right now. I have my fingers crossed that it’ll show up today.

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