If you do your reading, understand that you will have a monthly payment, it is just what you're looking for if you're like me and didnt' use your money wisely and racked up almost $15k in credit card debt. Just like you I made silly purchases, and didn't pay off my credit cards at the end of the month, thinking I can pay these later, or it's not that bad. All of the sudden I found myself putting 200-300 on each credit card per paycheck. Living paycheck to paycheck while trying to keep up with personal life and normal expenses (i.e. rent, utitlities, cell etc). It was embarrasing, among my friends and my partner. It truly was embarrasing having to say no to certain things because you didnt have the money or trying to make up excuses. It is stressful and it just sucks. Having my credit cards say $0.00 literally almost made me cry when I saw them. I still am paying my loan off (3 year loan), but the monthly fixed payment has allowed me to not only manage my finances much better, but also take some additional money to have things like Emergency Fund and a little bit of savings. Yeah I know I should be paying it off more aggresively but I thinks it is important to also have an emergency cash fund somewhere.
The process takes about a week and it is nerve wracking because you do not know if you're approved or not. My credit score was around 725 but my age of credit history was less than 6 years so someone took a chance with me and I thank him/her!!!! I am thankful for Lending Club giving me an opportunity and I hope that with my on time payments I showed that I was a smart choice in lending. I look to do the same thing for someone else in a not so distant future.