This is my first loan. After reading the reviews and seeing that it was a simple enough process I applied. I did the application on Tuesday and Wednesday they sent an email asking me to call them, I did and answered the reps questions and received an email hours later that the loan had been funded and the next morning another emailing saying I was approved and my funds will be deposited that same day. I'm using it to pay off all my credit cards. I only borrowed what I needed though it was tempting to take the higher amounts. My credit score was a 642 with transunion which is who they pull from only. It does have fees but if you read the documents in the preapproval process you'll know what to expect before you fully submit the application.
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Thank goodness I just paid off my loan with them and let me tell you, this was a bad deal to even get a loan. I had a credit score of 670 and applied for and was approved for a $12,600 loan through lending club. I wanted to consolidate my credit card dept and lower my monthly payments. BIG MISTAKE. When I clicked to get this loan it say APR of 5.6% I thought that is what I got. NOPE it was $12,600 at 24.49% interest rate and a 29.19% APR for 36 months. This was higher than my credit card payments. I didn't see that small print until after I already paid the credit card companies with this loan. My payments to Lending Club were $495 a month only $240 went to principal. So, in that first month, I immediately tried to think of a way out of this fiasco so I went to my Captial One Credit card and asked them about a interest free period and they increased my credit limit to 11,400 with 0% interest for 18 months. Well I owed Capital one money so I didn't have that full amount available, but I did transfer $10,997.59 to Lending Club and they put $10,755.47 toward principal and $242.12 toward interest. If you make additional payments, like I did you still owe for the next month you cannot skip a month. This left me with a $1,108.37 principal balance. Well I wanted to get rid of this rip off company and finally get my finaces under control. So I got a home equity line of credit through Neiborhs Credit Union (I SHOULD HAVE DONE THIS FIRST). I went to Lending Club and got the amount of my payoff, well the payoff date was supose to be good through the 13th of April but nope it wasn't, I sent them what I "thought" was the payoff according to them online, but nope I still owed another $57.00 I called Lending Club and they told me, in order to get a "accurage" pay off you have to call them. So finally as of today April 6th, 2017. I am no longer a slave to Lending Club and their out ragous interest rate.
If you need a loan, and you have a 660 score or higher go to a credit union or even a bank. Neighbors Credit Union gave me $15,000 credit line with 5% and its a 15 year loan which means, the $98 I am paying Neighbors can be paid off in the same time frame as Lending Club and it would be less interest and less money over all but..I can also take out from the line of credit if I need to, rather than putting it back on my credit cards.
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**Annual Percentage Rates, terms of loan, and monthly payments presented are estimated and were created based on analysis of information provided by the consumer and available rate information from lenders. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender’s range might be 2% to 12%) and only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, vehicle information, credit usage and history. All loans are subject to credit review and approval. Additionally, model year, loan-to-value, minimum loan balance mileage, income, debt, etc. restrictions may apply. When evaluating offers, please review the lender’s Terms and Conditions for additional details.