We were so hesitant to apply with Lending Club. We knew nothing about peer to peer lending and there’s so many scams these days. After researching them we applied. We put in some information and it came back with an offer. All we had to do was a phone verification. We didn’t submit any documents. We are so grateful they approved us. We ended up getting the amount we requested. We tried Prosper and BestEgg as well and they denied us so we were so excited that Lending Club approved us. We were paying $1300 a month in credit card/loan debt and now we only pay $550 a month with this new loan. We were paycheck to paycheck and now we have some room to save. The only downside is we have a higher interest rate at 22% but our bank told us once we were above 700 with less than 10% credit card utilization they would refinance us at 9%. But 22% is still lower than our credit cards and loans so we are still saving money. Here’s a breakdown:
Monday morning 4am: applied, 663 credit score, 125k annual income, 76% credit card utilization, requested 20k loan
Monday morning 11am- phone verification
Wednesday 10am- approval email, and then funds hit right after midnight
i would highly recommend them! They were a life saver.