Quick-Improved credit score
Very quick and painless process. NO additional paperwork needed. Had a 670 credit score and received approval up to $40,000. I took out $18,000 to pay off credit cards and to give me a little extra to pay for car repairs. Received the loan at the end of June and my credit scores are now 746 Transunion 753 Equifax and 752 Experian. I had the option of 3 years with a 10% interest rate of 5 years with a 14% rate. There was a 6% origination fee but totally worth it in the grand scheme of things financially. I took the 5 years with the plan to pay it off early since there are no prepayment penalties. Wish I had gone this route earlier. Would have saved me a lot in interest fees. One thing to consider with the personal loan route is it shows diversity in loan types. If you don't have a car loan or a mortgage but have multiple credit cards - this is definitely a GREAT way to boost your credit scores. It allows you to keep your credit card utilization under that 10% mark that is the holy grail in FICO scores. But this loan isn't calculated into that scheme.
Interest rate was outrageous!
Administrators ignore customers help to lower interest rates or lower monthly payments, if financial difficulties come about. I paid off this loan, but it was a struggle! I would never take out another loan from Lending Club.
Almost done with my third one
This company is amazing. Your loan is funded my individuals that put money in a "pool" to invest in your loan. My first two loans were for about 5k-7k and I could see as they were funded. They were funded within minutes by one person in TX lol. I could SEE that. I think they saw my credit and could read my mind on what I was consolidating. I was zero risk for those. Then I needed a 20+k unsecured loan after an auto accident left me with tons of credit card debt. This last, bigger, loan took 36 hours, and about 40 investors - but I had the money in my acct in a day. It's easier to qualify because the individual investor may only put $50 towards your $20,000 loan - so they aren't out much.....but when 40 investors each kick in a little - you get your fully funded, low fixed interest rate. I couldn't ask for better customer service either. Maybe one of these days I'll do the funding instead of the borrowing! :-)
Excellent!
I was approved for a loan within 48 hours. Within another 48 hours the funds were direct deposited in my checking account. I immediately paid off a credit card and had piece of mind that I had cut my APR in HALF!
My credit score improved drastically after this.
I can't say enough good things about Lending Club.
You can even move your payment date around if you'd like. You can achieve this easily online.
Avoid like the plague!
I don’t have much left to pay on this loan and thank god! Horrible customer service. HORRIBLE! Lengthy approval process. Don’t even ask about paying this loan with money orders or checks. You’ll think the big one struck San Francisco while on the phone with them (where they’re located). After lots of haggling, they'll give you the address of where to send it but it's a hassle to get it from them. They’ll threaten you with fees and everything else. God have mercy on your soul if you're stupid enough to give them access to your bank account.
Pay off credit cards
This loan took about a week to get approved. I started off with a small reasonable amount. They paid on all the accounts I requested and the remaining was deposit into my checking account. I am almost done paying off my loan, and would opt to take out another one in the near future. I love the fact that they included all of my income. If you are working on polishing your credit profile, Lending Club would be a good start. I wanted excellent credit and my profile stated I was lacking a personal loan. If you are serious about your credit worthiness go for it.
easy
the application is a little bit long but worth it. im on my second loan and my credit score has gone up drastically. i found out about lending club through credit karma
EXPENSIVE !!!
HIGH INTEREST RATES!! 30% !!!
that depends on your credit score i have a 12 percent on my 12000 loan
Extremely HIGH INTEREST !!!
30% interest....OMG !!!
EASY TO APPLY BUT EXPENSIVE MONEY
personal loan-debt consolidation
Lending Club's customer service is so great! I have 25 years of customer service experience, 12 years call center experience, and working with them is a breeze! so professional and great attitudes. I actually look forward to calling them if I need something. Today I needed to change my payment date and it took a whole 3 minutes and I left the call with a smile. You can't beat that! :) I will definitely be referring friends to them.
Straigthforward, affordable, and easy.
You can pay off in three years a credit card that would take many more with much more of your payment going to interest instead of principal.