I rarely write reviews but I really feel like I will be doing many people who are "in my shoes" a disservice if I don't. I have only been on Credit Karma for a few weeks but I have been helped a lot by various reviews of credit services. I was looking for a loan to pay down my credit cards and raise my credit score (plus have a single payment at lower interest rate) prior to shopping for a car. Whenever I came across a lender, I would log on to Credit Karma to find reviews or comments made by members about them, and so after being prequalified by Lending Club I did the same thing and found a great deal of negative reviews. To say the least I was discouraged almost to the point of not taking the loan but then I decided since they were not likely to do a hard pull (learned that also thanks to this forum), I don't have much to lose, I might as well try. I am glad I made that decision. My loan request was for 4000, I got an interest rate of 10.99 and an APR of 13.84% (36-month term, score 680 according to LC). My loan got fully funded in about 30 hours, and it was so much fun watching that process. The most impressive part of the deal is that verification of my email and bank account were the only requirements and those happened within 24 hours. Soon after the loan was fully funded, loan status changed to "approved" and a few minutes after that to "issued". I received an email from Lending Club informing me that the money had been electronically transferred to my account and that was it! No phone calls to or from Lending Club, no faxes, no paperwork. Total time from application to issuing of the loan was only 36 hours and it was so effortless! Probably some of those who wrote negative reviews might have had genuine reasons to do so but my experience makes me conclude things may have changed for the better or borrower related factors may be partly responsible for at least some of the negative cases (like false information on application, etc), or both.
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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.