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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I applied for a loan with LC and was approved, fully funded and according to my account summary loan was issued. The final Truth in Lending notice was issued. According to the email I received stating "this is your official notice that your loan was approved and funds will be deposited into your account within 2 to 4 days. All looked GREAT!! My LC account summary still showed funds issued with a transaction code, payment amount and due date. Great I thought, just waiting on funds to show up in my checking account.
Five days later still no funds deposited into my account, so I called LC to check on funds. I was told loan is complete and funds should be in account. We verified my account information and all was correct. She put me on hold to speak to her supervisor. LC rep came back and said she did not know why but the loan was rescended!?! She stated there was a note for me to call the credit department. I asked what was going on??? I never received an email stating any problems with the loan. But I called the credit department and I spoke to Bernard. He stated he was sorry but my loan was rescended due to too many credit inquiries. (I only have 3 inquiries on my TransUnion credit report). I assure you nothing outragous on my credit report was later revealed. I was in SHOCK!!!
Over the next week I spoke to several and the end result was still no loan!!!! Over the last several weeks I have kept an eye on my LC account summary, all still reflects an issued loan with a payment due in mid April. Now almost 30 days later I received an email from LC reminding me that my payment was scheduled to come out of my checking account. CRAZY!!! I called LC and they apologized and told me some line, but that it would be corrected and not report as a missed payment on my credit report. I must say I am not so confident that this will not be a later battle!!!
I know this sounds incredible and must not be true, but it is!!! I have all the emails printed out, all documents from my LC account summary. I even kept printing out all info from my account summary over the last couple of weeks.
I just wonder how the investors that funded my loan feel about having their money invested/held and not receiving any interest on their investment!?!
This kind of business should be illegal!!! If any knows a good lawyer, I have all the proof!!!!
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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.