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.
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Most Helpful Negative Review
Lending club likes to make true offers (not pre-approved offers.) Then when you go to finalize the turn you down. Nothing changed on my credit reports from the initial offer and trying to close the deal.
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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.