- 1 Lending Club - How long should i be waiting for my loan to be funded.
- 2 How long does it take to get approved?
- 3 How long does it take to get a loan?
- 4 Lending Club Review for Borrowers: Is it Legit?
- 4.1 I applied myself and got $2,000 cash in two days.
- 4.2 Four Steps for a Loan with Lending Club
- 4.3 I got $2,000 cash in just 2 days
- 4.4 Is Lending Club Legit? Is it Safe?
- 4.5 Final Review: A Great Low-Rate Loan
Lending Club - How long should i be waiting for my loan to be funded.
In April i applied for a 24 thousand dollar loan.everything is approved and every time i call customer service they tell me 1 more wk.
a wk later i call and they said 2 more wks. it has already been over a month now. can someone tell please tell me how long i should wait till i pull the plug on this pending funding?
and since i am approved and just waiting for the funding to be in my bank, does this mean a hard inqueiry was impacted on my credit score. i am planning for a very important event and can not wait around another month.
has anyone else gone through this please tell me how long it took u for your funding to go through.and should i cancel.
Reviewer is in unhappy mood. Please immediately contact the author of this review to discuss order processing issue of lending club loan. Lending Club needs to read this review and look into the issue (if any) according to poster's claims.
Other people also mentioned lending club loan in their reviews. You may find this information helpful for further shopping at Lending Club.
How long does it take to get approved?
Start to finish the entire process takes about 7 days. It takes only five minutes to apply for a loan or line of credit. If you pre-qualify for a loan, you'll be presented with multiple loan offers to choose from. For a line of credit, you’ll be presented with the maximum amount that you pre-qualify for. Once you select an offer, you'll then be provided with a list of documents needed to approve your loan or line of credit.
© Copyright 2006-2015. All rights reserved.
Equal Housing Lender
© 2016 Lending Club Patient Solutions products and services provided through Springstone Financial, LLC, a subsidiary of LendingClub Corporation. Payment plans made by issuing bank partners.
How long does it take to get a loan?
The entire application, approval, and funding process typically takes about 7 days. In some cases, it may take a little longer. You can check the status of your loan by signing in to your Account Summary.
Once your loan is approved and backed by investors, your loan is electronically deposited into your bank account. Depending on your bank, this can take a few more days.
How to prevent delays
To keep the process moving, complete the items on your To-Do List. We may need information or documents to help us verify your identity, income, or employment before we can finish reviewing your loan application.
For more information
This article describes the steps for getting a personal loan through LendingClub.
Our member support agents don’t have any additional information about your loan status, beyond what’s shown in your Account Summary.
How long does it take to deposit funds in my account?
UK domestic deposits to Bitstocks are fast and free. Payments will be received within 3 working days. Delays may occur if you do not use your client reference number when making a deposit. Deposits sent internationally to our accounts can take longer than 3 business days to be processed.
GBP withdrawals are processed during business hours (Monday - Friday, 9am - 7pm). UK transfers should be received within 3 working days. Please note that international withdrawals can take longer to arrive in your account.
Lending Club Review for Borrowers: Is it Legit?
I applied myself and got $2,000 cash in two days.
by Simon Cunningham on May 5, 2016 in Borrower Help
Easy. Super quick. Fees could be better explained, but overall Lending Club has some of the best loans nationwide.
I recently applied for a personal loan at Lending Club. It was Monday morning, and I had just finished a bowl of cereal. Still drinking my morning coffee, I picked up my laptop and turned it on.
I knew Lending Club had low interest rates, but was curious about what they would offer me. I clicked over to their website and checked my rate on a loan. It was good, so I finished the application. After verifying my identity, Lending Club emailed me to say my loan had been approved.
Two short days later, Lending Club deposited nearly $2,000 into my bank account.
How are the interest rates so low? Well, unlike a big bank that has to pay for employees and vaults at thousands of branches across the country, Lending Club is mostly just a website. Since they run completely through the internet, they can pass the savings over to borrowers in the form of lower interest rates.
Loans up to $40,000 via Lending Club
Won’t affect your credit score.
In fact, most people get a rate 6% lower than their credit cards, which can mean thousands of dollars in savings. Also, Lending Club’s loans are fixed rate, which means they will never go up, even if you make a late payment. Compare this to credit cards, which have annoying variable interest rates that can go up and down.
Four Steps for a Loan with Lending Club
Applying for an unsecured loan at Lending Club was easy. Here’s what it looks like:
Click over to the Lending Club website and check the interest rate they offer you for a loan (some people use MyInstantOffer.com). As seen below, this requires you to fill in some quick facts about yourself such as your date of birth and yearly income.
A few seconds after clicking the big green “Get Your Rate” button and you will qualify (or be denied) for a loan. Checking your rate is done with a soft inquiry (or soft credit check) so it won’t hurt your credit score.
As seen below, I qualified for a $2,000 loan with a 6.5% interest rate and an APR of 7.8% (APR = interest rate + fee).
I had the chance to choose a bigger loan or a shorter time frame (like a 2-year loan), but I decided to stay with my original request: a 3-year loan for $2,000. However, your needs might be different than mine. Realize that choosing a different amount will cause your monthly payment to change.
Once you’ve set up the right loan size and term (number of years), click “Get Loan” to move on to the next screen.
Step #2: Provide your personal information
Here you’ll give Lending Club a little more information about your situation. This helps them verify that you are who you say you are. For example, they will ask you for basic information like your phone number and employment info. They also need you to give them your social security number on this page, which can be a bit scary for some people. Just know their website is secured with very powerful SHA-256 encryption, so your private information is sent safely between your computer and Lending Club.
All finished? Click the Next button to move to the Loan Rate & Terms page.
Agreeing to the terms on this page is like signing your name to the bottom of the loan application. After doing it, your loan request is officially complete. Congratulations.
Step #3: Get funding from investors
These loans are peer to peer loans. Even though your application was with Lending Club, the money for your loan comes from investors around the country. Now that your application is submitted, Lending Club will add it to the investor side of their website. Thousands of people across the country can now add investment dollars to fund your loan. This way, loans as large as $40,000 can be funded by hundreds of investors all working together. You get a cheaper rate, and they get a great return from your paid interest. Pretty cool.
Worried you won’t get funded? Don’t be. As of today’s date in 2016, every single loan is getting 100% funding at Lending Club. The difference is some loans take just 5 minutes to get funded, while others may take over a week. Everybody’s application is different.
Below is an example of what my loan would look like on the investor side:
Click to enlarge
My own loan was funded by investors within 24 hours of my application.
To finish this entire process, there are a few final things you may need to do:
- Connect your bank account – This requires adding the account and routing numbers from your checkbook. For some applications, Lending Club may also need the bank account to be “verified”. For this, they make two small deposits (less than $1) and ask you to confirm them to prove the bank account is yours.
- Confirm your email – Click the link in the email they send you. Simple.
- Submit documents – They may ask you to provide some documents to further prove your identity and financial situation, such as an old tax return or bank statement. You can get these documents to Lending Club by scanning them to an electronic file (if you don’t have a scanner, try your local Staples or Kinkos).
To help, Lending Club will list these final steps on a to-do list. As you can see below, they didn’t even need me to verify my bank info or submit supporting documents. They simply wanted me to confirm my email, which is probably why I got the money so quickly.
Does Lending Club require a hard credit check to get a loan? No, not in my experience. They seem to only use soft credit checks for the entire loan process.
I got $2,000 cash in just 2 days
Just 24 hours after applying online, Lending Club sent me the following email saying my final review had been passed and my loan was approved:
In summary, here was my entire loan process:
- Monday, February 29 at 10:30am – Checked my rate and accepted the offer
- Tuesday, March 1 at 12:37pm – Received an email saying I was approved
- Wednesday, March 2 – Got $1,960 in my checking account from Lending Club
Why did Lending Club only deposit $1,960? Why not the full $2,000?
I only received $1,920 because Lending Club kept $40 of my loan as a fee. This is how Lending Club makes money as a company. They call this their origination fee, and it is different for different people. Most will pay around 6%, while borrowers with excellent credit may pay just 2% like I did.
If getting an exact loan amount is important to you, it’s good to be aware of this fee early in the application. For example, say you need a loan for exactly $25,000. You would probably want to ask for $26,316 since $1,316 (5%) in fees would leave you with the full $25,000.
A month after your loan is approved, you will begin making payments. These payments will be taken automatically from the bank account you gave Lending Club when you applied, and they will continue every month until the loan is paid off.
Here are two ways to speed up the payment process:
- Pay off the entire loan early: What’s better than a loan through Lending Club? Not having a loan at all! Make this happen by paying off the entire loan early. Lending Club allows this without paying a prepayment penalty. Call toll-free @ 1-888-596-3157.
- Make extra payments: If you can’t pay the loan off early, you can still make an extra payment via this same phone number, costing you less interest overall.
Is Lending Club Legit? Is it Safe?
Lots of people wonder if this is a scam. After all, most people have never heard of Lending Club. It can all sort of sound “too good to be true”. But my application above is proof that Lending Club is a very legitimate company.
Still unsure? Perhaps read these news articles and come to your own conclusion:
Finally, realize that Lending Club’s entire website is run through very secure SHA-256 encryption so your information is protected while being transferred from your computer to theirs. Electronic loans are said to be even more secure than normal loans through a bank since somebody can find paper documents in the trash or recycling.
Final Review: A Great Low-Rate Loan
Easy. Super quick. Fees could be better explained, but overall Lending Club has some of the best loans nationwide.
- Low interest rates. Period.
- Fixed rate will never go up.
- Very simple application.
- FAST – I got cash in two days.
- No prepayment penalty.
- Max loan is still just $40,000. I wish it were closer to $100,000.
- Origination fee could be better explained. Even though I figured out that the APR is really just the interest rate plus the fee, others might not.
I’ve personally gotten multiple Lending Club loans, and every time it’s been smooth. Even my family members have gotten Lending Club loans. I recommend them to anyone who needs them. You do not have to be like most Americans, walking through life stressed by credit card debt. These loans are a much better option.
Checking your own rate takes just a minute. Try it for yourself.
Won’t affect your credit score.
Profile pictures via Gravatar
Thanks for the perspective from the borrower vantage. As a Lending Club investor, I loan my money to hundreds of people each year, and fortunately almost all of them pay me back with interest.
Knowing what it’s like from this side, I’ve often considered applying for a loan from Lending Club, just to experience the other side of the transaction.
Thanks for stopping by, Jack
I understand you are a lending club invester. I have been considering to apply but have some concerns . I wish someone from your organization can help me . I have a steady job and a good income . Please give me your advise on how to best start the process.
My experience with lending club was very fast and smooth and I got approved right away for as little as 15 minutes. Good thing about lending club is that their application is way better than lot of other competitors in the market. Just few questions and you are right there, instead of filling out long and detailed form and ended up getting high interest rate.
So like I said I approved in less than 20 minutes and just upload one or two documents just to verify name and address and that’s it. Now I am waiting to get funds into my account and I am quite happy overall with the online application till I got approval.
Danielle Cooley says
I got a 12,000 dollar loan to pay down credit cards and had no issue. In fact I would recommend you to anyone. You were a lot easier then a bank and to me worth the 600 dollar fee to use.
How long did it take for the loan to fund?
I applied 12/29 and had funds in my account 1/3. And during a holiday!!
Thanks Danielle, but you got the loan via Lending Club, not me
I did the same $12k to consolidate some high interest CC’s. Got a great rate with a very manageable payment. $600 fee well worth the feeling of a bit of freedom.
Recently built a home and did way more upgrades than planned. Burned through about $34k from saving and some additional credit card charges.
Annual gross income is $167,500. Applied for $40K to consolidate credit cards and other debt that we are probably paying about $2500-2700 monthly.
Credit score came back at 680 with denial due to too many credit lines or something…thus why the attempt to consolidate the debt. Guess I will have to focus harder on the Dave Ramsey method of reducing debt.
Sorry Jake. As you found out, having a credit score above the minimum (640) is important, but does not guarantee approval. Perhaps you can do some things to increase your score and receive an approval later in the year.
Based on the last post about being denied, is this part of the review true or not?
“Worried you won’t get funded? Don’t be. As of today’s date in 2016, every single loan is getting 100% funding at Lending Club. The difference is some loans take just 5 minutes to get funded, while others may take over a week. Everybody’s application is different.”
The review seems like it was written by Lending Club in hopes to draw more people to apply for a loan.
Hi BC. There’s a difference between loans getting denied and not getting funded. Borrowers first need to qualify to get a loan at all. Afterward, 100% of their loans get funded.
Both myself and my family members have had a great experience with Lending Club. I wrote this review so that others might have a great experience too.
I’ve’ used Prosper for the third loan. The first two loans took longer because there was a process where lenders bid on the loan.. There was no bidding process on the third loan and the interest rate was better. We hat are the similarities and differences between LendingClub
They both pretty much have the same loan, though there are some differences.
Thank you for this article, which I came across by Googling “Is Lending Club legitimate?”. I recently applied for a $30K loan from Lending Club and was approved within about a week after submitting several different documents (paystubs, W-4, etc.). However, it’s now been more than two weeks and I’m still waiting on the funds to come through. So I thought for sure I was a part of some scam. At first I understood that the process could take 7-10 days, so I called Lending Club and they do answer their phone lines! I learned that right now they have very high loan volumes so the wait time after approval can be anywhere from 14-30 days. I went back to their website and they do now state this timeline, but I sure didn’t see it when applying. I probably would have researched a loan through my credit union if I’d noticed how long it could take to actually receive the loan funds from Lending Club. At this point, I”m trying to wait it out because the loan rate I received is about 4% less than the two credit cards I want to consolidate. My complaint in this whole process is that Lending Club is not transparent in their communications with the customer and even my account page just says “Your $XX loan is on the way!” First, it took me calling Lending Club to find out I’d actually been approved, and then calling them back to learn that the timeline was extended.
I forgot to mention that I also applied to Prosper for the same loan amount (36-month). Their proposed loan rate was significantly higher (i.e. 5.90% higher) than Lending Club.
Thanks for the report Catherine. That sounds really frustrating. It’s obvious that some loans like mine take very little time (2 days) while a few may take up to 4 weeks. Some piece of data perhaps tripped a closer verification process for some reason, while mine sailed without any issue.
Please share an update if/when your loan gets resolved.
I agree with Catherine. I requested a $20K loan for home improvements on June 2, 2016. I believe I was approved…I’m not sure after reading a lot of different threads on the internet. I have a good credit score, employed 24 years at same job, good salary, no delinquencies, one credit card with minimal balance so good debt to income ratio. The/my process seems stuck. I chose my terms, funding was check marked almost immediately, then I got the to do list which I completed promptly and then they sent an email asking to call them which I did to verify my phone number (I’m guessing) and I did that immediately. I have been on final review since June 3 so I’m not sure what is happening. There just seems to be a lot of unknowns with the final review. They have not asked for any documentation yet and had I known it would take so long I may have gone with my bank. I just want to know if I’m going to get my requested loan or if I need to seek other options.
Thanks Steve. This long application process sounds bothersome, like Lending Club may be overwhelmed with a large amount of applications at the moment.
In my opinion, you’ll get the requested loan (at the interest rate you agreed on) if all of the information on your application was accurate. After all, you’ve already “qualified” for the loan. Now they just need to process all the info you gave them. Unfortunately it looks like some applications are taking a long time to do this.
I just spoke with a Lending Club representative and he stated they are very busy, and that my loan (if I chose to apply) could take up to 30 days.
I applied July 9 for $12,000. I was told I’m approved. However, I haven’t seen my loan listed and I received an email saying I would have to wait as long as August 6. I am considering not even completing the process as I’m not clear on whether I will even see this money.
That consideration makes sense to me.
Jane Moody says
I received a pre-approved letter in the mail but when I went to myinstantoffer.com, I was denied. They shouldn’t send those letters out if they are not going to follow through. This site said that 100% qualify for a loan! Not true. The Lending Club site referred me to anothet site that tried to get me to apply for a credit card. That’s what I’m trying to get away from. I don’t think this is a scam but they don’t follow through with what they say. Very disappointing.
Hi Jane. That does sound frustrating. You would think they would only send them to people who were already qualified.
It worked for us…it took 7 business days from start to finish. We qualified for $12,200 but only applied for $1,200 to start with to make sure it was legit and everything worked out. We also needed 17,000 to consolidate all our debt so we didn’t want to do it unless we got full amount. Anyway, our rate was 14% (low for us b/c rates otherwise from different sources range from 19-27%) with a score of 665. We will pay this off quickly and apply for the full amount we needed.
Rather frustrated. Applied 2 weeks ago. Zero customer service availability on this application. I haven’t heard from anyone short of the couple of times i called to ask why i haven’t heard from them. They assure me that i’m approved and all that i can do on my checklist is completed and we’re just “waiting on funding” and that can take up to 2 weeks. I heard that from 2 different customer service reps….now i call today and i’m told that the average loan is taking 30 days or more and possibly up to 45 days and that no, i should not really expect any updates from them over the next 2 weeks. How frustrating, and completely misleading to be advertised as “quickly obtained loans”.
Hi Jerami. Sorry your application is taking so long. My application really did take 2 days, but everybody’s experience is different.
My $11,000 loan was approved and dispersed within three days. I just uploaded proof of income. The process was surprisingly simple.
Karen Thomasson says
We applied for a $32K loan with Lending Club 9 days ago. We were approved right away and did the email and VOE. Our loan page was stuck on “funding” and we were so confused with why. We called and they said they are still working on finding the loan, but it could take up to 45 days. We now see when we login a link that we can click on that shows a map of the US and all the places our money is coming from. As of tonight our loan is 53% funded. We did ask for a lot of money so it will take longer to get more investors than a $2000 loan. The more you ask for the longer it will take because you will need more investors. They do not state 100% approval. The article stated 100% funding (that means after approval). The website does state not all loans are funded 100%. If we don’t get to 100% by the end of the timeline then they tell us we can accept the amount that was funded, whatever that lesser amount is.
Hi Karen. It’s possible that your loan won’t get 100% funded, but I’d be surprised as that has never happened as long as I’ve covered this industry.
First let me say that I was terrified that this was a scam.
My husband and I bought a new home 3 years ago and since then we have managed to accumulate almost 15,000 dollars in credit card debt. We were looking to pay that money off fast. Now, we don’t have great credit and I was worried we would be denied. I’m a stay at home mom so we applied in my husband’s name because, let’s face it – no one is gonna give a stay at home mom a loan. He’s a professional and makes over 175,000 a year but like I said our credit isn’t great. Right around 670 or so.
Anyway, we applied in the evening on July 15th. We applied for 15,000 but ended up choosing 18,000 so we could do a couple more thing around our house. The rate was close to most of our credit cards but it would be paid off a lot faster. Almost immediately after applying it asked for some paperwork to be submitted. Now, this is where I became worried this was a scam. We were asked to submit a copy of his drivers license, last 2 pay stubs and his w-2. I hesitated for a bit about sending this because if someone was gonna steal his identity this is a great way to do it. The next day we sent everything and then heard nothing for 3 days. This was a long 3 days. We got a call on Tuesday the 19th and they just wanted to speak to my husband and verify some more info. He was told everything looked good and we would hear something within 2 days. So I checked late on the 21st and it said we were approved and the loan was fully funded and would be deposited into our account the next day (the 22nd)! However it could take up to 4 business days to show up. To our delight it was in our account Monday morning the 25th. All in all we had an easy experience and would recommend it to anyone looking for a small loan!
Deneen Kelly says
I applied for a $5000 loan on Monday but asked for slightly more than I needed. As of Thursday I sent an email asking if I could change the amount requested to $3000.. I got a quick response the same day saying “congratulations, your application was reviewed by our credit department and looks good, we are just trying to fund your loan, which could happen quickly or several days”. I could withdraw and reapply, but I’d rather not as I could still repay the loan early. I was denied a bank loan at 657 score as they required 660. My Transunion score is now 656, but Equifax lower than 640. Still hope I get this loan soon.
Thank you for writing this review. I feel you offered helpful information. I was seeking a loan to consolidate two large credit card balances and applied with SOFI for a loan amount of $35K. I felt good about the application as my lowest FICO score is 737. After submitting my information I was decline due to high balances, really? I think went to Lending Tree and created an application and found Lending Club. I completed the application on July 30th and received an email telling me the following:
Thank you for your recent application for a personal loan through Lending Club. We are excited to let you know that your loan application through Lending Tree has been pre-approved!
I reviewed my offer from Lending Club and selected the $35K loan with a 5 year pay off. This will allow me to pay off more than debt. The monthly payment for the loan is $300 less than what I have been paying on my credit cards.
On Sunday, I received an email to send additional information. I completed the to-do- list. I received another email at 9pm on 8/2/16 telling me the following:
\”You\’re one step closer to getting your loan\” Great news! Investors have backed your loan 100%. Please make sure you\’ve finished all the tasks on your To-Do List.
If everything is complete, you should receive an email shortly letting you know when the money is on the way.
I checked the list and everything was completed. When I went to sign into the website a message appeared telling me \”Congratulations and that the funds would be sent on August 3rd and to give my bank a few days to deposit it\”.
Today, 8/3 at 12:17pm I received the email seen in some of the messages saying Congratulations! When I log into my account I see my monthly payments and the amount I owe. The process was painless and professional.
I am grateful Lending Club and those wonderful investors who are allowing me to borrow money to pay off debt vs. me cleaning out one of my retirement accounts to do so. In fact, I am doing research to see if I want to become an investor. I feel you have honest and hard working Americans who need help and have no safety net like me to fall back on if I was declined. Its hard to be told you are declined when you are doing everything right to bring up your credit scores.
By the way I had applied through PayOff and have been approved as well but not for the amount I want ($25K). However, the pay off time was quicker and the interest rate a bit lower. Maybe they are an option for some looking for a painless way to borrow. Their process is a bit different from Lending Club.