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Lending Club Loan in Review

February 5, 2008 by Lulu in Finances with 29 Comments


I recently wrote about issues with signing up as a Borrower in Lending Club. I am taking my words back now because my loan was actually fully funded at this site.

For those who do not know, Lending Club is similar to Prosper. You can lend money to or borrow money from your peers at rates that are currently more attractive than those at banks and even credit unions.

The signup process for lenders is easy and the process to borrow is a little bit more detailed, but it is not anything that you cannot handle in a few minutes.

creditcard Lending Club Loan in ReviewI decided to try Lending Club because I did not get the loan over at Prosper, even though I am a lender there as well. I applied for the loan to help me pay off credit cards at lower interest rates because I have all these medical bills from December and also I will have some coming up at the end of February.

My account is now in the final verification stage and I should be getting the money by the end of the week.

I feel bad now for griping about them withdrawing my 7 cents for checking account verification.

You can get a $25 bonus for signing up as either a borrower or a lender from Lending Club if you use a referral link (hint LB!!) so if you need one then just email me or leave a comment and I will send one over to you.

This loan is very important to me because it will help me to save money by paying less in interest and fees over time.

I will keep you guys and gals posted about what happens with the money.

Update

I got the money from Lending Club for the loan that I requested!!!!!!!

Hooray!!!!!!!

I am heading over to the credit card sites now to pay off those outstanding cards with the money I got. Those cards are safely tucked away and I have not been making purchases on them.

Ahh it feels good to say sayonara to the Discover Card balance!!!!!


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29 Comments

  1. Fiscal MusingsFebruary 5, 2008 at 8:41 pmReply

    Looks like a great move. I’m interested to hear how everything plays out.

  2. LuLuGalFebruary 6, 2008 at 6:35 amReplyAuthor

    Well I got the loan and I just paid off Discover in full. I am going to pay off Citi in full on Friday and then I can concentrate on the other cards. :-)

  3. PennySeeds.comDecember 2, 2008 at 11:16 amReply

    That’s great, I’m really looking to read reviews from people with experience as lenders here. I’m very interested in an investment, because it’s new, and different. Though I never plunk down any money without doing my research.

    PennySeeds.com’s last blog post..Review: Mint.com! Save headaches, and money!

  4. Lending Club Loans Update Feb 6, 2009 | How I Save Money.netFebruary 6, 2009 at 7:41 amReply

    […] am paying off MY Lending Club loan early as well using a number of snowflakes and I should be through paying off that account at the end of […]

  5. DarrenFebruary 28, 2009 at 2:39 pmReply

    Did you pay back the loan? I’m curious.

  6. Lending Club Loan Is Fully Paid Off! | How I Save Money.netApril 1, 2009 at 7:13 amReply

    […] took a loan with Lending Club about one year ago so that I could consolidate my high interest credit card debt at a lower rate. I had credit cards with interest rates of 19% and 21% and got a loan with Lending […]

  7. PatJuly 23, 2009 at 10:11 amReply

    I was reading about Lending Club and going to sign up. Does the $25 link thing still work?

    • KaylaDecember 10, 2011 at 2:48 amReply

      Also wondering if the referral and 25$ sign up fee are still going on. Would love your referral code if you would give it to me!! :) Thanks!

      • LuLuGalDecember 10, 2011 at 7:59 amReplyAuthor

        I sent you an email referral so please look out for it. You can also join Lending Club by clicking one of the links located at the top of the blog, in the middle panel. Good luck.

  8. ElishaOctober 2, 2009 at 2:12 pmReply

    It looks like everything work out for you, one question, ” Do they work with people with bad credit?”

    • StryderGNovember 21, 2009 at 8:55 pmReply

      From what I’ve read, a borrower must have a minimum credit score (I think it’s 660).

  9. DavidMarch 7, 2010 at 8:55 pmReply

    I am seriously considering to apply for a loan and was wondering is anyone knows if the $25 sign up still works. Please let me know how to do this. Thanks. Dave

    • PatrickMarch 9, 2010 at 6:59 amReply

      They have actually upped it to $100, let me know if you want me to send you an invite. Pat372 at yahoo dot com.

  10. RajMay 4, 2010 at 12:18 pmReply

    I am planning to avail loan from Lending Club. Please give me a referral.

    Thank you.

    • LuLuGalMay 5, 2010 at 6:26 amReplyAuthor

      Raj, you can click on the boxes at the top of the blog to start with Lending Club and still get the bonus.

  11. PatJuly 17, 2010 at 12:54 pmReply

    I VIEWED YOUR COMMENT WITH THE OFFER TO SEND ME A CODE FOR THE LENDING CLUB LOANS TO RECEIVE $100.00 SAVINGS.
    THANK YOU
    SHERRI HAVIS
    NYCSHE@MSN.COM

  12. MaryJuly 9, 2011 at 12:22 pmReply

    Hi,
    I’m just starting to investigate Lending Club, as I’m interested in getting rid of my credit card balances permanently!
    By lowering the interest, and continue paying what I am, I should be able to pay these off much, much quicker.
    I’m interested in the code you offered to sign up and get a $100 bonus.
    Is that still available?
    Thanks for your time!
    Mary
    PS… I have not used my credit cards for 3 years and never will again!

  13. Ron SAugust 8, 2011 at 7:59 pmReply

    Hi LuLu,

    I just saw your blog, and I am very interested in hearing more about getting a loan approved at Lendingclub. Could you give me a brief overview of what kinds of things I will need to get my loan approved quickly and at the lowest rate possible? I have great credit, but the interest rates banks charge is too high in my opinion. I would like to take advantage of my good credit, and pay off my credit card balances as well. If you could list the steps that would be great. I would rather hear it from you first before I go to lending club and get quoted for a higher rate, when I could get a lower one. What types of documents would I need for the verification process? Thanks a bunch!

    -Ron

    • LuLuGalAugust 8, 2011 at 8:16 pmReplyAuthor

      Ron I am not able to give you the details on how to get the lowest rate since I do not work for Lending Club and I do not know what they look for. You can go to their site and take a look at the FAQs to see what documentation they ask for…basically they need paystub info and they check your credit score.

      You apply for the amount you want and based on your qualifications they offer you a rate. There is really nothing you can do to influence the rate because rates are based off your income, credit score and credit history.

  14. dixiealbertSeptember 24, 2011 at 2:17 pmReply

    please help me i need 8000 dollars to pay credit card bills

    • LuLuGalSeptember 25, 2011 at 6:39 pmReplyAuthor

      Apply at LendingClub.com

  15. coral gables homesOctober 13, 2011 at 7:56 pmReply

    Does the $25 still exist? I heard great things about this lending company and i would like to join and get as much benefits as possible.

    • LuLuGalOctober 13, 2011 at 8:04 pmReplyAuthor

      You can use the links on the sidebar to sign up for Lending Club and get your bonus.

  16. KristinMarch 5, 2012 at 11:19 amReply

    Is the sign up bonus still available? Thank you!

    • LuLuGalMarch 6, 2012 at 4:42 pmReplyAuthor

      You can use the links on the blog to sign up and get it.

  17. Tracking my Finances in February: Day 7 | How I Save Money.netHow I Save Money.netSeptember 23, 2012 at 9:10 pmReply

    […] payments to credit cards according to my snowball method so the balances are slowly slipping down.I got the loan from Lending Club as I mentioned earlier but I am not counting this as income for two reasons:This money is going […]

  18. EdwardDecember 22, 2012 at 6:14 pmReply

    Looks very interesting. I might give it a try. Thanks I will check it.

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