Lending Club Funding (2024)

Lending Club Funding (1)

Anonymous

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‎03-08-202103:21 PM

‎03-08-202103:21 PM

Lending Club Funding

How long does it take to receive funds after approval?

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10 REPLIES 10

Lending Club Funding (2)

FlaDude

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‎03-09-202107:26 AM

‎03-09-202107:26 AM

Re: Lending Club Funding

Lending club, Marcus, and Prosper were all quick, a day or so after approval for the direct deposit into my checking account.

Scores: March 21 FICO 8: EX 810, TU 808, EQ 813
AoOA: closed: 36 years, open: 25 years; AAoA: 11.8 years
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Freedom Unlimited, Chase Amazon, Chase CSP, Chase United Explorer, Citi AA Plat, Sync Lowes, Sync JC Penney - total CL 145k
Loans: Chase car loan (35k/6yrs 0.9%)

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Lending Club Funding (3)

Anonymous

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‎03-10-202101:16 PM

‎03-10-202101:16 PM

Re: Lending Club Funding

Online reviews say 1-2 days after approval.

However, today is day 8 after submitting all required documents, and I still have no approved/denied. It's just 'we are reviewing'. They asked me to sign a tax transcript form, so I'm guessing they're waiting on the IRS. I submitted my last 2 years tax returns (self employed) completed by a CPA and 3 months bank statements showing cash flow, so it's not like they can't verify my income. Their process is just slooooooow.

In comparison, my Prosper loan 3 years ago (also self employed) was done app-to-funding in 3 days. Beginning to regret the Lending Club decision, but they did offer the best interest. Good luck to you!

TGG

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Lending Club Funding (4)

lovelife2

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‎03-12-202102:44 PM

‎03-12-202102:44 PM

Re: Lending Club Funding

I applied about 3 days ago, approved, we are reviewing, than today got email "funded" and money will be in bank within 2 days. I didnt load any documents, they didnt do a hard pull of credit report, i unlocked it temporarily. LC gave me the best rate of anyone at 6.99% for $15k (3 years). Good luck to you.

Odd, not sure how it works, i have used LC before.

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kittycreditmeow

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‎03-12-202105:03 PM

‎03-12-202105:03 PM

Re: Lending Club Funding

@Anonymous

I have the same situation going on right now but with upstart loans. I couldn't get approved by Lending Club. I think it's been two weeks now since I uploaded all the documents they requested and did a 5 minute verification phone call. Now it's just been sitting at "reviewing" for two weeks. I emailed them for a followup several days ago and never heard back. My rate expires on Monday so I'm guessing I was lost somewhere in the paperwork.

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Anonymous

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‎03-12-202108:02 PM

‎03-12-202108:02 PM

Re: Lending Club Funding

@kittycreditmeow

Monday will be 2 weeks since my application, 13 days since all my forms were verified.

I'll get in touch with them Monday to see if I was lost. I've seen some online reviews saying the entire process can take up to 45 days (in 2021? What the heck?!) but it seems those that don't get rapid approvals and funding, 8-9 business days is about the average. Good luck!

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kittycreditmeow

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‎03-13-202104:40 AM

‎03-13-202104:40 AM

Re: Lending Club Funding

@Anonymous

Do you know if lending club still does the peer to peer lending? Or did they change that?

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Revelate

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‎03-13-202108:25 PM

‎03-13-202108:25 PM

Re: Lending Club Funding

@kittycreditmeowwrote:

@Anonymous

Do you know if lending club still does the peer to peer lending? Or did they change that?

I thought that was all they did Lending Club Funding (9)

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hsfun2019

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‎03-15-202108:29 AM

‎03-15-202108:29 AM

Re: Lending Club Funding

I've used Upstart, Lending Club, and SOFI. All funded within 2 days of approval. I was very surprised.

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Anonymous

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‎03-17-202109:28 AM

‎03-17-202109:28 AM

Re: Lending Club Funding

Just wanted to follow up, for anyone looking at this thread in the future.

Monday I checked at 6pm, no update, 14 days after application. At 11 pm, checked again, got "Great news! Your information has been verified! We are now looking for investors!". By Tuesday morning it was fully funded. It is a debt consolodation loan, they dispersed those funds Tuesday afternoon, and the balance of the loan landed in my bank account this morning (Wed).

So it took less than 12 hours to get fully funded from investors (aparrently they do still use investors) and less than 24 hours after being fully funded to land in my account. I think the long delay was due to me being self employed and requiring tax transcripts, which were legit so I knew I had nothing to worry about there. They didn't even send me forms to esign, they must have gotten everything they needed in the application package.

Other datapoints - They used TU, my score was 707. Only thing holding it down is utilization, so I expect a significant bump soon. Rate was 18 % on a 5 year loan for 20K. It's high, but less than some of my cards. And I'll end up paying it off early once I get all my finances sorted out. On to the mortgage refi.

-TGG

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