Quick Personal Loan review: Lending Club. (2024)

In case it helps anyone, there are a couple of quick DPs for you, and a review.

** Note that this is not really a bank, it's a literal, lending club where multiple investors lend money through the platform. This explains the disparity between the loans that anyone may get at any time. While "Jill" may be willing to loan you $10K at 9%, "Bob" wants to get 15%.

I had been rebuilding from an appx.540- 560 range for 9 months. I took this loan a year ago, this month. I had built my scores up to about 640-650 from a combination of paying closer attention, some paydowns, and new credit (Fingerhut, Cap One, Comenity store cards), and I knew that my UTIL needed to decrease signigicantly for me to make the next step. The first few times I tried for a loan through one of the various "see if someone will give you a loan through a soft pull here!" sections of the apps, I was rejected out of hand. For whatever reason, this time I got through.

I received a $8400 loan at about 10% APR. The origination fee was just shy of $300.00, so I could pay down $8100 of my existing debt. I was esctatic. I received a Truth in Lending form and a professional contract.Webbank pulls TU.

I also received an offer to refer others; I referred my friend, she was approved, and they were good for their referral fee, which paid me a couple of months later as they promised.

I took another personal Loan (Upstart) about 4 months later, and then in another 2 months I got a note from Lending Club on the website: "You're just the type of borrower we love!" Basically, it was congratulating me for 6 months of no-late payments and it invited me to apply for another loan, which I did. This time it was a 5 year, 17-ish%, $10,0000 loan with a $600 origination fee. Not nearly as good, but still helped my UTIL concerns incredibly (And was better than the Upstart loan by miles. In fact, I used quite a bit of this money to pay DOWN the Upstart Loan.) My score by now was about 690-700, but with tons of INQs from a full year of rebuilding efforts. Again, after showing me their proposed terms & conditions, they hard-pulled TU. (I was really hoping for a soft-pull approval from them under the circ*mstances, but no.)

When I have called them to adjust dates, payments amounts, etc. they have been accessible and professional. No complaints on the customer service side.

Their website leaves a little to be desired: you can adjust your payment date, see your payoffs & initial amortization with only a little effort to find the spots. You can make an extra payment, but you can't increase your payment there to add $5.00 or $10.00 a month more for principal, automatically. Customer Service was able to adjust my monthly payment by phone so I'm paying just a little more principal per month.

There is no mobile app to speak of, at least not for ANDROID-- and the App that is out there for them isnt a 'borrower' app, it's a lender app, so those who are lending can see their investments. Also, you can apparently only have 2 open loans with them at a time.

All in all, I've had a number of good experiences with this team, and my friend hasn't had any concerns or complaints either. If you don't like your Soft Pull terms, maybe decline and try again in a couple of weeks-- never know 'who' is willing to lend to you on this platform, and you might get a better arrangement.

I would recommend Lending Club. I'm about to pay both of these loans off as part of a recent successful HELOC application, but I still have some other revolving undercurrent that I would like to not have to convert to secured debt... I will definitely consider using them again in the future and may do so for this purpose, as soon as a couple of months from now.

Edit: It's UPSTART-- not Upgrade. I get these two confused in my head all the time, as I apped both around the same time. Sorry. UpSTART. No experience with upgrade.

Quick Personal Loan review: Lending Club. (1)
Rebuilding is like smoking a brisket: it takes a lot of love, the right spice, and a ton of patience. You don't rush a brisket-- it goes low & slow. Sometimes, you need a crutch through the stall. In the end, the process matters.
2021 goals:
1) GARDEN until I app for Mortgage.
2) Pay Down overall revolving debt aggressively and accountably, to under 30%, including my HELOC.
3) Don't waste the gifted 0% time on the student loans.
4) Ultimately, refi the house at non-usury terms.

Quick Personal Loan review: Lending Club. (2)Quick Personal Loan review: Lending Club. (3)

Quick Personal Loan review: Lending Club. (2024)
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