Quick Answer: How Do I Check The Status Of My Lending Club Loan?

Does Lending Club approve bad credit?

Low Credit Score: The LendingClub credit score has a minimum acceptance of 600.

Of course, the interest rate might not be ideal with that score, but it might be a good deal for borrowers with so-so credit who usually have to settle for subprime offers..

Which is better Lending Club or Lending Tree?

Winner: LendingTree LendingTree has LendingClub within its network, which means you could potentially have the same APR. And because there are other providers within LendingTree’s network, you also have the opportunity to receive a lower APR than those provided by LendingClub.

How do I know if Lending Club approved me?

If you are approved, you will see your interest rate and monthly payment for the specific amount you have requested. In addition, you’ll be shown other loan amounts for which you may have qualified.

How long does it take for Lending Club to approve a loan?

LendingClub says the entire application, approval and funding process takes 7 business days or fewer, on average. So if it hasn’t yet been 7 business days, there’s no reason to worry.

Does Lending Club loan show up on credit report?

If you receive a loan through LendingClub, then a hard credit inquiry that may affect your credit score will appear on your credit report. Keep in mind that new loans are factored in your credit score. Over time, they can help you improve your credit by showing you can make on-time monthly payments.

Does Lending Club Call your employer?

To process your loan application, we may need to confirm your income or employment. To do this, you may be asked to submit documents like recent pay stubs or bank statements. Your employer might also be contacted for more information.

Can you get 2 loans from lending club?

We look at several factors to see if you qualify for another loan, and we’ll notify you in your account when you’re eligible. You can have up to two active personal loans through LendingClub at the same time. … The combined maximum outstanding loan amount cannot exceed $40,000.

How long does it take to hear back from lending club?

Most applications receive a decision in seconds but, at a minimum, you’ll hear from us before the end of the next business day.

Is lending club in trouble?

While the fintech industry has been moving away from peer-to-peer lending (P2P) since 2016, Lending Club’s decision to shut down its retail P2P platform marks the end of an era.

Is Lending Club easy to get approved?

Very easy to apply and get approved. The only negative thing is that I already had a loan with them for a year and a half and never missed a payment. My credit information shows I haven’t been late on any payments for over 5 years yet they charge a very high rate of interest like 30% on their loan.

What credit score is needed to get a loan from Lending Club?

600Accessible to most borrowers: LendingClub requires a minimum credit score of 600 to qualify. However, the best loan terms will go to borrowers with a high income and excellent credit score.

How long does it take to review a loan application?

Getting approved for a personal loan can take anywhere from a few minutes to several weeks, depending on the type of lender. Online and peer-to-peer lenders can approve your loan in as fast as a few minutes, while banks and credit unions can take as long as a few weeks.