Lending Club Loan in Review
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.
I 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!!!!!
Related Posts
- First Loan Payment with Lending Club
- Lending Club Loan Is Fully Paid Off!
- $306 Left On Lending Club Loan
- How I get a Cash Inflow every month
- Lending Club Loans Update Feb 6, 2009
11 Responses to “Lending Club Loan in Review”
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[...] 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 [...]
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[...] 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 [...]
Looks like a great move. I’m interested to hear how everything plays out.
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.
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!
Did you pay back the loan? I’m curious.
I have been paying the loan every month Darren. I will be through with it this March. I just wrote an update here http://www.howisavemoney.net/finances/306-left-lending-club-loan/
Ahh, I missed that. I am considering becoming a lender at LC and this was very helpful. Thank you!
I was reading about Lending Club and going to sign up. Does the $25 link thing still work?
It looks like everything work out for you, one question, ” Do they work with people with bad credit?”
From what I’ve read, a borrower must have a minimum credit score (I think it’s 660).