I got a loan with Lending Club a few weeks ago so that I could pay off higher rate interest cards. This loan had a rate that was almost half of the interest rate that I was paying on those credit cards so it really was a good way for me to save money in the future.
With the Lending Club loan I was able to have a lower monthly payment as well as save money on the interest and fees for those outstanding balances. The first repayment on the loan was due on March 6th so I am reporting on the process.
ING Makes It Easy
I did not have to do anything to get the payment set up because Lending Club already had my account verified from the beginning when the account was set up. When I logged in on the payment date I noticed that the repayment amount was being processed and should come out of my checking account on the date that the payment was due.
Since I use my Electric Orange account from ING I had no worries about losing interest on the money while I wait for the payment to clear. I already have the money budgeted for the loan payments to go through every month.
Get $25 Bonus Money
Remember that you can get a $25 bonus for signing up with Lending Club either as a borrower OR as a lender so hurry up and get your free money now. There is no minimum to join and when you become a lender you can use the $25 bonus to make your first loan!
This has been an easy process for me and I love being able to pay less interest here than what I was paying previously.