It had been over three years since my last review of LendingClub.com. I was impressed with the service then and still am now.
–LIKES–
- Easy Application Process – this takes less than five minutes.
- Great rates – Was approved for a 7.62% interest rate and was funded with this rate. (Prosper on the same day offered a rate of 21.48%! – What a difference!)
- Quick funding with lots of interested investors – From application date to loan funding took 6 days. LendingClub does not lack interested investors.
- No hard credit pull – A soft inquiry was used prior to application submission. The application did not effect credit score. See Previous Post About Using Lending Sites To Obtain Free Credit Scores.
- Easy direct deposit into checking and direct withdrawal of payments from same account.
- Good communication throughout loan process.
- The entire process felt private/secure and details on loan were only available to interested investors.
–DISLIKES–
- Must use a different email for each account. I now have four log ins for LendingClub.com. It seems each time a loan is requested you must use a different email account. Also, you must have a different email to hold an investor account.
- Extra payments and/ or payoffs must be requested through email. This should be easier in my opinion.
- Would like to see an option for loan terms – For Example 12/24/36/48 month options. As of now it seems the only option is 36 months.
–OTHER NOTES–
- Loan did cost %2 to fund – The cost was built into the loan. For Example if loan amount was for $5,000 – - $4900 would be deposited at end of loan process. LendingClub was very upfront about this fee and this was not a surprise. The 2% seems very fair considering most balance transfer rates are from 3-5%.
Overall was very impressed again with LendingClub.com. There are a few changes I’d like to see but compared to other Peer to Peer lending sites, LendingClub is an obvious choice. Any other opinions?
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