Posts Tagged ‘Lending Club’

Need A Loan? Lending Club Offers $50 To New Borrower Members

February 27, 2009

As a Lending Club borrower member, the company has extended a generous offer to my friends who may be interested in applying for a loan through the company.

The company will pay $25 to a non-profit of my choice for every friend who successfully joins LC as a borrower member.  And, each friend I refer who successfully joins will be given $50.

$50 is a nice incentive, but money aside, I have really been happy with LC’s services and I think it’s a great option for those of you who might be interested in consolidating debt, funding a project, buying a car or securing a loan for other reasons.

The company is not offering a web-link for signing up, but if you would like to receive an invitation, please e-mail me.

General Lending Club Requirements

Lending Club is open to US residents. To qualify to list a loan request, you will need a FICO score of at least 660 with a debt-to-income ratio (excluding mortgage) below 25%. In addition, your credit history must show that you are a responsible borrower.

  • At least 1 year of credit history, showing no current delinquencies, recent bankruptcies (7 years), open tax liens, charge-offs or collections account in the past 12 months.
  • No more than 10 inquiries on your credit report in the last 6 months.
  • A revolving credit utilization of less than 100%.
  • More than 3 accounts in your credit report, of which more than 2 are currently open.

Good News, Folks

January 21, 2009

I was just notified that my loan through Lending Club was issued.  84 lenders for a total of $14,000 at 12%.  This means I can not only transfer my Bank of America (29%) balance, but also my Washington Mutual (just adjusted to 28%) balance.  I did the math, and this new loan with save me 4 GRAND in interest.  As you can imagine, I am beyond thrilled.

The loan was set up for 3 years, but once I get the other balances (totalling around $8K) paid off, I will increase my loan payments, hopefully shortening its length.

I will be posting about any adjustments in my budget shortly.  Just wanted to share!