LendingClub takes up to 7 business days to process a loan, in most cases, from application to getting the money. For many applicants, it will take “as little as 4 days,” according to LendingClub’s website. But it could take longer for some applicants, depending on how quickly LendingClub is able to verify their information and make a decision on whether they are qualified.
The LendingClub loan process is divided into several key steps, and each one of them takes a different amount of time. The pre-qualification step is the quickest, at only a few minutes, while the approval, funding and money distribution steps can take several business days each.
How Long It Takes to Get a LendingClub Loan:
- Total: 7 business days or fewer, in most cases.
- Pre-qualification step: A few minutes. You give LendingClub some basic information to see if you fit their general criteria to post a loan request on their site.
- Final approval step: A few business days. LendingClub takes a more detailed look at your credit history and finances to give final approval or denial to your loan.
- Funding step: A few business days. Simultaneously to your final review, investors on LendingClub can pledge to fund your loan.
- Funds distribution step: Once your loan is fully pledged and gets final approval, they money goes to your bank. The time this takes depends on who you bank with.
All in all, if you apply for a LendingClub loan, you should expect the process to finish within 7 business days. While that’s not the fastest rate among major personal loan providers, it is decent. As you wait, you can sign in to your LendingClub account to check the status of your application and see what steps have been completed.
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