How long does LendingClub take to deposit money?

If a LendingClub loan is funded but “in review,” that means the loan process is almost complete. LendingClub works a little bit differently from other personal loan providers because they are a peer-to-peer lending site. That means potential borrowers put up requests for loan funding and investors decide whether or not to back those loans. While LendingClub is not the source of funding, it does facilitate the approval process. LendingClub reviews all borrowers’ credit history, income and other factors to make sure they are qualified to receive a loan. The “in review” status indicates that LendingClub has not yet made a final decision.… read full answer

Part of the reason your LendingClub loan might be funded while still in review is that loan requests go onto the site right after the potential borrower is pre-qualified. LendingClub uses a soft credit inquiry during pre-qualification to see if an applicant appears to meet their basic requirements. But this in itself is not approval. It just lets you proceed to listing your loan request on the site while LendingClub does a more thorough evaluation, including a hard credit pull. The review will often conclude during the funding period. But it’s also possible your loan could be funded before LendingClub makes their final decision. That also means that even if you’re funded, you’re not guaranteed to actually get the loan.

In most cases, you shouldn’t have to wait too long for LendingClub’s review to finish. A typical loan takes 7 business days or fewer from the application date to receipt of the funds. But in some cases, you might have to wait more than a week and a half for your final decision.

LendingClub requires a minimum credit score of 600 for LendingClub’s “standard” loans, according to the company’s annual report. The report also states that borrowers with lower credit scores may be approved for “custom” loans, which generally have the same sizes and lengths. Applicants can be approved for a custom loan if LendingClub is able to verify their income and that income is high enough to offset their credit score (no specific dollar amount given). According to numerous third-party sources, it may be possible to qualify for one of these loans with a credit score as low as 600 - 640.… read full answer

Applicants for a LendingClub personal loan will be judged based on more than just their credit score and income, however. LendingClub also considers an individual’s existing debt load, recent credit inquiries and more.

The best way to find out your chances of approval is to check for pre-qualification. Not only will this give you an idea of whether you’re likely to be approved, but it will also give you an estimate of your potential rates and fees. Pre-qualification will not affect your credit score, but actually submitting an application afterward will. You can use WalletHub’s free pre-qualification tool to check your status with LendingClub and a number of other lenders.

Keep in mind that in order to get LendingClub’s cheapest rates, you’ll likely need an excellent credit score. People who just barely qualify are likely to get rates closer to LendingClub’s maximum.

It’s also good to note that LendingClub offers auto refinancing loans, too. According to third-party sources, LendingClub might accept credit scores as low as 510 for these loans.