Adam McCann, Financial Writer
@adam_mcan
Your LendingClub final review may be taking a long time because LendingClub is having trouble deciding whether or not you are qualified for a loan. One reason this might happen is that LendingClub is unable to quickly verify the information on your application. Another reason could be that you are right on the borderline based on creditworthiness. A closer, manual look could be needed to determine if your income is high enough to outweigh your credit score or vice versa.
LendingClub says the entire application, approval and funding process takes 7 business days or fewer, on average. So if it hasn’t yet been 7 business days, there’s no reason to worry. Anecdotal evidence from credit forums shows that some people have had to wait more than a week and a half for the final review to conclude. But if you’re concerned about your LendingClub final review taking a long time, you can always call customer service for help. The number is 1 (888) 596-3157.
It’s also helpful to be fully aware of how LendingClub’s application process works. When a potential borrower applies, LendingClub goes through a pre-qualification process. This tests whether the applicant meets some basic requirements. If the applicant makes it through this process, they are able to post their loan request on LendingClub’s marketplace for funding by investors. During this process, LendingClub will do an in-depth review of the borrower’s profile. That includes a hard pull of their credit. Usually this final review takes place during the funding process. But depending on how quickly LendingClub is able to verify the applicant’s information, it may take longer.
People also ask
What does it mean if my LendingClub loan was funded but denied?
When a LendingClub loan gets funded but denied, it means that investors were willing to back the loan but LendingClub decided the applicant was not creditworthy enough. LendingClub allow loans to get funded by groups of individual investors looking to make money through interest. But before the investors shell out their money, LendingClub is responsible for making sure that the applicant has a reasonable chance of paying it back.
The first part of the...
read full answer by Adam McCann, Financial WriterHow long does it take to get a personal loan?
It takes 7 business days or less to get a personal loan in most cases. The fastest you can get a personal loan is the same day you apply. The longest the process can take is over 30 business days. There are many factors that go into a personal loan decision and how long it takes to come. Two important ones are your creditworthiness and the accuracy of the information on your application.
The...
read full answer by Adam McCann, Financial WriterWhat credit score is needed for LendingClub?
You need a minimum credit score of 600 to get a personal loan from LendingClub, according to multiple third-party sources. That means you can get a personal loan from LendingClub with at least fair credit. Generally, a higher credit score will give you better approval odds for a LendingClub loan and will also likely get you better loan terms.
LendingClub Credit Score Requirement & Loan Terms
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