Lending ClubPersonal Loans

LendingClub is not a bank, but they are predatory lenders.

They are not clear about their rates, the ORIGINATION FEE (They definitely aren't a mortgage company)...and a little "bait and Switch or the interest and APR
5%-%15 then get a 24% APR (My credit scores run between 798-805 WTF
Not that fast...
I applied January 19 got funded February 2
Make you jump through hoops
Borrow $16, 000-$800 Origination FEE?!=$15, 200

Then in May (3 1/2 months later) it dawns on me that I could've just gone to my credit union and get a loan for this amount for only 9.9% so I apply and get approved that day, funds are transferred into my account overnight! NO $&%&# $800 ORIGINATION FEE!!!
Monthly payment $489.00 mo!!! $101.00 a month cheaper for a total savings of $1, 212.00 a year or $3, 636.00 over the 36 months...thats a car down payment, cruise, vacation, etc!

After making 3x payments of $590.39 ($1771.17 for three months) the payoff amount is $15, 207.00 ($7.00 more than they gave me!)

So to take possession of the original $15, 200.00 for 3 1/2 months is cost me ($1771.17 + $800.00=$2571.17 or $857.06 month)

Then when I schedule the payoff, I tell the girl to schedule the payoff payment for May 21st since my bank won't clear an amount that large overnight and to do it before would cause the transaction to bounce...she says since it is Saturday there is no clearing so it would have to be either Friday May 20th or Monday May 23rd... common sense would say lets go with the Monday May 23rd...which is what I instruct her to do.

What day does she schedule?...YEP! May 20th!!!

I only caught it by going out on the website to check it the same evening as my scheduling the 23rd.

If I didn't catch it...I would have been dinged by my bank for a $15, 207.00 NSF, my first NSF in over 25 years!

LendingClub is definitely "Caveat Emptor", expensive

Crowd Funding is a great concept, but it is supposed to be a better, less expensive, easier access way to fund.
Not a more expensive, jump through getting a mortgage type hoop loan.
I have heard even complain they get turned down by LendingClub then approved by their own cheaper bank or credit union for lower rates, no ORIGINATION FEES or prepayment penalties.

From an investor's position, I wonder if they see any part of that $800.00 origination fee?
You know they are only seeing a portion of the interest even though it is their money at risk.

Well, I'm not surprised the CEO has just resigned this week for "irregularities"

Personal Loans

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