Debt consolidation

Borrower Member Loan 458938 | Lending Club Prospectus

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Amount Requested
Loan Purpose Debt consolidation
Loan Grade B3
Interest Rate 11.83%
Loan Length 3 years (36 payments)
Monthly Payment $662.68 / month
Funding Received $20,000 (100.00% funded)
Investors 233 people funded this loan
Note issued on 11/20/09 7:34 AM
Note Status Fully Paid
Loan Submitted on 11/9/09 8:28 PM

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Loan Description

571706 added on 11/09/09 > Low risk - high value. Excellent credit scores. Stable income from an executive position at a cash out of pocket company.

Questions & Answers

Q: Excellent loan description, but it's also too good to be true especially in today's economy. Need to know what the "personal" loan will be used for? Specific information please.
A: (11/10/2009-18:17) - Thank you for your question. The purpose of my funding request is to reduce then eliminate rising interest costs by consolidating higher interest CCs with LC.

Q: I suggest you contact Lending Club and have your income verified as this will increase lender confidence in your loan.
A: (11/13/2009-19:12) - Thank you for the information. You will see that confirmation from LC shortly. Information is indeed accurate.

Q: Nothing says verification like an asterisk next to your income. When I see that, I will invest. So, click on
A: (11/17/2009-18:46) - Thanks for your question. Lending Club has all the necessary documentation and I imagine will be placing your needed asterisk shortly.

Q: Your CC balance is $8,156. What will the remainder of the $20K loan be used for?
A: (11/17/2009-18:45) - Thank you for your question. The purpose of the loan is to consolidate debt at a lower rate.

Q: You credit card debt is $8,156 (according to your credit history). That leaves a balance of $11,844. What will you use this money for? Do you have other debt not reflected in your revolving credit balance?
A: (11/17/2009-19:35) - Thank you for your question. I appreciate your interest in the loan. As mentioned in the previous answer the purpose is to consolidate debt at a lower rate. The remaining balance you refer to will be used for the same purpose. The credit report is accurate related to my personal revolving balances.

Q: I am sorry, but I still do not understand what the remaining $11,844 will be used for. Do you have other debt not reflected in your credit report? Do you have a business debt for example? If so, can you please describe this?
A: (11/18/2009-19:12) - Thanks for your question. As I mentioned in the previous answer. The report is accurate as to my outstanding balances. I have no business debt. This loan is not to designed to fund any business related expenses. The purpose of the loan is to consolidate high interest debt to a lower rate loan.

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"Getting engaged forced me to make some important financial decisions, so I consolidated several sources of debt with a single loan from Lending Club."