Debt consolidation


Borrower Member Loan 458938 | Lending Club Prospectus

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Amount Requested
$20,000
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

Borrower Profile

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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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Financial Innovation

If Lending Club’s expansion succeeds, it’s more likely that it will be the company that hooks you up when it’s time to buy that new car, send the kid to college, or pay off that high-interest credit card. And those with money to save will be more likely to lend it out for vastly better interest than the near-zero rates that bank savings accounts offer today.

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Featured Borrower

Andy

"The interest rate on my loan through Lending Club is a third less than what I was paying before, and it’s very satisfying to know that there is an end date for being done with my debt."