Are Lending Club Loan Offers for real?

I am assuming you are talking about the interest rates and size of loans available to people through the peer to peer lender Lending Club. Lending Tree is more of a matching service when it comes to personal loans, home and auto loans, and even credit cards.

If you can clarify what type of loan you are shopping that would help narrow my feedback and the discussion.

When it comes to the interest rates on personal loans through Lending Club, those great lower rates they have available are real enough. You do have to qualify through Lending Clubs credit scoring and loan approval model to get the best rates and higher loan amounts.

Lending Club loan approval.

If you have great credit and the ability to pay back your loan based on monthly cash flow, Lending Club is a good option for consolidating higher interest credit cards, funding a home improvement or other project, and even start up capital for a home based business.

If your credit is not excellent, but is good, the interest rates you pay Lending Club will be higher, and you may find you cannot get approval for larger loans, but can get a smaller loan amount approved.

Lending Club just announced last week that they will be offering smaller balance loans that have an increased risk profile with interest rates higher than they have had in the past, which could reach just over 30 percent.

Anyone declined a loan with Lending Club, post the reasons in the comments below and lets look at how to improve your situation.

Resolving or consolidating unpaid loans with Lending Club.

I have not covered negotiating settlements or otherwise resolving Lending Club loans on the site before, so as a bit of a side note, anyone unable to keep up payments on their Lending Club loan, and dealing with collections, you can negotiate lump sum settlements with Lending Club similar to how personal loans with major banks are settled.

I have seen 40 percent settlements on Lending Club loans. This negotiation target is something I have seen hit with contingency collectors, and with Lending Club loans being sold to debt buyers (unpaid loans being sold to debt buyers started happening last year).

I know that Lending Club loans are able to be enrolled in debt consolidation programs, such as through a credit counseling agency, but I was unable to confirm any interest rate concessions. I will look to do that this week and update this post if lower interest rates when enrolling in a DMP are confirmed.

Anyone with questions or concerns about Lending Club, when those loans make sense, and when alternatives may be better, can post  some details in the comments below for feedback.