How Do I Know If My Lending Club Loan Is Approved

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Once you apply for a loan with Lending Club, you'll receive notification of approval or denial via email. Lending Club typically communicates the status of your loan application within a few business days after you submit your application.

Here's what you can expect during the approval process with Lending Club:

  1. Application Submission: After you submit your loan application through the Lending Club website or mobile app, the platform will begin reviewing your application.

  2. Initial Review: Lending Club will conduct an initial review of your application, including assessing your creditworthiness and verifying the information you provided. This process may involve checking your credit report and evaluating your income and employment information.

  3. Approval Decision: If your loan application is approved, you will receive an email notification from Lending Club informing you of the approval. The email will typically include details about the loan offer, such as the loan amount, interest rate, and terms of repayment.

  4. Loan Offer Acceptance: After receiving the approval notification, you'll have the opportunity to review the loan offer and decide whether to accept it. If you choose to accept the loan offer, you'll need to electronically sign the loan agreement to finalize the process.

  5. Funding: Once you accept the loan offer and sign the agreement, Lending Club will initiate the funding process. The loan funds will be deposited into your bank account within a few business days, typically via ACH transfer.

If your loan application is denied, Lending Club will also send you an email notification explaining the reasons for the denial. Common reasons for denial may include insufficient credit history, low credit score, or inability to meet Lending Club's underwriting criteria.

If you haven't received a decision on your loan application within a few business days, you can contact Lending Club's customer service for assistance. They can provide updates on the status of your application and address any questions or concerns you may have.

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