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2.5

Didn't really need the loan so much as wanteds to consolidate a loan with higher interest and a car loan into one payment. Large income and NEVER out of work in 40 years.

Pre- approval letter came. I guess I was pre approved for refusal. Never late on two small loans but had credit issues 6 years ago. Did they check ANYTHING when they PRE APPROVED me.

Good thing i wasn't desperate hey? Waste of my time and good mood. Apparently,even though they solicited my business and told me I was pre approved that was hog wash. You are welcome to send me an offer telling me GOOD LUCK WE MIGHT GIVE YOU SOME MONEY BUT PROBABLY NOT offer.

Looks to me like they could save money if they actually gave loans to preapproved people. Oh wait, that's just a scam isn't it?

Reason of review: Not as described/ advertised.

Preferred solution: stop sending false offers of preapproval when there is NO SUCH OFFER.

Location: Hot Springs, Arkansas

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Guest

I got a pre-approval code but was denied too. There's a hugh difference between Pre-qualified and Pre-approved. False advertisement for sure.

Guest

I fell for it, too, only to be denied. What's the point?

Seems it's false advertising. I'd rather they take me off their mailing list.

Guest
reply icon Replying to comment of Guest-1614711

The United States code for mail and wire fraud is quite clear. Paraphased it implies :Whoever uses the United States Postal Service in a scheme to be commit fraud or is used in the furtherance of any Fraud has engaged in mail fraud.

Further, if the results of that fraud involve the use of the wire, funds transfer and/ or involves the services of Banks in the furtherance may be elevated to mail and wire fraud. Also is they receive money or benefit from such an activity may be charged with Money Laundering as well. Depends on how far the activity goes.

Read the charges anticipated to be brought by the US attorneys office and the securities exchange. You will see how much it cost to get away with it as well.

Guest

BOGUS. Scam Company just want your personal information. Don't be fooled by your pre-approved leter, just some *** scam.

Guest
reply icon Replying to comment of Guest-1525431

Pre-approved means they got your name from the credit bureaus based on a set of criteria. It could be anything.

It could people with 720 score and a high debt to income ratio for example. They only get names that meet what they're looking for. That's it, nothing else. They don't know how @#$# up credit really is until you give them your SS# and they pull your file.

After that happens, you're getting rejected as you probably knew you would. Read the print on the ads, they tell you all you need to know to make a decision whether you should try out or not.

Guest
reply icon Replying to comment of Guest-1549231

Pre-approved means absolutely nothing. It really means your name, your credit Score and other data was purchased or authorized to be mined for data from the credit bureau's so-called confidential records to pick out unsuspecting targets for these type of companies to engage in mailing solicitations using the United States Postal System.

The companies that qualify to get that information are those companies that are members (that also report and participate in the assembly of your credit profile) and have Promised (ha Ha) not to use in any potential criminal activities. As well as any manner that may cause or create a potential civil liability ( bigger Ha Ha) for any misuse thereof. Now if you didn't ask for the solicitation or didn't authorize the fishing expedition of your personal credit files of your private credit file information.

HUMMMMMMM But if the actual data in the credit Burea's files were filtered out then the credit bureau has participated in the targeting process to help select the unsuspecting victims and forward their names. Then the credit bureau increases its revenue by the increased activity in the actual approval process.

Guest

Same thing happened to me. Why send a pre approval for a refusal?

Guest
reply icon Replying to comment of Guest-1505593

Pre-approved means absolutely nothing. It really means your name, your credit Score and other data was purchased or authorized to be mined for data from the credit bureau's so-called confidential records to pick out unsuspecting targets for these type of companies to engage in mailing solicitations using the United States Postal System.

The companies that qualify to get that information are those companies that are members (that also report and participate in the assembly of your credit profile) and have Promised (ha Ha) not to use in any potential criminal activities. As well as any manner that may cause or create a potential civil liability ( bigger Ha Ha) for any misuse thereof. Now if you didn't ask for the solicitation or didn't authorize the fishing expedition of your personal credit files of your private credit file information.

HUMMMMMMM But if the actual data in the credit Burea's files were filtered out then the credit bureau has participated in the targeting process to help select the unsuspecting victims and forward their names. Then the credit bureau increases its revenue by the increased activity in the actual approval process.

Guest

Received message that I was approved for a loan with Lending Club. Applied and was denied and then turned over to one of their affiliates.

I was approved with them but they started asking for banking info, password, etc.

and I declined. They told me this is how it works if you receive an approval letter but are turned down you are referred to one of their affiliates.

Guest
reply icon Replying to comment of Guest-1394943

They shouldn't have asked for a password. Typically, they would need your bank info if you requested to have the money electronically deposited.

Guest
reply icon Replying to comment of Guest-1475735

They can ask for the password to look into the Bank account activity to determine if there is a potential cash flow problem or to determine that average daily balance would support the future payment activity of the loan as well to determine if all the payments are made from the account reflected in the credit bureau's reports etc. In short to locate a "Aha" moment to jack the rate and cost.

They can only do so with an unsuspecting customer and with their consent. Is it ethical or legal?

Borderline it seems to me. Typically they ask for your account number and name on the account to send and receive a very very small amount of money first to make sure the potential funds to be deposited are going into the right designated account and the funds will be paid from the designated account in a prearranged and authorized debit system.

Guest

Actually the same thing just happened with me good credit never any late but wanted to consolidate pay all off and have one loan We got a loan amount and a payment I could work with that would actually save me $400 per month and right at the last moment I received that phone call too many obligations Wow that's what I wanted money for Hog wash !!!

Guest
reply icon Replying to comment of Guest-1324209

Exactly. Nothing but a number

Guest

how do i know where to place pre-approval code to start process for loan from lending club

Guest
reply icon Replying to comment of Guest-1009103

start with the toilet it mean nothing. Do the process without the code and the results most likely will be the same.

Guest

Dear Lending Club,

I read your reply. Interesting since in the last few months, my debt has gone down, credit score up.

Tried your so called pre-approval and turned down. Reason: low credit score. SAY WHAT! 793 is low?

Well don't need you. Told my dad about the problem, he was set to invest but decided on TESLA instead.

He bought TESLA at $30.00 a share at 75 shares...now worth $230.00 a share. So we don't need you and you don't need us...hahahaha.

Guest
reply icon Replying to comment of Guest-935959

clearly lies

Guest

Same here, so went to Prosper and they gave me my loan. All I wanted was to consolidate and pay off a few credit cards I selfishly used to help my disable grand daughter's parents out during the great recession.

Paid off those with the Prosper loan closed all but one (which I have not used since) and shredded. Using tax refund to pay down the loan.

HELLO COMPANIES don't send out fake pre-approvals. My credit is o.k. and getting better.

I am only a few years out from paying off my house and refuse to take out a home equity loan.

So that's why I took the bait from lending club.

In 5 years i will be mortgage, car payment and Prosper loan and completely debt free if not sooner, so please tell me again why I couldn't qualify for Lending Club?

Giuseppina Cpq

Obviously you have no clue what pre-approved means and did not read it through. You might have been approved based on where you were originally,b ut things look like they changed. I always like the guys who says, I am NEVER late, then in the next sentence says you had credit issues 6 years ago

Guest
reply icon Replying to comment of Giuseppina Cpq

Yes, that may be true but they are not the Brokers that make them Broker or the Banker that is Banking on them missing a payment by a day or two to Jack the rate and profit from the scheme. They are not the expert on scamming a borrower because they are the sheep being sheared.

Less than 8 percent of the population is perfect in the lives credit history.

That is why you failed to mention after 7 years or ten years. You seem to strike me as the one that would mine more for the negative than the positive.

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