Loan question

[frkyuan]

I'm new to P2P lending and just applied an loan on Lending Club. I got pre-approved very soon and now I can see my loan rate, origination fee and monthly payment. My question is: If my loan is finally approved and I take the loan, is the whole amount of loan transferred to my bank account immediately or not one time transferred until the loan has been fully funded by lenders?

Thanks.

[Fred93]

After fully funded & LC does final checks.

[Fred]

Also, you will not get 100% of the requested loan amount.  LC will take an origination fee between 1% - 5% (depending in your grade).