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Author Topic: Loan question

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Loan question
OP: January 10, 2015, 12:00:00 AM
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?

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Loan question
#1: January 10, 2015, 12:00:00 AM
After fully funded & LC does final checks.
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Loan question
#2: January 10, 2015, 12:00:00 AM
Also, you will not get 100% of the requested loan amount.  LC will take an origination fee between 1% - 5% (depending in your grade).
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