Author Topic: How long does it take borrowers to receive the money?  (Read 8304 times)

Soliloquy

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How long does it take borrowers to receive the money?
« on: October 24, 2011, 04:49:42 PM »
Out of curiosity, how long does it generally take a borrower to receive the money from start to finish?   (Assuming the loan does not have to be relisted.)  I ask because I wonder how much (if any) time it saves for a borrower in need of quick cash (say, for a damaged roof) than other routes such as saving up or getting a bank loan.

klm987

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Re: How long does it take borrowers to receive the money?
« Reply #1 on: October 24, 2011, 04:59:48 PM »
Depends. I've seen Lenders fund a loan in a single day, others take days or weeks. Depends on how good they think the loan is, or how much money they have sitting idle in their accounts.

Or do you mean how long does it take LendingClub to transfer the money once it's been funded?


From another blog:

"Let’s take last [April 20011] as an example. Some loan applications entered into Lending Club’s system on April 28 (the second last working day of the month) issued the very next day. Take a look at this loan, a $4,000 three-year credit card refinancing loan at 15.99%. It was submitted on 4/28/11 at 9:03am. It was issued the very next day, 4/29/11 at 11:58am. Or this loan, a $5,000 three-year home improvement loan at 14.79%. It was submitted at 9:16am on 4/28/11 and issued at 12:28pm on 4/29/11.

Now, that is just two loans out of the 1,563 loans issued last month. And several loans submitted on 4/28/11 took the full two weeks to fund. But if you analyze the loans from the last week of April, you will see that 4/27/11 was the best day to apply for a loan last month if you wanted your money quickly. Loans funded in an average of 6.15 days with a whopping 20 of the 52 loans submitted on that day funding in just two days."

http://www.sociallending.net/borrowing-2/the-best-day-to-borrow-money-at-lending-club/


« Last Edit: October 24, 2011, 05:03:34 PM by klm987 »

Soliloquy

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Re: How long does it take borrowers to receive the money?
« Reply #2 on: October 26, 2011, 02:00:07 PM »
 I did indeed mean to ask how long it took Lending Club to disburse the money once the loan was fully funded, and also how long the sign-up process took for borrowers.  So from start to finish, is there any time advantage for a borrower on Lending Club?

canamoney

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Re: How long does it take borrowers to receive the money?
« Reply #3 on: December 02, 2011, 06:25:34 PM »
I would imagine it is EFT so that you get the money pretty darn quick.  However, the funding process is certainly slower than walking into your local bank branch office and getting a loan funded same-day.