We strive to make the loan approval and investor funding processes as streamlined as possible for our borrowers and investors. To do so, we conduct these two processes on parallel paths – investors can commit funds to Notes listed on the Lending Club platform while our credit team reviews and verifies facets of underlying borrowers’ pre-approved loan applications. If an investor commits funds to a Note and our credit team later declines the underlying loan application, the committed funds become available again within the investor’s account.
By using our “Approved” Review Status filter you may be able to put your money to work faster by selecting only loans that have already been approved by our credit team. These Notes may fund more quickly and generally are less likely to be removed from the Lending Club platform.
Setting up the filter is simple:
1) When you’re logged in, go to the “Browse Notes” section and select the “More Filters>>” option on the left sidebar.
2) An overlay will appear on screen with various filter options. Check the “Review Status” filter and select “Close”.
3) Within the “Filter Notes” section a new “Review Status” option will appear at the bottom of the filter criteria list. Click “Review Status” to expand the menu and check the “Approved” box.
4) Click on “Update Results”.
Voila! Now you’ll only see Notes that have already been approved by our credit team. This filter will be displayed on the left sidebar of your Browse Notes view, and you can turn it on or off at any time. These loans will issue once their funding commitments reach 100% of the requested amount, which may be faster than for loans that have not yet been approved (keep in mind that a loan may still not issue if it fails to attract adequate funding* or if the applicant withdraws their loan request).
Using the “Approved” Review Status filter will potentially allow you to put your money to work faster, but be aware that by using this filter you’ll likely reduce the total pool of loans displayed for investment (since “Approved” loans are fewer in number), and there may also be increased competition to fund these loans.
* Loans that do not attract funding commitments for 100% of the requested amount will issue after 14 days if funding commitments total at least 60% of the requested amount. This currently occurs in less than 1% of issued loans.Print This Post