Lending Club Blog

Help Put Your Money to Work Faster with the “Approved” ReviewStatusFilter

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.

Monday, August 6th, 2012 at 9:00 am

Comments (6)

  1. Thanks for adding this feature. It’s important to allow people to
    invest quickly and easily in order to attract new investors.
    Personally, I’m always keeping an eye on upgrades here @ LC.. Keep
    up the good work. -Jason

    August 6th, 2012 at 5:27 pm

  2. Plasticman:

    The 60% of the loan funded : Get Funded! RULE is great for
    borrower-members in that they can ask for a slightly Larger Loan
    than needed and still receive the $amount they need to accomplish
    their spending needs. The 60% of the loan funded : Get Funded! Rule
    helps Lender-members like myself be more assured that 60 month
    Loans WILL Get Funded! This is a BRILLIANT MOVE on Lending Club’s
    part. Q.E.D. Plasticman

    August 13th, 2012 at 9:49 am

  3. Zach:

    How about some basic performance information such as times past
    30+, 60+, 90+ or disclosing certain hardships discovered during the
    collection process would help review owned loans & select loans
    in the secondary. Also a downloadable .XLS of the loans offered in
    the secondary & their details as well as a way to search for
    specific loans would be great. And, of course, more filters for the
    secondary.

    August 18th, 2012 at 4:22 am

  4. Kelsey:

    This is a good post. Thanks for sharing it. It helps me understand
    it better, and I agree with “Plasticman”.

    August 20th, 2012 at 9:26 pm

  5. columbus landmarks:

    Awesome tool. I will use it in future.

    September 2nd, 2012 at 5:58 pm

  6. erda:

    It’s important to allow people to invest quickly and easily in
    order to attract new investors. This will help us beeing able to
    put our money to work faster by selecting only loans that have
    already been approved by our credit team.This is great,thanks for
    adding this features:)

    September 7th, 2012 at 1:24 pm

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