Your LendingClub final review may be taking a long time because LendingClub is having trouble deciding whether or not you are qualified for a loan. One reason this might happen is that LendingClub is unable to quickly verify the information on your application. Another reason could be that you are right on the borderline based on creditworthiness. A closer, manual look could be needed to determine if your income is high enough to outweigh your credit score or vice versa.
LendingClub says the entire application, approval and funding process takes 7 business days or fewer, on average. So if it hasn’t yet been 7 business days, there’s no reason to worry. Anecdotal evidence from credit forums shows that some people have had to wait more than a week and a half for the final review to conclude. But if you’re concerned about your LendingClub final review taking a long time, you can always call customer service for help. The number is 1 (888) 596-3157.
It’s also helpful to be fully aware of how LendingClub’s application process works. When a potential borrower applies, LendingClub goes through a pre-qualification process. This tests whether the applicant meets some basic requirements. If the applicant makes it through this process, they are able to post their loan request on LendingClub’s marketplace for funding by investors. During this process, LendingClub will do an in-depth review of the borrower’s profile. That includes a hard pull of their credit. Usually this final review takes place during the funding process. But depending on how quickly LendingClub is able to verify the applicant’s information, it may take longer.
This answer was last updated on 01/09/23 and it was first published on 01/22/20. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
