- Jun 24, 2001
- 24,195
- 857
- 126
Three years ago I signed up for a debt consolidation loan with LendingClub when one of you suggested it. Some of you even funded it (invested). Hah ha... SUCKERS!
J/K. Final payment is next month.
I'm still amazed at how effective it was. My credit score jumped to the highest tier and I was able to pay off all my high-interest cards in no time. The 0% balance transfers that I hadn't received offers for for years prior came back with a vengeance and I was able to stop the interest on the remaining balances and eventually pay them down as well.
Anyway, I'm ready for another loan to cover other things, so I put in for it last night but things seem very different. First, they force me to sign up with a new email address. Second, they don't let me explain my plans like I could before. Third, there was no place to put in a referral like I did before. Though my loan funded quickly anyway, I feel that the investors are being forced to operate in the dark.
Another strang change is that my rate is actually higher this time. Sure, it's lower than the boosted score right after the previous loan and CC payoffs because I now so have a car loan to pay but it's still higher than it was before the first loan. Furthermore, the interest rate is lower for higher loan amounts and higher for lower loan amounts, which is exactly opposite to how it worked before (I deliberately took the lower amount and paid off less CC debt in exchange for the lower APR).
My yearly income has significantly increased, my credit history is more varied and there have been no late payments or negative incidents. Why the heck would my interest rate not be much better than before?
J/K. Final payment is next month.
I'm still amazed at how effective it was. My credit score jumped to the highest tier and I was able to pay off all my high-interest cards in no time. The 0% balance transfers that I hadn't received offers for for years prior came back with a vengeance and I was able to stop the interest on the remaining balances and eventually pay them down as well.Anyway, I'm ready for another loan to cover other things, so I put in for it last night but things seem very different. First, they force me to sign up with a new email address. Second, they don't let me explain my plans like I could before. Third, there was no place to put in a referral like I did before. Though my loan funded quickly anyway, I feel that the investors are being forced to operate in the dark.
Another strang change is that my rate is actually higher this time. Sure, it's lower than the boosted score right after the previous loan and CC payoffs because I now so have a car loan to pay but it's still higher than it was before the first loan. Furthermore, the interest rate is lower for higher loan amounts and higher for lower loan amounts, which is exactly opposite to how it worked before (I deliberately took the lower amount and paid off less CC debt in exchange for the lower APR).
My yearly income has significantly increased, my credit history is more varied and there have been no late payments or negative incidents. Why the heck would my interest rate not be much better than before?
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