What does Lending Club verify?

Lending Club verifies the income of most loan applicants. When applicants apply for a loan, they go through a screening process that considers hundreds of data points that help identify which applications need further verification.Click to see full answer. Consequently, what information does lending club need? Identity and address documents You may need to provide a copy of your government-issued photo ID, recent utility bills, or other documents. Those help confirm your identity and current address. For your security, please do not send a copy of military ID.One may also ask, how long does it take Lending Club to approve your loan? The whole application, approval, and funding process takes on average 7 business days. In some cases, it can take a little longer. Once a loan is approved and backed by investors, the funds are electronically deposited into your bank account. Depending on your bank, this can take a few days. Also, does Lending Club ask for income verification? When and why we verify income and income source LendingClub uses a robust loan approval process. For income verification, loan applicants may be required to submit documents such as paystubs, W-2 forms, or other tax records that verify the income stated in their loan request.Is Lending Club legit?LendingClub has become one of the more reputable destinations for online personal loans, usually an ideal method to borrow for a special need or credit card debt consolidation. It helped to originate peer-to-peer marketplace lending, which matches borrowers with investors who are willing to fund the loans.

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