Any experience with Lending Club?

QuestionsAny experience with Lending Club?
Francesca Day asked 5 years ago

We’re trying to renovate (add bedroom and bathroom) and then refinance our house.  We are broken even on the mortgage right now (we owe $ 220, house appraised at $ 220), but we did an “as completed” appraisal that factored in the plans for the added bedroom and bathroom.  The “as completed appraisal” came in at $ 280K, so we want to borrow about $ 10K to do the renovation.  I’ve considered trying to do this with a Lowes card by calling for a CL increase, but then I got something in the mail from Lending Club.  The rates are much lower of course, but I have no idea about approval.  That’s the good and the bad, here’s the ugly:


We had a CH7 BK discharged two years ago.  We are back on our feet, working, income is good, etc…here are our credit scores (mine and my wife’s are almost identical):

Equifax – 680

Transunion – 675

Experian – 700


Do we have a shot at getting approved?  Would it be a better option than the Lowes card?  Remember, the idea would be to only pay minimum payments during construction, and then pay it off by taking cash out when we refi.

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