If we’re not able to offer you access to a loan, you can immediately apply for a loan through one of our lending partners. Go to your Account Summary for more information.
You’re also welcome to come back and apply with us again in the future. Keep in mind that your credit profile can change every 30 days, and this may result in a different outcome next time.
Sections in this article cover:
- Why was I declined?
- How does being declined affect my credit score?
- Why was I declined after receiving an offer in the mail?
- Why was I declined for an additional loan?
Why was I declined?
The specific reasons why your loan application was declined are provided in an Adverse Action notice. You can view your Adverse Action notice by navigating to the Loan Documents page from your Account Summary.
At LendingClub, you apply online and find out instantly whether you’re pre-approved and what your offer is. If you choose to take the offer, we may ask you for documentation to verify your identity, employment, or income. If you don’t send us the documentation, or if your documents don’t match the information on your application, this can mean that the loan gets declined.
We understand that when that happens, it’s really frustrating. However, the trade-off is a streamlined process where you get a decision quickly and don't waste time if you don't qualify.
How does being declined affect my credit score?
When you apply for a loan, we use a soft credit inquiry to understand your credit history. This type of inquiry doesn’t affect your credit score. See Being declined doesn't hurt your credit for more information.
Why was I declined after receiving an offer in the mail?
We use information provided by credit bureaus to identify potential borrowers and invite them to apply. When you respond to a pre-approved offer, we request updated information from credit bureaus to verify that you continue to meet the criteria the offer was based on. We may also request additional information, such as income and employment status.
We use all of this information to determine if you qualify for a loan. Sometimes, your current outstanding debt is too high relative to your income, or changes have occurred in your credit report since we identified you as a potential borrower. In those cases, your loan may be declined.
Why was I declined for an additional loan?
We consider a variety of factors to determine if you qualify for an additional loan, and then send you an invitation when you're eligible. However, we still need to review your financial profile before you can be given an offer. Though you have been a great customer, sometimes your current outstanding debt is too high relative to your income, or your financial profile has changed. In those cases, you may not qualify right away. As you pay down your debt and improve your credit score, you'll have a better chance of getting an offer. As always, there’s no impact to your credit score to apply.
The specific reasons why your loan application was declined are provided in an adverse action notice. You can review your adverse action notice by signing into your Account Summary. When your financial profile has changed, you’re welcome to come back and see what you qualify for.