Anyone dealt with Lending Club?

[Muddy Creek Sam]

Was looking at them for a Debt consolidation loan, anyone dealt with them before?

Thanks,

Sam :D

[P.K.]

Consult Dave Ramsey .COM move on from there.

I hate it, My wife hate's it but by god it's doing the trick.

Bennie weenie, Rammen Noodles, Powdered Milk.....We are doing it, hate it but by god our kids are going to be able to ask.....Debt? What is that? Cash is how we do things.

[Bloodman14]

Whatever you do, DON'T call a place called Mesa Rock Financial! Legal scam, is all it is. Ask how I know.

[Ronbo256]

2nd on Dave Ramsey, it will hurt, but in the long run it will hurt a lot less. 95% of debt consolidation loan places are scammers, sad but true.

[P.K.]

Was looking at them for a Debt consolidation loan, anyone dealt with them before?

Thanks,

Sam :D

There is scripture out there, heaven forbid I can't recall the passedge, but "a debtor is a slave to the lendor." Or somethin close. You sir have power over your debt. Decide what is more important. Fiscal freedom or paying paycheck to paycheck. NEVER BORROW TO PAY DEBT....Stabbing Peter to Pay Paul.

I have a wish list of molds, powders, dies and guns. I look at them and hope I will have them someday. Next to it are pictures of my kids, the list is secondary.

[waksupi]

I agree with the Dave Ramsey suggestion. You may also want to talk to someone at your local bank or credit union, and see what their suggestions are. You may very well find a better rate through them.

[lavenatti]

Be carefull and do the math on your own if you choose to consolidate. I've talked a few recent grads out of consolidating student loans. They never realized that not only would they be paying lots more money in the long run, but they were giving up loans with simple interest to take on a loan with compound interest. Big increase in total money needed to pay off the loan.

[Blacksmith]

Also be very carefull about changing unsecured debt to secured debt. Credit card debt is typically unsecured meaning you don't put up colateral verses a second mortage which is secured debt secured by the colateral of your house. If you don't pay the unsecured credit card they can mess up your credit report but can't take anything. If you don't pay the secured debt they can mess up your credit report and TAKE Your House.

Blacksmith

[Stick_man]

Sam, have you talked with any debt counselors about your situation yet? That is probably the first step I'd recommend before going to any debt consolidators. I agree with everything said above about the situation. If you were a little closer, I'd offer to sit down with you to go over your finances to help you come up with a plan to resolve your situation. As stated earlier, indebtedness = slavery. Until you are out of debt, you will always be a slave to it.

I'd be willing to help (through a more private channel) come up with a plan for you if you would like.

[ErikO]

Also be very carefull about changing unsecured debt to secured debt. Credit card debt is typically unsecured meaning you don't put up colateral verses a second mortage which is secured debt secured by the colateral of your house. If you don't pay the unsecured credit card they can mess up your credit report but can't take anything. If you don't pay the secured debt they can mess up your credit report and TAKE Your House.

Blacksmith

+1

Although, unsecured debt can still get you a wage garnishment. Be sure to negotiate terms you CAN HONESTLY keep.

[Bret4207]

I'm terrible with money, I can always make the wrong choice. That being said, I learned a lot just listening to Dave Ramsey on the radio. It only takes about 2 weeks and you'll have heard every possible story. They all revolve around the same thing- Someone somehow gets in over their head, it doesn't matter how, and is looking for a painless way out. The answer is always the same- there is NO painless way. Every answer is the common sense answer- spend less, get rid of the stupidly expensive krap you can't afford, (every week there will be a least 3 callers with multiple condos and homes and boats and cars!), downsize, sell what you can, pay off the highest interest stuff first. Then, once you get out of debt, never get back in.

You cannot borrow your way out of debt, you can just stretch the payments out, but you'll still pay more. I've seen every possible way of avoiding the obvious in my own extended family- you can not spend more than you make and stay solvent. BT,DT, got the tee shirt. So you have to figure out what is important and go with that. If you can sell stuff or find extra work, do it. I'm in that boat now myself. It often doesn't take much to get your head above water, but there's a problem with that- you snag a job or become Mr.Ebay and get above water. What you should then do is apply any extra to your debt. What I've seen people do is decide since they having breathing room, now would be a great time for a new car! I mean, it's practically 0% interest!!! Dumb. Or they decide they don't need to brown bag it anymore or they can start stopping for a couple beers after work. Whatever. The key is discipline and most of us have a limited amount of that. So, just be careful when you do figure things out that you don't wind up worse than before.

[RugerFan]

I'm terrible with money, I can always make the wrong choice. That being said, I learned a lot just listening to Dave Ramsey on the radio. It only takes about 2 weeks and you'll have heard every possible story. They all revolve around the same thing- Someone somehow gets in over their head, it doesn't matter how, and is looking for a painless way out. The answer is always the same- there is NO painless way. Every answer is the common sense answer- spend less, get rid of the stupidly expensive krap you can't afford, (every week there will be a least 3 callers with multiple condos and homes and boats and cars!), downsize, sell what you can, pay off the highest interest stuff first. Then, once you get out of debt, never get back in.

You cannot borrow your way out of debt, you can just stretch the payments out, but you'll still pay more. I've seen every possible way of avoiding the obvious in my own extended family- you can not spend more than you make and stay solvent. BT,DT, got the tee shirt. So you have to figure out what is important and go with that. If you can sell stuff or find extra work, do it. I'm in that boat now myself. It often doesn't take much to get your head above water, but there's a problem with that- you snag a job or become Mr.Ebay and get above water. What you should then do is apply any extra to your debt. What I've seen people do is decide since they having breathing room, now would be a great time for a new car! I mean, it's practically 0% interest!!! Dumb. Or they decide they don't need to brown bag it anymore or they can start stopping for a couple beers after work. Whatever. The key is discipline and most of us have a limited amount of that. So, just be careful when you do figure things out that you don't wind up worse than before.

Wise counsel indeed.

[sljacob]

+1 on all the above advice. I took out a consolidation loan a few years back and true it lowered my monthly payments but it added years and a lot of dollars to the goal of being debt free.