15K US Airways miles for $20K loan via Lending Club
Aug 3, 2014, 1:25 am
#1
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15K US Airways miles for $20K loan via Lending Club
LendingClub has an offer of 15,000 US Airways points if you borrow more than $20,000. Has anyone tried this. The ad says that the miles would be credited in six to eight weeks. What if you repay the loan in a week? Would the miles be still credited and also are there any prepayment penalties?
Aug 3, 2014, 9:38 am
#4
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See this thread http://www.flyertalk.com/forum/manuf...ding-club.html for more info on Lending Club.
Here is a CBS review: http://www.cbsnews.com/news/the-lend...itical-review/
Here is a CBS review: http://www.cbsnews.com/news/the-lend...itical-review/
Aug 3, 2014, 10:46 am
#5
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Aug 4, 2014, 6:12 am
#7
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Aug 12, 2014, 10:00 am
#8
Join Date: Mar 2013
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Trying to work the Lending Club system to earn airline points is a no-win game. If you already are in debt and you want to consolidate your bills while earning airline miles, that's ANOTHER story! But if you're just looking to churn another account look elsewhere as you will pay a 1% origination fee on the loan.
With that said, Lending Club has changed my life. In just 14 more months I will be revolving debt free. Prior to Lending Club, there was no end in site for me. I applied at my credit union, Wells Fargo, and a ton of other banks and they all turned me down for consolidation loans. Even Prosper, Lending Club's competitor, turned me down, but not Lending Club. My score was 700 due to having such high balances on some of my cards prior to doing lending club. Immediately after paying all the balances down with my Lending Club check my score increased, first to 720, then 740. Today I am at 775 and holding steady. I probably would go up even more but I now play the miles and points game like most of us on here do, so all the inquiries keep my score within a certain range of 760-780. Not bad.
I now use credit cards responsibly and play the game to win rather then letting the credit card companies beat me into their 15-20% interest charges. I enjoy the miles and points game, and I look forward to January, 2016 when my last lending club payment goes through and I will have $1000 a month back in my pocket to travel and have more fun in life (and invest some of it back for my future!).
With that said, Lending Club has changed my life. In just 14 more months I will be revolving debt free. Prior to Lending Club, there was no end in site for me. I applied at my credit union, Wells Fargo, and a ton of other banks and they all turned me down for consolidation loans. Even Prosper, Lending Club's competitor, turned me down, but not Lending Club. My score was 700 due to having such high balances on some of my cards prior to doing lending club. Immediately after paying all the balances down with my Lending Club check my score increased, first to 720, then 740. Today I am at 775 and holding steady. I probably would go up even more but I now play the miles and points game like most of us on here do, so all the inquiries keep my score within a certain range of 760-780. Not bad.
I now use credit cards responsibly and play the game to win rather then letting the credit card companies beat me into their 15-20% interest charges. I enjoy the miles and points game, and I look forward to January, 2016 when my last lending club payment goes through and I will have $1000 a month back in my pocket to travel and have more fun in life (and invest some of it back for my future!).
Aug 15, 2014, 3:59 pm
#10
Join Date: Feb 2012
Posts: 731
Trying to work the Lending Club system to earn airline points is a no-win game. If you already are in debt and you want to consolidate your bills while earning airline miles, that's ANOTHER story! But if you're just looking to churn another account look elsewhere as you will pay a 1% origination fee on the loan.
With that said, Lending Club has changed my life. In just 14 more months I will be revolving debt free. Prior to Lending Club, there was no end in site for me. I applied at my credit union, Wells Fargo, and a ton of other banks and they all turned me down for consolidation loans. Even Prosper, Lending Club's competitor, turned me down, but not Lending Club. My score was 700 due to having such high balances on some of my cards prior to doing lending club. Immediately after paying all the balances down with my Lending Club check my score increased, first to 720, then 740. Today I am at 775 and holding steady. I probably would go up even more but I now play the miles and points game like most of us on here do, so all the inquiries keep my score within a certain range of 760-780. Not bad.
I now use credit cards responsibly and play the game to win rather then letting the credit card companies beat me into their 15-20% interest charges. I enjoy the miles and points game, and I look forward to January, 2016 when my last lending club payment goes through and I will have $1000 a month back in my pocket to travel and have more fun in life (and invest some of it back for my future!).
With that said, Lending Club has changed my life. In just 14 more months I will be revolving debt free. Prior to Lending Club, there was no end in site for me. I applied at my credit union, Wells Fargo, and a ton of other banks and they all turned me down for consolidation loans. Even Prosper, Lending Club's competitor, turned me down, but not Lending Club. My score was 700 due to having such high balances on some of my cards prior to doing lending club. Immediately after paying all the balances down with my Lending Club check my score increased, first to 720, then 740. Today I am at 775 and holding steady. I probably would go up even more but I now play the miles and points game like most of us on here do, so all the inquiries keep my score within a certain range of 760-780. Not bad.
I now use credit cards responsibly and play the game to win rather then letting the credit card companies beat me into their 15-20% interest charges. I enjoy the miles and points game, and I look forward to January, 2016 when my last lending club payment goes through and I will have $1000 a month back in my pocket to travel and have more fun in life (and invest some of it back for my future!).
Seems to me that you just shifted your credit card debt to a lending club debt.
Aug 21, 2014, 2:27 pm
#11
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This just sounds like an awful deal.
Are there mileage bonuses for putting in money on the investment side of LC? That might or might not be just as awful of a deal, but I'm curious.
Are there mileage bonuses for putting in money on the investment side of LC? That might or might not be just as awful of a deal, but I'm curious.