Verified salary?

[sk24iam]

Are all salaries verified by Lendingclub before the loan is issued? I see a lot of loans that are not yet verified; does LC require that the salary is verified even if it is fully funded?

[Lloigor]

No, in fact the majority are never verified.

[AnilG]

According to prospectus, in past 12 months only 60% of borrowers either had employment or income verified. Based on the info that only 60% of requested borrowers satisfactorily respond to verification, you can assume only 36% of borrowers listed are honest and 64% fudge the employment or income information.

https://www.lendingclub.com/fileDownload.action?file=Clean_As_Filed_20121128.pdf&type=docs" class="bbc_link" target="_blank">https://www.lendingclub.com/fileDownload.action?file=Clean_As_Filed_20121128.pdf&type=docs

"Approximately 60% of the applicants during the 12-months ended September 30, 2012 had their employment or income verified by us by requiring the borrower to submit paystubs, IRS Forms W-2 or other tax records between the initial posting of a loan request and the issuance of a Member Loan."

"For the year ended June 30, 2012 of the borrower members undergoing income or employment verification:
• approximately 60% of requested borrowers provided us with satisfactory responses;
• approximately 8.4% of these borrowers withdrew their applications for loans; and
• approximately 31.6% of these borrowers either failed to respond to our request in full or provided information that failed to verify their stated information."

[yojoakak]

They'll be marked with an asterisk if they are.

Quote

[SeanMcD]

https://forum.lendacademy.com/index.php?topic=620.msg2648#msg88888888Quote"> from: AnilG on January 10, 2013, 04:57:43 PM