Wednesday, July 15, 2009

First Lending Club payment still "Processing" after 3 days

Since I posted yesterday about the first payment on my first Lending Club investment loan which was due three days ago, there has been no change in status, other than that accrued interest is another day higher.

It could take up to four business days for the proceeds from the ACH debit of the borrowers bank account to be finally posted to my Lending Club account.

In fact, Rob Garcia of Lending Club sent me a "tweet" on Twitter confirming that it does take 2-4 business days for an ACH transfer to get credited to a Lending Club account.

But, even if the payment hits my account tomorrow, it is not clear whether I will see it online tomorrow or whether I will have to wait for the account to get updated overnight. No big deal per se, but I would like to understand the process.

The first payment for my second investment loan is due on Friday. In theory, I will see that payment a week from tomorrow.

-- Jack Krupansky

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