Want to know more about LendingClub Personal Loans Review? LendingClub personal loans are loans that are suited for good- or fair-credit borrowers considering financing large purchases or consolidating debt. Though not the lowest-cost lender, LendingClub offers supple payments, and they are transparent about their fees and rates
LendingClub is a peer-to-peer corporation that acts as an agent to match investors with want-to-be borrowers. You can take out personal and business loans and take advantage of medical and auto financing. Instead of a financial institution or bank, investors act as lenders to help you fund your loan.
LendingClub’s unsecured personal loans come in different range, that has decent annual percentage rates (APRs), but it’s not the lowest available. LendingClub charges starting fees and entails fair to excellent credit to be eligible. If you have bad credit and you are accepted for a loan that has a high-interest rate along with a steep beginning fee, you may be better with a different lender.
LendingClub Personal Loans Review
LendingClub does not charge brokerage fees or application fees, so other lenders cannot charge you on behalf of LendingClub.
Now, LendingClub charges a starting fee of 1% to 6% on personal loans and also a late payment fee of about 5% of the unpaid payment amount, whichever is greater. No prepayment penalty is applied if you pay off the loan on time.
To borrow from LendingClub, you must be a U.S. citizen or living in the U.S. or a permanent resident on a long-term visa, as you read further you will get to know the eligibility criteria to get the loan.
- They offer joint loan options.
- They also offer direct payment to creditors by debt consolidation loans.
- Easy credit check alongside pre-qualification.
- The choice to change your payment date.
- Borrowers can select from two refund term options only.
- They charge starting fee.
Qualification for the LendingClub Personal Loan
LendingClub considers information such as your credit history, existing debts, income, and cash flow when making the loan decision. Below are some of the minimum requirements to get a loan;
- The required minimum credit score is 600.
- The maximum DTI (Debt-to-Income) is 60%; and 40% for joint applicants.
- The least credit history should be more than 18 months.
- The minimum number of accounts on your credit report should be at least two revolving accounts.
- Your monthly income after the payment of other debts and your living expenses should be enough to cover your new personal loan payments.
The normal borrower has a higher credit score and a lower debt-to-income ratio than the minimums, though.
How to Apply For a Lending Club Loan
- To apply for the lending club loan, first, you need to check your rate b visiting their website, then scroll down and click on the check our rate which is highlighted below the page.
- You will be directed to a new page where you will ask to select if the loan is for only you or more than one, if it’s only you, click on just me, then click on next.
- You will be required to fill in your date of birth and click on next
- You will then be directed to fill in your annual income, and then click on next
- You will be taken to a new page where you will be required to fill in your name, fill in your first name, then your last name, and click again on next.
- Enter your street address, city, state, and your zip code, and then click on next
After finalizing the verification of your identity, wait for their approval. The loan approval can take from a few hours to several days. At LendingClub, most members are approved within a period of 24 hours. They also give you the chance to check your application status at any time.
Lending Club Login
To log in to your lending club account is quite simple as you already have an account with them. Just follow the steps below;
- Firstly you will have to go to their official log in the website.
- You will be required to enter your email address into the empty space provided on the page
- Then you will fill in the next line with the password you used in registering.
- Then scroll below and click on the highlighted sign-in below.
Remember to log in, you are already registered, if not follow the check above on how to apply.
In case you forgot your password worry not, there is a way to get to your account, as far as you remember your email address;
- Still on the login page, below the line where you to enter our password, click on forgot password
- Enter your email address
- Click below to submit
One good thing about LendingClub is that it’s an online lender that offers a diversity of personal loan options for you to choose from.
Frequently Asked Questions
How Long Does Funding Take for Lending Club?
The funds are directly deposited to your account within 1-3 business days. We use the direct deposit process exclusively, as it eliminates mailing issues or misplaced checks.
Why is Lending Club Shutting Down?
According to Lending Club’s website. “Unfortunately, under a prospective banking Framework, it is not economically practical for Lending Club to continue to offer Notes.
Why Does Lending Club Need My Bank Account?
If you choose to make automatic payments, we withdraw your payments electronically from this same account. Linking your bank account allows us to confirm the right place to send the funds.
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