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Lending Club Reviews

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LendingClub offers Personal Loans for fair-credit. They also provide debt consolidation loans, business loans, and more at rather low fixed interest rates. Review the loan amounts and terms and check if you qualify for Lending Club services.

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Lending Club Rates and Fees

Max Loan Amount

Max Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

$40,000
Min APR

Min APR

The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

8.05%
Collateral

Collateral

Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.

None, Unsecured
Min Loan Amount

Min Loan Amount

It’s the minimal amount of cash advance you can apply for. It’s not always stated, the average sum is $100. But it may vary depending on the lender and the state’s regulations.

$1,000
Max APR

Max APR

The maximum percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

35.89%
Min Credit Score

Min Credit Score

Minimal credit score required for loan approval.

600
Turnaround Time

Turnaround Time

It's the period of time within which you get the money

4 - 11 business days
Terms

Terms

It’s the period of time within which you are to pay off your loan.

36 - 60 months

....

States where Lending Club is available

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  Available in 28 states
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Kentucky
  • Louisiana
  • Maine
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nevada
  • New Hampshire
  • New York
  • Rhode Island
  • South Carolina
  • South Dakota
  • Utah
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

If you're looking for basic Lending Club company information, what kind of loan, repayment terms and interest rates you can get, read the review and get all your questions answered.

Lending Club Online Lender

Find out if the company is legal, what fees and penalties it has, what advantages and disadvantages you should pay attention to before applying for a Lending Club loan.

Lending Club is a lending company, and its terms, conditions and fees vary from state to state. This company began its work in 2007, and Lending Club reports that during that time it has helped over 3 million customers obtain loans. The most popular type of loan is a payday loan, but more often than not, in order to get a loan, you need to have a good or excellent credit history. It is also worth noting that Lending Club has high interest rates relative to other competitors providing loans.

Lending Club loans can be used for almost any need. This way, you can cover large expenses, make a necessary purchase, or cover medical treatment. Many borrowers use Lending Club to refinance their credit card and consolidate debt. As you know, Lending Club loans are intended for those borrowers who want to consolidate their credit card debt, so many borrowers find this option very useful.

Lending Club is going to switch to traditional online lending through LendingClub Bank in 2021. The company also announces that it is not going to change loan products in the near future. So you can still apply and get your loan in 2021 as there will be no significant changes.

Who is the Lending Club loan suitable for?

Many potential borrowers are wondering if a Lending Club loan is right for them. It's hard to tell, of course, as terms and commissions vary from state to state. However, you can study the main points of who the Lending Club loan is suitable for and whether it is worth applying.

First and foremost, a Lending Club loan would be an excellent option for borrowers with good or excellent credit history, but a satisfactory credit is sufficient to be approved. Thus, if your credit rating is between 630 and 720, a Lending Club loan is right for you.

If you are looking to consolidate your existing debt, Lending Club is also a great option. As mentioned above, this company is aimed at borrowers who want to consolidate their debt, so if you need this option, Lending Club is ready to help you get the necessary financing so that you can cover your debts and get a better interest rate.

Building and improving your credit history is important for any borrower, especially if your credit rating is not as high as you would like. Thus, if you are looking to build credit or even improve it, Lending Club is a good option for you. By paying off your loan on time, you will improve your credit history. However, in order to do this, you need to plan a budget in order to avoid problems with late payments and non-payment fees.

Lending Club advantages and disadvantages

Before applying for a loan, any wise borrower should know the advantages and disadvantages of the loan and the lender he has chosen. Lending Club, like any other company, has a number of advantages and disadvantages. Study them carefully if you are considering Lending Club as a potential lender for your financing.

Pros
  • Loan amount. It doesn't matter if you are looking for a small amount or a large loan, Lending Club is ready to provide you with the financing you need. The minimum Lending Club loan amount is $ 1,000. As a rule, this amount is already enough to cover a large number of problems. However, if you need a large loan, you can apply for up to $ 40,000. Thus, with Lending Club, you can get from a small loan to a huge amount that will help you with any of your financial difficulties.
  • Debt Consolidation. As already mentioned, Lending Club specializes in providing loans to borrowers to consolidate existing debt. So if you have a credit card debt, you can take out a Lending Club loan at a lower interest rate and pay off your debt as quickly as possible. If you have questions about debt consolidation, you can also contact your lender and get advice before taking out a loan.
  • Availability. Since Lending Club has a minimum requested credit score of 600, you do not need to have excellent credit in order to get a loan. Of course, borrowers with an excellent credit rating and high income will get the best deals.
  • Joint and co-signed loan options. The advantage of the Lending Club is that it allows joint and co-signed loan applications.
  • Soft credit check. LendingClub gives borrowers the opportunity to visit their website and check the interest rate they can get. This option generates a soft credit pull, which doesn’t impact your credit score.
 
Cons

Disadvantages deserve special attention, as they help to understand whether it is worth applying for a loan or if you need to find something else. Be sure to research the disadvantages of Lending Club in order to understand if this loan is right for you and if it meets your expectations.

  • Origination fee. One of the main disadvantages of Lending Club is that they charge an origination fee. Thus, you will have to pay from 3 to 6 percent of the loan amount. Of course, the better your history and the higher your income, the more favorable interest you will receive, however, if your credit rating is 600, you can expect 5-6 percent of the loan amount. If you are applying for a small loan, then this will not be such a problem, but if you want to get $ 10,000, $ 20,000 or up to $ 40,000, then you risk overpaying a huge amount for obtaining a loan. It's also worth noting that most lenders do not charge this fee, so consider whether you are willing to overpay or should you look elsewhere.
  • Expensive loan amount. Lending Club has high interest rates relative to its competitors. Thus, you can get from 8.05% to 35.89% depending on your credit score, loan amount and salary. Compare the offers of competitors in order to understand if this loan is right for you or is it worth looking for something else.
  • Late fee. If you forgot about the payment or missed it, you will also have to pay a late fee. Thus, Lending Club charges a large number of commissions that can be avoided by working with another lender.
  • Limited term lengths. Lending Club offers you a choice of three or five years loan repayment period. Despite the fact that this is a fairly common type of payment for most online lenders, it takes away the borrower's ability to choose more flexible repayment terms. Thus, you cannot choose a shorter period and pay less interest. Also, you cannot take longer payment terms in order to reduce your monthly payments. Thus, the lack of flexible repayment terms is inconvenient for most borrowers.
 

Lending terms

Studying the terms of the loan is also an important step in obtaining financing. With information about the lender and financing, you can understand if this offer is right for you or if you should find a better one.

As you know, Lending Club offers personal loans from $ 1,000 to $ 40,000. Therefore, before you apply, research the costs you need to cover in order to understand how much you need to get. Remember, the smaller the loan amount, the lower the interest rate on the loan. The annual percentage rate ranges from 8.05 to 35.89 percent. Thus, you need to have high income and excellent credit in order to qualify for the best interest rates.

Also, you should pay attention to the fact that if you do not have such a high credit rating (from 600 to 660), you can get a loan of no more than $ 10,000.

What are the main factors affecting getting a loan from Lending Club?

Of course, credit rating and credit history are the main factors in loan approval. Also, the lender takes into account the debt to income ratio and the size of the loan. The loan term also matters when approving a loan. As you know, you can choose one of the proposed - 36 or 60 months. Also Your DTI must be 40 percent or lower.

What are the basic requirements for obtaining a Lending Club loan?

As you know, each lender has its own eligibility criteria. Thus, in order to get a loan from this or that lender, you need to meet certain requirements. While they may vary from state to state, there is a list of basic requirements for the Lending Club. Study it and make sure you match.

  • Your age. You must be at least 18 years of age or older to be eligible.
  • Citizenship. You must be a US citizen, official resident, or long-term visa holder. If you are illegally residing in the United States and need funding, unfortunately Lending Club will not be able to provide you with a loan.
  • Bank account. Since online lending is available, you need to have an active bank account. If your application for a Lending Club loan is approved, the money will be deposited into your bank account.
  • Income. You must provide proof of income in order to be eligible to receive a loan. The lender needs to make sure that you are able to repay the loan with interest on time, so he asks for proof of income.
  • Contact Information. You need to provide your residential address, phone number and email.

How to apply for a loan with Lending Club?

If you want to get a loan from Lending Club you need to know how to apply. Since Lending Club is a peer-to-peer lender, the application process will be different from other lenders. Also the fastest and most convenient way to apply for a loan is online lending.

In order to apply for a Lending Club loan you need to visit the lender's website and click the “Check my rate” button on the personal loans page. This way, you can find out what interest rates you will receive if approved. This step does not ask for a credit check, but you need to provide other information in order for the lender to understand if you qualify.

What information does the lender need?

Typically, the lender will ask for information about the purpose of the loan and its amount, information about your co-borrower, if you have one, your birthdate, total annual income. You must also provide basic information such as name, home address and email address.

This information will help the lender calculate the amount you can receive, as well as the interest rates, origination fee, and the monthly payment amount. Do not rush to agree to this offer! A smart borrower will compare offers. This way, you can avoid origination fees or high interest rates. Even if the offer seems good and profitable to you, always compare it with others to understand whether you have really found the most suitable loan for you.

If the offer suits you and it is the best of all that you have viewed, you can continue to fill out the application. Thus, you will be asked to provide a few more details such as the employer's phone number, place of work, employer's name and address, and social security number.

After providing this information, Lending Club will be able for a soft credit check that will not affect your rating. They need this information to make sure they are willing to finance your loan. However, before applying for a loan, Lending Club, like all other creditors, will conduct a hard credit check, which can negatively affect your rating.

When can you get the money?

Typically, working with Lending Club, you receive money in just four days. After approval of the application, the money will be credited to your active bank account and you can use it in order to solve your financial problems.

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