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5 From 1 Reviews
Customer Support 5
Interest & Loan Costs 5
Flexibility & Loan Terms 5
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Lending Club - Summary

Lending Club is the largest online personal loan lender in the U.S., facilitating billions of dollars in loans each year. Taking its first steps as a pioneer in the peer-to-peer lending industry, Lending Club connects potential borrowers with investors.

To secure a loan from Lending Club, borrowers are screened carefully and must meet certain underwriting guidelines to be approved by at least one investor.

Lending Club assigns an approved borrower a grade based on credit information and income. This grade, which can only be seen by investors, determines whether the loan will be funded and for which interest rates the applicant may qualify.

Lending Club Offers Competitive Rates

Lending Club rates start as low as 5.32 % unless borrowers have excellent credit that qualifies them for a special low rate. Origination fee for Lending Club loans is from 1 % to 6 %.

Lending Club is one of the few peer-to-peer loan companies that allow joint loan applications, which can be helpful in situations where the credit score of one party can secure a lower interest rate than the other borrower would have otherwise.

To qualify for a Lending Club loan, you and/or your co-applicant must meet the following requirements:

  • A minimum credit score of 600
  • A debt-to-income ratio that doesn’t exceed 35 %
  • A minimum credit history of three years

The company doesn’t give information on minimum income requirements, but the requirements are usually high for peer-to-peer lending. A review of Lending Club income verification guidelines shows that the example incomes the company uses start at $60,000.

Borrow What You Need with Some Conditions

If you meet the requirements, you can request a loan for as little as $1,000 or as much as $40,000. Any Lending Club review backs up the fact that the company is a little slower on depositing funds into your bank account. Many companies take just a couple days, but Lending Club can take up to seven days.

Other elements to know about Lending Club loans include:

  • The loan origination fee can range from 1 percent to 6 percent of the loan amount. The percentage is determined by the score assigned by Lending Club.
  • There are no prepayment penalties.
  • There are late fees.

Lending Club loans can be used for personal reasons, to fund a small business, or to finance elective medical procedures. All in all, Lending Club might be a good option if you have a minimum credit score of 600, a credit history of at least three years, a higher-than-average annual income, and a low debt-to-income ratio.

Reviews - Read Customer Reviews of Lending Club

  1. asdfgh
    says:
    5

    Very good service and loan rates are rather affordable, cheaper than using a credit card!




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