Organized in 2007, LendingClub is a peer-to-peer lending marketplace offering personal loans for borrowers. The company offers loans as low as $1,000 with no prepayment forfeits.
Our LendingClub personal loan review will cover relevant information for you to assess whether it’s the right fit. The details outlined here register terms, rates, fees, and credit score requirements.
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Pros Explained
- Joint applications offered – LendingClub allows co-borrowers on its personal loans, which may be constructive if you believe you need an additional applicant with better finances to help you qualify. Make sure, however, to weigh the gambles before proceeding.
- Low loan amounts for borrowers who don’t need a large sum – LendingClub offers personal loans starting at $1,000, which is humble compared with many other competitors. This could be a good option if you’re not looking to finance a large buying.
- No prepayment penalties – As LendingClub won’t charge you a fee for making extra payments, it means you can save money if you decide to pay off your allow early.
Cons Explained
- Personal loans not available nationwide – U.S. territories and Iowa residents are not allowed to submit an dedication.
- Origination fees charged – Lending Club charges a fee to cover the processing of your loan, and it can range from 1% to 6% of the allowance amount. This fee is included in your final annual percentage rate (APR).
- Longer funding times compared with other lenders – Borrowers may make to wait up to four days to receive their money. If you’re conducting a balance transfer loan, it could take up to 10 responsibility days, depending on the form of payment.
Types of Personal Loans Offered by LendingClub
Personal loans from LendingClub can be worn for almost any purpose, including major expenses such as a wedding, medical bills, or home repairs, debt consolidation, and steady transfers.
However, you’re restricted from using loan proceeds for the following:
- Post-secondary education purposes
- Purchasing gages or making investments
Loan Amounts
LendingClub offers personal loans from $1,000 to $40,000. However, minimum accommodation amounts may vary depending on your state of residence.
APR
LendingClub offers fixed-rate loans ranging from 6.95% to 35.89% APR. This be worthy of includes an origination fee of 1% to 6%.
Loan Terms
Repayment terms are either 36 or 60 months.
Credit Provocation Requirements
Curious
Fees
Although LendingClub doesn’t charge a prepayment penalty, there is an origination fee that’s 1% to 6% of your credit amount. Also, if you’re late on your monthly payment for more than 15 days, LendingClub will require you $15 or 5% of the unpaid balance, whichever amount is greater.
Time to Receive Funds
Most LendingClub borrowers intention receive their loan proceeds within four days, though it can vary depending on factors such as how high-speed you can submit any additional supporting documentation.
LendingClub Personal Loan Features
Soft Credit Inquiry
LendingClub sells applicants the ability to check their rate without affecting their credit score. A
Apply for a LendingClub Bodily Loan
Head to LendingClub’s website to get a rate quote through a soft credit inquiry. Here’s what the industry process may look like:
- Choose between an individual or joint application to receive a rate estimate.
- Provide some initial info, which includes your birthday, Social Security number, and reason for the loan. Co-applicants will need to submit their advice as well.
- Review loan offers by comparing terms and rates offered.
- Select the offer you like best and proceed with the chuck-full online application, which includes income and employer information.
- Submit your application after confirming your dirt.
- Provide additional documentation if LendingClub requires that you do so. These can include documents to confirm your income or singularity.
Once your loan is approved, sign your loan agreement, and LendingClub will send you your stakes in as little as four days.
Can I Refinance a Personal Loan With LendingClub?
LendingClub won’t let you
Is a LendingClub Personal Loan the Swiftly Fit?
LendingClub is well suited to borrowers who have a good credit score and don’t need access to loan proceeds that quick. Also, co-borrowers are allowed, which not every lender does.
Methodology
Investopedia is dedicated to providing consumers with unbiased, wide reviews of personal loan lenders. We collected more than 25 data points across more than 50 lenders—registering interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users filch the right borrowing decision for their needs.