Lending Club Personal Loans Review

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A payday loan may not be sufficient enough to cover all your expenses. In times of need, you may want a larger loan. Payday loans are suitable for small short-term repayment, but they don’t provide enough for more significant projects. An alternative to payday loans is a personal loan. One company that can help get you a large personal loan is Lending Club. They’ve been operating since 2007 and can help get you the funds you need.

However, it’s good to consider all the pros and cons of a company before you take out a loan. We’ve taken the time to research Lending Club to see if they are a good fit for you. Here’s what we’ve found.

Personal Loan

A personal loan is a loan where you can get funded a certain amount of money. The money will need to be paid back plus interest on a set deadline. With Lending Club, you’ll have affordable and flexible repayment schedules.

Business Loan

On top of personal financing, you can also get business loans from Lending Club. Their loan range differs depending on your business’s finances. Overall, you can get small or large funds available for your business in just a few days.

What’s the Borrowing Process Like for Lending Club?

Using Lending Club is similar to other loan companies. Lending Club will provide approved borrowers with large sums of money. The process is quick so that you can get the funds within a few days. This is useful if you need the money for a special event, to meet a deadline, etc.

The application process is done entirely online. To get approved, you must be able to fill out the application with accurate information. Your income and credit score will be factored into your approval – so keep that in mind.

After you submit your application, you can expect the Lending Club to approve or deny your application within 48 hours. When approved, you can eSign your contract and get funds the same day. This is the quickest process in terms of personal loans.

How Much Can You Borrow From the Lending Club?

Due to Lending Club being for bigger funds, the amount you can borrow varies. Not only does the amount vary by state, but also by your credit score and monthly income. The company will accurately assess your proposed application and either approve or deny it.

If approved, you can get a maximum of $40,000. For the lowest amount, you can take out at least $1,000. However, just because you can get these amounts doesn’t mean you’ll get funded for them. Lending Club does its best job to ensure you get the funds you need. However, you will still be approved based on income, credit, and personal information.

Rates, Fees, and Other Small Charges at Lending Club

Lending Club does have additional fees and high-interest rates. For their APR, the loans float between 10.68% to 35.89%. While this doesn’t seem like a high-interest rate, it is. You have to remember that Lending Club mainly funds larger loans.

On top of the high-interest rate, they also charge extra fees. One of the fees that they do charge is an origination fee. Origination fees cover the cost of setting up your account and approving your application.

The origination fee ranges anywhere from 2% to 6% of the total loan. Luckily, Lending Club cuts out any other fees. This includes skipping a prepayment fee.

Are There Consequences to Not Paying Lending Club?

If you don’t pay Lending Club, they give you a 15-day grace period. This is to help you avoid any extra charges made to your account. However, you should always try and pay your loan on time. If you think you’re not going to make a payment, contact the company right away.

When you miss a payment, you will start the 15-day grace period. This grace period only happens once throughout the entirety of your loan. Once it does, any other late fees will begin to build on your account. This includes a late fee of $15 or a higher fee of 5% of the total amount of your loan.

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Borrower requirements
  • Age 18years or older
  • Have regular income
  • US citizen or permanent resident
  • Have a valid bank account
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  • Credit or Debit card
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Can I Trust Lending Club Personal Loans?

Yes, Lending Club has operated since early 2007. Since then, they have handed out more than $55 billion in loans. How the company works is a little different from other lenders. Instead of the company itself giving out loans, they match investors with borrowers.

In turn, this allows them to provide constant loans to borrowers, although the process might not be as quick as other lenders. However, if you need a large amount, it’s best to use a company like Lending Club.

Step-By-Step Tutorial on How to Fill out a Lending Club Application

To apply for a loan from Lending Club, head to their main website. From there, you’ll be asked if you want to check your rate. Input the amount you’d like to borrow and then select what you’ll be using the money for. The website will direct you to their online application.

Filling out their online application only takes a few minutes. You’ll have to answer a few questions regarding your loan. First, it will ask you if you’re filing jointly or alone.

Next, it will also be how much you or your joint cosigner make per year. This includes your salary, retirement pay, part-time work, etc. Input the amount into the field and click the button if you have other sources of income to cover the loan.

From there, you’ll need to input some personal information into the form. The information you should have on hand is your name, date of birth, mailing address, phone number, and residence.

Lastly, put in your email address before reading over their Terms of Use, Privacy Policy, eSign Act Consent, and their Credit Profile Authorization. Click the box to say that you’ve read and understood all of the policies.

The last step you need to take to join Lending Club is to input a password and create an account. Lastly, they will ask you to input your SSN to connect it to your account. After that, you’ve completed the Lending Club Application Process.

Lending Club Requirements

Lending Club is one of the more elite lenders on the market. To qualify with them, you’ll need to meet a strict set of criteria. These criteria will determine if you’re eligible to get the proposed loan or less of it. If you don’t think you can meet the requirements yourself, think of filing jointly.

Here are the requirements that you must make to borrow:

  • Minimum FICO credit score of 600 or more
  • Have at least three years of credit card history
  • A debt-to-income ratio (40% for single) (35% for joint)
  • Be over the age of 18
  • An annual income of at least $50,000
Advantages of Lending Club Personal Loans
  • Direct payment to creditors;
  • Joint loan options ;
  • Soft credit check ;
  • Easy online application ;
  • Fast delivery of funds ;
  • No prepayment penalties;
Disadvantages of Lending Club Personal Loans
  • High APR Rates;
  • Short Loan Length ;
  • Origination Fee ;
  • Late Fees ;
  • No Mobile App ;

States Where Lending Club Does Offer Loans

Lending Club provides loans in 28 states located across America; California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Kentucky, Louisiana, Maine, Minnesota, Missouri, Mississippi, Montana, New Hampshire, Nevada, New York, Rhode Island, South Carolina, South Dakota, Utah, Virginia, Washington, Wisconsin, West Virginia, and Wyoming.

What Information Do I Need to Apply Online at Lending Club?

For a personal loan online from Lending Club, you must live in one of their qualifying states. If you don’t, then you won’t even be able to sign up or submit an application. From there, you will also need to meet their minimum requirements to apply. Otherwise, your application will get instantly rejected.

You should have the following information on hand, as it will help the online application process go quicker:

  • Full name
  • Date of Birth
  • SSN
  • Driver’s License or State Issued ID
  • Income Verification (pay stubs, bank statements, etc.)
  • Phone Number
  • Email Address
  • Physical Address
  • Joint Filers Information

What Information Do I Need to Apply in Person at Lending Club?

Unfortunately, Lending Club only has a few locations located across the United States. Many of these physical locations do not do walk-ins and are mainly places for their business to operate.

If you’re having a hard time signing up online, you can contact their customer support. You may be able to fill out an application by talking with a representative.

Lending Club Personal Loan Hours of Operation & Customer Support

Lending Club has multiple divisions for customer support. Each one is in charge of a different loan type or service offered by Lending Club. It’s essential to contact the right one, or else you may run into complications.

For the Personal Loans Division

Call them toll-free at 1-888-596-3157

They are open from Monday to Friday from 5 am until 5 pm PT. Alternatively, their weekend hours are open on Saturday from 8 am until 5 pm PT.

Our Conclusions

Lending Club Personal Loans is an excellent company if you require large sums. They have multiple methods for getting you or your business the money you need. The whole process only takes a few days, and you can use the funds; however, you like.

However, you need to remember that the company also has some downsides. Notably, we find that their APR is much higher than other big lenders. You could easily find a different lender with lower rates. Plus, the late fee and additional fees do add up to make your loan much more expensive over time.

As long as you can make the short repayment dates, there’s no reason you shouldn’t use Lending Club Personal Loans. They are good at what they do, and they will do their best to help you get the funds you need. Just remember, you may not get funded for the maximum loan amount.

( 84 votes, average: 8 out of 10)