Lending Club Loans: A Review for Borrowers
LendingClub is a nationwide online lender that provides personal loans to consumers on a peer-to-peer marketplace platform. With peer-to-peer lending you have a better chance of being approved as one lender or several individual lenders can choose to fund you.
Applicants should have a minimum credit score of 620 or higher for a better chance of approval, although this is not required to apply. The best APR is available to borrowers with excellent credit.
One major benefit of LendingClub is that the application process takes about ten minutes and can be completed entirely online. The interest rates are very competitive and borrowers can benefit from a fixed-rate loan with an interest rate that is typically lower than the unsecured interest rates offered by credit cards and traditional lenders. Your interest rate will never change. There are no pre-payment penalties so you can pay off your loan early with no extra fees.
Online Personal Loan
Loans can be used for a variety of purposes: Consolidate Debt; Pay Off Credit Cards; Medical Expenses; Home Improvement; Major Purchase; Car Financing and even Business Loans. LendingClub has won the #5 spot on Forbes’ 2014 list of America’s Most Promising Companies, a ranking of high-growth, privately-held companies with under $250 million in annual revenue.
LendingClub is a peer-to-peer lending marketplace which brings together borrowers and lenders, cutting out traditional banks, making consumer lending more financially and socially rewarding. Lending Club allows consumers to apply online for a personal loan from $1500 up to $35,000. Loans are available for debt consolidation, personal loan, home improvement, business, repairs, auto loan, weddings and more.
Borrowers can rack up several unwanted fees if things go wrong. For instance: There is an unsuccessful payment fee of $15 when an automatic payment fails and a late fee that is the greater of 5.00% of the unpaid installment amount, or $15.
All LendingClub applications must be completed online. You can check your rate in just minutes without impacting your credit score. If you qualify, you will instantly be presented with multiple loan offers. You select the offer that best fits your needs and complete the online application form.
Your application will be reviewed and during the review process you may be asked to submit documentation, such as recent pay stubs or bank statements to support your application. Investors will be able to review your loan request to consider investing in; however the investors will never learn personally identifiable information about you or contact you directly. The process takes about 4 days for approval and funding. The loan proceeds will be automatically deposited in your verified bank account.
Fixed monthly payments can be automatically deducted from your bank account. A reminder can be sent to you a few days before your payment is due. All you have to do is make sure there are sufficient funds in your account to avoid an unsuccessful payment fee.
Reports to Credit Bureaus
Your payments are reported to all three major credit bureaus, Experian, Equifax and Transunion.