Personal Loans
Personal loans from LendingClub range from $1,000 to $40,000. The company charges no application fee and offers loans for three or five years, with funds disbursed within 48 hours of loan approval. It conducts a soft credit check so your credit score won’t be affected during the process.
At a Glance: LendingClub Personal Loans
- LendingClub
- 7.04% to 35.89%APR Range
- 600Minimum Credit Score
- $1,000 to $40,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
MoneyGeek Breakdown - LendingClub Personal Loan Details
APR | The personal loan APR ranges from 7.04% to 35.89%, depending on your creditworthiness. |
Credit Score Requirements | To be eligible, you need a minimum credit score of 600. |
Income Requirements | The company doesn’t specify a minimum income requirement for its personal loans. |
Loan Amounts | Those eligible can borrow between $1,000 and $40,000. |
Loan Terms | Personal loans are offered for 36, 48 or 60 months |
Permitted Uses | You can use the personal loans for debt consolidation, vehicle financing, funding vacations, paying medical expenses, moving, home renovation and more. |
Prohibited Uses | The loans cannot be used to fund post-secondary education, make investments (such as securities or cryptocurrency), or conduct illegal activities. |
Time to Receive Funds | Once approved, you will receive your funds the next day. |
Origination Fees | There is a fee of between 3% to 6% of the loan amount. |
Late Fees | All customers receive a 15-day grace period beyond the due date for payment. After this time period has passed, a late fee and/or penalty may be imposed. |
Prepayment Penalty Fees | There is no penalty for paying off the loan early. |
Co-signers and Co-applicants | The company allows joint applications but not co-signers. |
Perks | The lender conducts a soft credit pull and charges no prepayment penalty. Customers get a grace period for late payments. LendingClub offers a competitive rate match. |
Mobile Application | The company offers a mobile app for managing your loan account. |
Is LendingClub Right for You?
Personal loan lenders have varied eligibility criteria. As a result, choosing a lender involves many considerations. Using MoneyGeek's LendingClub personal loan review can help you find the best lender for your needs and financial profile.
Who LendingClub Is Perfect For
LendingClub, as a web-based business, is ideal for consumers who prefer digital banking and don’t require in-person service. It is designed for consumers seeking a loan of no more than $40,000 and who have good to excellent credit scores. Higher credit scores increase your chances of obtaining a loan with a reduced annual percentage rate (APR).
The lender offers a competitive rate match and excuses late payments for the first 15 days, following which a fee or penalty applies. The company also works best for people wishing to pay off their loans early due to the absence of prepayment penalties.
Who Should Not Choose LendingClub
LendingClub charges an origination fee, which makes it unattractive to some borrowers. It may be unsuitable for those seeking very long repayment terms; you either get a 36-month or 60-month loan. You should also consider a different lender if you intend to have a co-signer or use the loan to fund post-secondary education, gambling, investments or illegal activities.
Unlike many lenders, LendingClub does not offer discounts for auto payments and may not be ideal for those who prefer traditional in-person banking.
How to Apply for a LendingClub Personal Loan
For your LendingClub personal loan application, we've included a list of the typical steps and procedures. To start the process, you'll need to fill out their application form and, once approved, sign the loan agreement to receive the funds.
1
Prequalify
You may find out if you qualify for a loan by visiting the lender's website. You must begin by entering the loan amount and purpose of the loan. To be considered for prequalification, you must be at least 18 years old with a verifiable bank account and have a credit score of at least 600.
2
Fill Out Application Form
The application process includes giving your personal information, address, Social Security number, income details, employment and credit history, and more.
3
Wait for Approval
It might take up to 24 hours for you to learn whether your loan has been approved. You will be given the option of choosing your preferred rate, term and payment options.
4
Review Loan Agreement
Once you've been approved for a loan, take a closer look at the terms and conditions and read the fine print. Consider taking your time to go over all of the minor details, no matter how insignificant they seem.
5
Sign Loan Agreement
You can sign the loan agreement when you've read and understood everything in your loan agreement.
6
Receive or Direct Funds
Once your loan is accepted, you will receive the funds within two days. The company will deposit the funds directly into your bank account or pay your creditors directly if the loan is for balance transfer or debt consolidation.
7
Make Payments
You have the option of setting up automatic payments or paying by check, phone or wire transfer to make your monthly payments.
What to Do if You Are Rejected From LendingClub
Take heart if your personal loan application is denied. There are many more lenders out there and just as many reasons why your application may be turned down. These include a lower-than-required credit score or income or a higher-than-allowable debt-to-income ratio. You can also be rejected for the simple reason that your documentation is incomplete.
Contact LendingClub to ascertain the cause and get advice on how to improve your chances of approval in the future. After determining the cause and rectifying it (if possible), you may be able to resubmit your application to LendingClub or another lender. Even if your application is rejected by LendingClub, its lending partners may still accept your loan application. Generally, a co-borrower can help you qualify for a loan and get better rates.
Frequently Asked Questions About LendingClub Personal Loans
We have compiled a list of frequently asked questions about personal loans from LendingClub to help you make an informed decision. LendingClub has its benefits and drawbacks, so you can weigh those against your own financial needs and obligations before deciding if it's the right provider for you.
Read More on Personal Loans
Personal Loans
sources
- LendingClub. "Personal Loans." Accessed March 21, 2022.
- LendingClub. "Resource Center." Accessed March 21, 2022.
- LendingClub. "LendingClub Banking." Accessed March 22, 2022.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
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