LendingClub is not like a live lender or a loan connection service. It does not fund your loan, and it won you to send you to another loan site. Instead, you submit your application to individual investors in the LendingClub market for consideration. How to get the LendingClub personal loans?
In the previous post, Info Credit Free introduces people to some of the necessary information that is useful for getting Avant personal loans in the US, to get more information people can read the article Avant personal loans are the best choice of people having bad credit. Now, let find knowledge about LendingClub personal loans in the post today.
LENDINGCLUB PERSONAL LOANS
Just like a lot of article posts such as where to get a loan with poor credit, really bad credit personal loans, good loans for poor credit, best loans for bad credit personal loans…, this post about the LendingClub personal loans also includes some main parts. They are:
1. Some requirement to apply for the LendingClub personal loans
To apply for a personal loan with LendingClub, you will need to meet general eligibility requirements.
- You must have a credit score of at least 640.
- You must have a valid bank account.
- You must be a US citizen or permanent resident.
- You must be at least 18 years old.
Some steps to sign up for a personal loan LendingClub
- You can start the registration process by clicking the page.
- Enter your loan amount, your loan purpose and your estimated credit score before clicking Check your rate.
- Select whether you are choosing to apply alone or with others, then click Next.
- Fill in the required fields with your home address and annual income, click Next after each school.
- If you are approved in advance, LendingClub will provide you with many loan incentives. Choose the offer that best suits your needs to apply for that loan.
- Follow the instructions to fill in the rest of your application and submit any necessary documents. At this point,
- LendingClub will conduct a hard credit investigation that will cause your credit score to drop a few points.
- Review, sign and submit your application.
- Wait for the investor to sponsor your loan
2. Some benefits of LendingClub personal loans?
- Previous reviews won affect your credit. You can register with LendingClub without affecting your credit score. It will only be checked when you complete a full application.
- Fixed payment. Personal Loans LendingClub comes with a fixed rate, meaning you pay an appropriate monthly payment for the term of the loan.
- Welcome. Not sure you can qualify for a competitive rate on your own? LendingClub is one of the few personal loan providers that allows you to register with a cosigner to reinforce your application.
- Rebuild your credit. LendingClub reports your payments to three major credit reporting bureaus so you can build your credit history.
- Available in 48 states. LendingClub is available everywhere except West Virginia and Iowa.
- FDIC Insurance and SEC registration. Your account balance is deposited at Wells Fargo Bank, an FDIC insured organization. It has also been registered with the US Securities and Exchange Commission since 2008.
3. Some drawbacks of the LendingClub personal loans
- The rotation is relatively long. It may take a while to connect with investors: In just 3 days. In comparison, some online lenders offer money in just one working day.
- Origin fee. Personal Loans LendingClub comes with a base charge of 1% to 6% of the loan amount, higher than some other personal loan options. This amount is deducted from your loan before it is transferred to your bank account.
- Poser scam. It is possible that undisputed individuals can act as lenders on the LendingClub platform. Remember that legitimate don cage loans require a prepaid payment.
- Late fees. If you miss the due date, you may be subject to a penalty of 5% of the unpaid installment or $ 15, whichever is higher.
When your loan is funded, you will receive money directly into your account within four days. In general, the whole process can take a week from start to finish.
4. The interest rate and fees of LendingClub personal loans
|Loan amounts||$1,000 – $40,000|
|Typical APR||6.95% – 35.89%|
|Fees||Origination fee: 1% – 6%
Late fee: Greater of $15 or 5% of payment after a 15-day grace period
Check processing fee: $7
Prepayment fee: None
|Time to funding||In as few as 3 days|
|Repayments||Monthly over 3 to 5 years|
|Soft credit check?||Yes|
|How to qualify||Minimum credit score of 600
The minimum credit history of 3 years
The debt-to-income ratio of less than 40% for single applications, 35% for joint applicants
|Best for||Borrowers with good credit|
This post is about LendingClub personal loans. We provide this information to offer you some of the necessary information that is useful for getting the LendingClub personal loans. Also if you are looking for information about the personal loans from Earnest, please refer to Somethings you should know about the Earnest personal loans link we just provided in the previous article.
Hillary (Team Content) – Info Credit Free