Lending Club Personal Loans Review
Life is a rather unexpected thing, and you cannot predict when you will have new expenses and require big sums of money.
Anyway, Lending Club personal loans are an optimal solution for those who have some needs, but do not have enough money to cover them.
Competitive rates, convenient terms and conditions, simple application process and other features make these loans exclusive and appreciated.
Nevertheless, before you apply for a loan, you should learn detailed information about the option you have chosen.
Key Features and Peculiarities
Generally with personal loans with Lending Club, you can receive up to $40,000.
Besides, the offer features:
- Fixed monthly payments at affordable rates. Make your own payment plans and be sure nothing will interfere with them;
- Simple online application – fill in the required form with the necessary information in a matter of minutes. Get no impact on your current credit history and score. You do not need to go to any branch of the company to complete the application, since it is all online;
- Fast funding – get the exact sum of money you have applied for within a few working days;
- Convenient financing options allow you to cover home improvement expenses, finance major purchases and pay off high APR credits.
Consolidation of your loans is another feature available with Lending Club loans.
At this point you will not just pay off your credit, but also improve your credit score.
Interest Rates, Extra Fees and Other Payments with Lending Club
Taking a loan at Lending Club is easy, convenient and affordable. Your interest rates are clear, and you should not expect any other charges or fees.
Calculate your interest rate before the application process and then make your decision.
All the loans within Lending Club are divided into grades from A to G. Each grade has different interest rates, origination fees, 36-month and 60-month APR.
Thus, the average interest rate reaches 7.99%.
Additionally, there are three main fees required by the company, including:
- Late payment fee;
- Unsuccessful payment fee;
- Check processing fee.
Depending on the condition, the cost of the fee may vary, for example, having an unsuccessful payment you will need to give extra $15, while the check processing fee is just $7.
Lending Club Personal Loan Rates
|A||5.32% – 7.99%||1% – 5%*||5.99% – 11.51%||7.46% – 10.19%|
|B||8.24% – 11.49%||5%||11.77% – 15.08%||10.44% – 13.76%|
|C||12.74% – 15.99%||6%||17.12% – 20.46%||15.52% – 18.86%|
|D||16.99% – 21.49%||6%||21.48% – 26.11%||19.89% – 24.53%|
|E||19.99% – 26.24%||6%||24.57% – 31.00%||22.98% – 29.43%|
|F||24.24% – 30.74%||6%||28.94% – 35.63%||27.36% – 34.08%|
|G||28.55% – 30.99%||6%||33.37% – 35.89%||31.82% – 34.34%|
Who Can Qualify for a Personal Loan?
To be able to take a personal loan at Lending Club, you need to meet certain requirements, including the following:
- To be a citizen or permanent resident of the United States;
- To have a verified bank account;
- To be over 18 years old.
Despite the vast majority of clients may apply for the loan, the most profitable interest rates may be achieved only by the ones with an excellent credit history.
Applying for a Loan
Once you have checked your possible interest rate and made sure you can qualify for a loan, you will need to undergo a simple, but obligatory process.
First of all, start with checking your rate and selecting an offer. If you meet all the requirements of the company, you will get numerous offers.
At this point, you need to choose one and start filling in the application form. You will need to mention the details of your employment, income and related issues.
After you are done with the form, you will have to verify the information. The moment your loan is approved, you will get it deposited to your bank account, mentioned in the application form.
Finally, with Lending Club Personal Loans you can stay financially confident and independent.