Lending Club is a reliable lending company that has been engaged in business advancement since 2007.
From the very beginning of its existence, the main goal was to connect the person requiring a loan with a possible investor.
However, with the course of time the focus shifted, and you will be able to trace it in this Lending Club small business loans review.
About Lending Club
Currently, being a well-known and reputable lender, Lending Club strives to create the most preferable crediting conditions, especially for the owners and representatives of small businesses.
Such loans are more affordable and accessible, compared to other companies.
Business credits are available in diverse sums, varying from $15,000 to $100,000, while the terms also range from 1 to 4 years.
The service allows receiving business funding just in a few days after the application.
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Despite a quick process, you’ll be deducted an origination fee, and it’s the only fee required.
A number of other payments are applied in case of emergency services necessary or some other credit violations.
Other possible fees include late payments, fees for insufficient funds and processing fees.
You will have to pay extra cost in case you’ve selected to change the payment method from the direct bank account debit to the paper check.
Nevertheless, you will not be charged with any payment penalty if you pay off your loan earlier.
Requirements One Should Meet to Receive a Loan
Small business loans offered by Lending Club are definitely beneficial, though to get them one should undergo an application procedure and meet definite requirements.
First of all, it is inevitable to fill in a simple online form.
After this, based on the information mentioned, such as business and personal credit history, duration of business existence, financial strength of your company, length of the loan and a range of other factors, Lending Club will give you a definite interest rate.
The company is surely more interested in borrowers with a perfect credit record, and they should possess the credit score bigger than 660 to receive a loan here.
However, there is also an opportunity for people with bad credit history to be approved for a loan, but the requirements will be a bit different and the process – a little tedious. Besides, an interest rate will be higher in this case.
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Benefits of Small Business Loans with Lending Club
Consumers with both good and bad credit history will see definite advantages taking a loan in Lending Club, though the former will undoubtedly like the conditions of the credit more.
Being an unsecured small business loan it does not require collateral.
Another advantage is the chance to communicate and cooperate with a client advisor directly, thus, deal with all the issues at once.
Hopefully, after reading this Lending Club small business loans review you will get an additional option to consider.