You wont see a LendingClub location while driving to the grocery or dropping the kids off at school.
But since 2007, more than 4 million members have relied on LendingClub for investments and loans.
Since then, LendingClub has grown into one of the largest online lenders for personal loans.
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Lets drill down to the loan portion of LendingClubs business specifically.
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LendingClub Personal Loan Review
Still not sure if a LendingClub personal loan is right for you?
Did you know?
Currently, LendingClub charges an origination fee of 2% to 6%.
That makes this a costly loan even before the interest kicks in.
However, lenders that dont charge origination fees likely also wont lend to borrowers with a 600 credit score.
Those with bad credit should expect less than favorable terms when applying for a personal loan.
For starters, you’re able to pre-qualify online with only a soft credit pull.
Soft credit pulls do not affect your credit score.
The financial institution only performs a hard credit inquiry when issuing the loan.
Its easy to apply for a LendingClub loan with a co-borrower.
Its the first step when applying online.
Managing your loan with LendingClub on the go is super easy.
Using this resource, you could quickly check your credit score, credit utilization and debt-to-income ratio.
Borrowers with LendingClub loans for debt consolidation can even allow LendingClub to pay creditors directly on their behalf.
Some lenders are able to fund bank accounts the same day of loan approval.
LendingClub falls short here, depositing loan funds within 48 hours on average.
However, this is middle of the road; some lenders take even longer.
Flexibility
The loan amount with LendingClub isnt very flexible.
Loan terms are very rigid.
you could choose either a three- or five-year repayment plan.
However, a small win for flexibility: LendingClub allows borrowers to change their payment date, if needed.
(Co-borrowers should have a debt-to-income ratio of 35% or lower.)
Personal loans from LendingClub range from a loan amount of $1,000 to $40,000.
With low loan amounts, LendingClub offers a way for borrowers to build a credit history.
LendingClub charges an origination fee of 2% to 6% for personal loans.
You will also pay interest on your loan.
In most cases, LendingClub deposits personal loan funds into your bank account within 48 hours after approval.
The largest loan amount available through LendingClub is $40,000.
Yes, you’re free to pay off a personal loan with LendingClub early.
There are no prepayment penalties for paying off the full loan amount ahead of schedule.
Timothy Moore covers banking and investing for The Penny Hoarder from his home base in Cincinnati.
Contributor Chloe Goodshore contributed to this report.
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