LendingClub Personal Loans: 2024 ReviewCheck Your Rate
Overview of LendingClub
Pros and Cons of LendingClub
Pros of LendingClub
Pays your creditors directly
No penalty for paying off loans early
Co-borrowers are allowed
Option to take out more than one loan
Cons of LendingClub
Low borrowing limit
Charges origination fees
Cosigners are not permitted
No discounts for automatic payments
LendingClub Personal Loan Terms, Rates, and Fees
Who May a LendingClub Personal Loan Be Right For?
Borrowers who are consolidating debt. The company makes debt consolidation easier by letting you choose to use loan funds to directly pay off your creditors. Borrowers who need a small loan amount. You can get a personal loan for as little as $1,000 so you don’t have to borrow more than you need. Borrowers who need a joint personal loan. If you can’t qualify for a loan on your own, or you want to apply for a joint personal loan, LendingClub allows co-borrowers.
Who LendingClub May Not Be Right For
Borrowers who need a high loan amount. Some expenses, like financing an addition to your home, for instance, might require more money than LendingClub’s maximum loan limit of $40,000. Borrowers who want to avoid fees. This lender charges origination fees on fixed-rate personal loans. Borrowers who need a cosigner to qualify. LendingClub does not allow cosigners on personal loans.
What to Watch Out for With LendingClub Personal Loans
Late fees. The lender offers borrowers a 15-day grace period after their due date at no penalty. However, if no payment is received, you’ll be charged a late fee. Creditors must be in the payment network for direct payoff. If you’re consolidating debt and you want LendingClub to directly pay off your creditors, the creditors must be in the lender’s payment network. Funding timeline varies. Although LendingClub personal loans can be funded in just 24 hours after approval, that’s not necessarily the case if they need more information from you. You’ll need to upload any requested documents and complete any necessary paperwork in a timely manner to minimize delays.
LendingClub Personal Loan Eligibility Requirements
U.S. status: Citizen or current resident of any state or Washington, D.C. Age: At least 18 years old Financial account: Have a bank account that can be verified Minimum credit score: 600 for debt consolidation loan Income requirements: Not disclosed Maximum debt-to-income ratio: Not disclosed Cosigners allowed: No Co-borrowers allowed: Yes
Repayment Options for LendingClub Personal Loans
How to Apply for a LendingClub Personal Loan
Check your rate. You can go online to see whether you’re prequalified for a LendingClub personal loan. You’ll need to provide your personal information, annual income, the loan amount you need, and the reason for the loan. This step involves a soft credit inquiry that doesn’t affect your credit. Choose your preferred offer. LendingClub will provide the personal loan offers that you’re prequalified for, which details their rates, terms, and repayment options. If you decide to proceed with the loan application, select the loan option you want. Complete the application. After making your selection, you’ll need to finish the online application, and verify your email address. You’ll receive updates about your personal loan status via email. Upload and/or complete documents. You may be asked to upload supporting documents for your loan application. This might include proof of income and a copy of a government-issued photo ID and proof of address. You may also need to complete IRS Form 4506-T, which gives LendingClub permission to request your latest tax return from the IRS. Link your bank account. To receive your personal loan funds, you’ll link a bank account to your LendingClub account. Borrowers who enroll in autopay will have their payments drawn from this account. Add creditors, if applicable. If you’d like to have loan funds sent directly to your creditors for debt payoff, you can add these credit accounts. You’ll need the creditor’s name, your account number with them, and the amount to be paid.
Alternatives to LendingClub Personal Loans to Consider
Bankers Healthcare Group (BHG Money) personal loans LendingUSA personal loans LightStream personal loans PenFed personal loans The Payoff Loan™ personal loans Upstart personal loans
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