If you’re comparing rates and terms on personal loans offered by reputable lenders, LendingClub is one of the companies worth considering.
LendingClub helped pioneer online lending, and continues to keep costs low by making loans without actually operating any physical branch locations. Here are the essential details about taking out a personal loan from LendingClub.
LendingClub personal loans overview
You may be looking for a personal loan to finance major purchases or unexpected expenses, or to pay off high-interest credit card debt. LendingClub will make personal loans for all of those purposes. It’s pretty much up to you to decide how to use your LendingClub personal loan — the proceeds are deposited directly to your bank account. You agree not to use your loan proceeds for anything illegal, or to make investments, gamble, or pay for education after high school.
LendingClub is a marketplace that matches you with investors who are willing to fund your loan. That means the process can take a little longer than it does with some other online lenders — typically about 7 days. But many borrowers find that the wait is worthwhile, because they’re offered better rates. Although LendingClub does not charge an application fee, expect to pay an origination fee that will be factored into your annual percentage rate (APR).
If you decide to take out a personal loan with LendingClub, here’s what you should know:
|Types of rates (APR)||Fixed|
|Loan size||$1,000 to $40,000|
|Loan terms||3 and 5 years|
|Loan use||Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other uses|
|Key Benefits||- The amount you pay will never increase
- Loans deposited directly into your bank account in a few days
|Residency||U.S. resident or resident alien with a valid Social Security number and physical address in the U.S.|
|Loan originator||LendingClub Loan|
How to take out a personal loan with LendingClub
LendingClub may be good match for borrowers who are interested in shopping around for the best rate. But it’s also a good idea to request rates from other types of lenders who offer personal loans to get a more complete picture of your options.
You can use Credible to request personalized rates from LendingClub and other lenders that are eager to compete for your business. Credible’s integration with lenders and credit bureaus means it’s a snap to request rates. Credible’s process uses a soft credit inquiry that doesn’t affect your credit score when checking to see what rates you prequalify for.
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.