LendingClub helps you pay down your high-interest debt and consolidate credit card balances by offering personal loans at lower fixed interest rates. Borrowers throughout the USA can get personal loans with absolutely no prepayment penalties.
LendingClub offers personal loans up to $40,000 , Auto Refinance Loans up to $50,000, and Business Loans up to $500,000 at interest rates from 7.04% to 35.89% APR. Although there is no application fee or prepayment penalties, there is an origination fee of 3-6% for personal loans.
By taking a personal or business loan from LendingClub, you can save more than $1000 on interest rates and repayment penalties.
You can use the LendingClub personal loans for moving expenses, debt consolidation, home improvement, wedding expenses, funeral expenses, and much more.
Brief About LendingClub Bank
Established in 2007, LendingClub is a full spectrum fintech marketplace bank working with the mission to help Americans meet their financial goals. They provide personal and business loans on easy terms and conditions.
Up till now, more than 3 million people have joined the club to either lend or borrow. As a member of LendingClub, you can access various financial products and services.
Personal loans are the main financial product of LendingClub. US citizens can borrow a personal loan up to $40 000 to reach several financial goals such as credit card consolidation loans, Balance Transfer Loans, and Home Improvement loans, etc.
Who are LendingClub Loans Suitable For?
If you’re a US Citizen of more than 18 years of age with a valid bank account, you can apply for personal or business loans from LendingClub. But there are other requirements you must meet.
You can get loans with highly affordable and low-interest rates if you have a higher credit score. The minimum amount of loan you can borrow from LendingClub is $5000. However, suppose you’re starting a new business and need financing to establish it. In that case, LendingClub offers you a business loan of up to $500 000.
One of the most exciting advantages of borrowing from LendingClub is that it offers No-Fees personal and business loans. There’s nothing to worry about prepayment penalties and late fees.
If you want to finance costly projects and need financing for that, LendingClub is your perfect option. Whether you need loans of $100K or $500K, LendingClub won’t disappoint You.
What are the Different Loan Options LendingClub Offer?
LendingClub offers the following three loan options:
1. Personal Loans
LendingClub offers personal loans from $1000 to $40000 on low-interest rates. You can use a personal loan for almost any purpose, such as paying home improvement debt and credit card balances, etc.
You can borrow a personal loan from LendingClub at a regular monthly payment schedule with a fixed interest rate for a fixed term.
LendingClub provides you the advantage of selecting a loan and payment amount that best fits your budget. This advantage is beneficial when you borrow a personal loan to consolidate debt.
Why Choose LendingClub for Personal Loans
- Personal loan up to $40000
- Receive loan within just three working days after approval
- Lower, Fixed Interest Rates
- Fixed Monthly Payments
- Zero Prepayment Fees
- Zero Application Fees
- The facility of Automatic Payment Withdrawals
Requirements for LendingClub Personal Loans
- At least 18 years of age
- US Citizenship and Residence
- You must have employment or have sufficient income to repay the loans
- Good Credit Score and debt-to-income ratio
2. Business Loans
To establish your business and make it successful, the most important thing you need is financing. It acts as fuel for the progress of your business. By joining LendingClub, you can borrow a significant amount of money to run your business at its peak.
If Your business is older than a year and registered in the US, you can apply for a business loan from $5000 to $500 000 at LendingClub.
Why Choose LendingClub for Business Loans
- Business Loans between $5000-$500,000 on easy terms and conditions
- Fixed monthly payments
- Loan Terms of 1-5 Years
- Zero Prepayment Penalties
- Steadfast support to guide you through the process
Requirements for LendingClub Business Loans
- At least 18 Years of Age
- Your business should be 12-month-old at the time of application for the loan
- Business should be US-based
- You own at least 20% of the business
- Your business should secure annual sales worth $50, 000
3. Auto Loan Refinancing
LendingClub offers Auto Loan Refinancing between $4000 and $50,000 at low-interest rates and adjustable loan terms. Auto Refinancing is a term used to describe the process of paying off your existing car loan by taking another loan, usually from a different legit lender.
So, when you choose auto refinancing with LendingClub, you’re going to pay off your existing car loan and borrow a new one from LendingClub. You can get good benefits and advantages of auto refinancing with LendingClub.
Thanks to the lowest interest rates, it allows you to save almost $80 per month on average. With LendingClub, you can adjust your loan term and reduce your monthly payments to free up some cash to meet other financial needs.
Requirements for LendingClub Auto Loan Refinance
- You must have a driver’s license
- Be in possession of the vehicle registration documents
- Have a valid auto insurance
- Your vehicle must be for personal use only
- Your vehicle shouldn’t be more than 10 years old and shouldn’t have more 120,000 miles.
- Your balance should be between $4000 to $55000.
- You have at least 24 months remaining to pay off your current auto loan.
Cost of LendingClub Loans
The interest rate on LendingClub Loans starts from 7.04% APR. It goes up to 35.89% APR (Annual Percentage Rate) with zero application and prepayment fees. Although the application is free, LendingClub charge a 3-6% origination fee.
Your APR is determined by considering factors like your credit history, the amount you want to borrow, and your total debt-to-income ratio.
The APR is slightly high on Business Loans as compared to personal loans.
How to Apply for LendingClub Loans?
LendingClub offers a straightforward and intuitive online application process to get your loan within three working days. The whole process consists of the following short steps:
1. Select the type of loan You want to borrow: It’s the first step of applying for a loan from LendingClub. Just select the type of loans you want to borrow, such as personal, business, or auto refinance.
You will need to complete the simple online prequalification form to receive loan offers.
2. Select a loan offer: In this step, you’ll review the different monthly payment and interest rate options and choose the best that suits your budget and financial needs.
3. Submit Your necessary documents and details: To help you submit the required documents and details, dedicated customer services officials of LendingClub will help you throughout the process. You will get the answers to all-important questions before submitting your details.
4. Approval of Your Loan Application: If everything goes well with your eligibility and validity of the document, your loan will be approved with three working days.
5. Get Your Loan Money: After approval of your application, you can get your loan money and use it to finance your projects and pay your debts.
LendingClub is a great platform to borrow personal and business loans to finance your business projects and payments of all sorts of debts. It offers you a wide range of benefits from personal and business loans. You can get fixed low-interest rates with no prepayment fees.
Unlike other lenders, LendingClub offers you the possibility of auto refinancing in which you can save up to $80 monthly on your car loan payments.
The easy application process, flexible payment options, and low-interest rates make LendingClub one of the best options to consider.