Lending Club Review

LendingClub Review

Lending Club was started to create a platform where investors and borrowers can meet for borrowers to get credit from investors. Lending Club has been in this business since 2007, and assisted numerous people have great control over their debts, helped people start and run small business, as well as make investments for their future.

Lending Club has achieved all this by believing in the power of technology to reinvent the way people acquire credit and invest. With Lending Club, you will find it seamless to access credit regardless of your position in the society.

What type of funding does Lending Club provide?

Lending Club helps borrowers connect to investors for personal loans, small business loans, patient solutions, and auto refinancing.

Highlights

requirments_icon1Loan Amount
Up to $40,000 (personal loan), Business loans ($5,000-$300,000)

Terms
Up to 60 months

Fund received
Up to 7 days

What do I need in order to qualify for funding?

You will need a few things to qualify for funding:

  • A minimum credit score of 660
  • Be a high income earner –have a yearly income of at least $76,860
  • Have a low debt to income ratio (up to 40%)

How do I apply to get funding?

Applying for funding is easy: You fill an online application form stating the amount you want, your credit score rating, your intended use of the loan amount, and your annual income; then wait for approval.

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What is the process to receive funding?

Your loan is funded by investors. If approved, the agreed loan amount is send to your bank account after deducting the origination fee.

Does LendingClub run a credit check?

LendingClub will carry out a credit check, though this does not affect your credit rating, before approving your loan.

Do I have to provide security or a guarantee?

No; LendingClub offers unsecured loans provided you have met the minimum requirements.

Are there fees involved?

Yes, the following fees apply:

  • Origination fee of between 1-6% based on your creditworthiness.
  • US$7 if paying using check but zero charges for payment done through an ACH debit.
  • A 5% fee is applied for late payment, which is applied on the total unpaid installment.
  • A fee of US$15 if your bank account does not have enough money to cater for your repayment each month.

What are the loan rates?

Between 5.99% – 35.89%

What documentation do I need to provide?

Documents to verify your employment status, income, and identity. However, you are notified whenever any document is needed.

How long will it take for money to get into my account?

The application process takes at most 7 days after which money is wired to your bank upon approval.

What happens in the case of a default?

You will be charged 5% for late payment, after the grace period of 15 days is over. If no payment is forthcoming, your details are given to a collection agency for further actions.

Is Lending Club regulated?

Yes, it works under the WebBank which is an FDIC-insured bank hence, adheres to all the lending regulations.