What is a lending club all about? Am sure a lot of you do not know what this is all about but not to worry in this article you will be getting all the information that you need. Lending Club is one of the best places where you can get online personal loans. We all know the importance of getting a loan especially when you need it for emergencies like debts, rent, school fees for the kids, or even house maintenance.
With lending club loans you can pay down high-interest debt, consolidate credit card balances and also save more than $1,000. However, with single monthly payments, lower fixed interest rates, and no payment penalties you can be sure that the lending club is the best for you. It can help you simplify your finances and also take control of your debt.
You can make the most of your money with comenity lending club, on average personal loans from the lending club bank are offered at an APR of 15.95% with an origination fee of 5.00% and a principal amount of $15,800 for loans with term lengths of 36 months. You can enter up to $40,000, select loan purpose, and also check your rate as well.
How does Lending Club Corporation Work?
Lending Club is the best place to go when you a personal loan. The process isn’t that stressful so you don’t have to think about going through any stress. You can apply within a few minutes, and get a customized loan option based on the information you provide. After that, you can choose a loan offer, and select the rate, term, and payment options that you best for you. Then you can get funded, once the loan is funded the cash will be sent straight to your bank account.
Benefits of Lending Club Bank
Lending Club loans are meant for borrowers with good credit scores with an average of 700. The benefits are great and you will definitely not be disappointed.
- The lending club credit has a minimum acceptance of 600
- No hard credit inquiry is required to check rates
- It allows you to shop around without hurting your credit score
- You can stretch the loan to repayment terms of three years and five years
The interest rate might not be ideal with your score but it is a good deal for borrowers with credit.
Lending Club Requirements for Borrowers
Lending club loan amounts range from $1,000 to $ 40,000 and a minimum credit score of 600 is required including a minimum credit history of three years. However, the application process will require the following.
- Reason for borrowing
- Verifiable individual/ joint income
- Loan amount
- Personal information of co-applicants
- Your personal information ( address, telephone number, and email)
When approved, you can view an online calculator with individual options including the fixed monthly payment for 36-month loan and a 60-month loan with interest rates for each option.
Types of Loans Available at Lending Club
Most lending sites offers just personal loans and business loans but lending club offers both loans and more. Let’s take a look at the types of loans that it offers.
- Business loans
- Personal loans
- Auto financing
- Medical loans
Lending Club borrowers are required to have a minimum of 600 credit scores to be considered. If you have a decent credit score, credit history of several years, and a debt to income ratio that is reasonable then you will approved for a loan.
How to Apply for a Loan with Lending Club
The application and funding process of the lending club is different from other lenders and this is because it is a peer-to-peer lender. However, to apply for a loan you have to check your rate on the lending club personal page. The lender will not check your credit but will ask for some information like
- The purpose of the loan
- Loan amount
- Whether you are applying with someone else
- Information about your co-borrower that is if you have one
- Your date of birth
- Total annual income
- Name, home address, and email address
Once the details are complete, you will be given a breakdown of the amount you can borrow and the APR, monthly payment, origination fee, and loan term.