Lending Club Personal Loans: An Overview
If you're in need of financial assistance, a personal loan can be a useful option to consider. One lender that offers personal loans is Lending Club. In this article, we'll provide an overview of Lending Club personal loans, including how they work, what you need to qualify, and what you need to know before applying.
How do Lending Club Personal Loans work?
Lending Club is an online lender that offers personal loans to borrowers. To apply for a personal loan, you'll need to visit Lending Club's website and complete an online application. Once you've submitted your application, Lending Club will review it and, if approved, offer you a loan with terms and conditions that you'll need to accept before the funds are disbursed to you.
To qualify for a Lending Club personal loan, you'll need to meet certain eligibility requirements, including:
Be at least 18 years old
Be a US citizen or permanent resident
Have a valid social security number
Have a minimum credit score of 600
Have a stable income or employment status
Lending Club Personal Loan Amounts and Interest Rates
Lending Club personal loans are available in amounts ranging from $1,000 to $40,000, depending on your creditworthiness and other factors. Interest rates on Lending Club personal loans vary depending on the loan amount, your credit score, and other factors. Generally, the higher your credit score, the lower the interest rate you'll be offered.
Lending Club Personal Loan Fees
Lending Club charges an origination fee on its personal loans, which is a percentage of the loan amount. The origination fee ranges from 1% to 6% depending on the loan amount and your creditworthiness. Lending Club also charges late fees if you miss a payment, and you may be charged a fee for paying off your loan early.
Lending Club Personal Loan Repayment
Lending Club personal loans have fixed repayment terms ranging from 36 to 60 months. This means that you'll make the same monthly payment for the duration of your loan. You'll be required to make payments on your loan through automatic bank transfers, and you can also make additional payments or pay off your loan early without penalty.
Things to Consider Before Applying for a Lending Club Personal Loan
Before you apply for a Lending Club personal loan, it's important to consider a few things:
Compare offers from multiple lenders: While Lending Club may offer competitive rates, it's always a good idea to shop around and compare offers from multiple lenders to ensure you're getting the best deal.
Review the terms and conditions: Make sure you understand the terms and conditions of your loan, including the interest rate, fees, and repayment terms.
Consider other financing options: Personal loans aren't the only option for financial assistance. You may also want to consider alternatives, such as borrowing from a credit union or using a credit card with a 0% intro APR.
Also Read: Applying for a Loan Over the Phone: A Step-by-Step Guide
Conclusion
Lending Club personal loans can be a convenient and quick way to borrow money for a variety of purposes. However, it's important to carefully consider your options and compare offers from multiple lenders before committing to a loan. By doing your research and understanding the terms and conditions of your loan, you can make an informed decision and choose a loan that meets your needs and budget.