How to apply for LendingClub Personal Loans
Apply now for personal loans, including joint loans, offered by LendingClub to borrowers with good and fair credit.
Discover a Reliable Personal Loan Marketplace!
According to extensive research, LendingClub has garnered positive feedback from its consumers regarding its customer service and wide range of products. The findings of the J.D. Power survey, which assesses personal loan customer satisfaction based on factors such as loan management, application and approval process, and lenders’ terms and offerings, are particularly relevant in this regard.
LendingClub offers unsecured personal loans ranging from $1,000 to $40,000, with an average loan size of $15,800. Unlike some other lenders, LendingClub does not vary its loan minimums based on the borrower’s state.
Borrowers also have the flexibility to choose between loan lengths of 36 or 60 months, equivalent to three or five years, respectively. However, it is important to note that LendingClub typically offers a 36-month term for personal loans, while many competitors offer a wider range of loan periods, often extending up to seven years or more.
The APRs for personal loans from LendingClub range from 8.30% to 36%, with an average rate of 15.95% offered to borrowers. The specific rate an individual qualifies for depends on factors such as their debt-to-income (DTI) ratio, desired loan size, and credit history rating. It is worth noting that borrowers who opt for automated payments do not receive any rate savings from the lender.
LendingClub charges borrowers a one-time origination fee of 3% to 6% of the loan amount. Additionally, late payments incur either a fee of $15 or 5% of the late payment amount, whichever is greater. However, it is noteworthy that LendingClub provides borrowers with a 15-day grace period for missed payments. Prepayment penalties are not imposed on borrowers who choose to pay off their loans before the term expires.
To qualify for a personal loan from LendingClub, applicants must have a FICO credit score of at least 600, with prime borrowers typically having a FICO score of 705. While fair to good credit may make borrowers eligible, those with the most favorable credit profiles have access to more attractive APRs and higher loan amounts. There are no income restrictions imposed by LendingClub; however, applicants must provide proof of income during the application process. Additionally, single applicants must have a DTI ratio below 40%, while joint applicants must maintain a DTI ratio below 35%. This ensures that a borrower’s total monthly debt payments do not exceed 40% of their monthly gross income. LendingClub also allows prospective borrowers to apply with a co-borrower, which can potentially help individuals with less favorable credit profiles qualify for better APRs or higher loan amounts.
Applying for a personal loan from LendingClub involves filling out an online form and submitting it for an initial evaluation. This step helps determine if the applicant meets the company’s basic eligibility criteria and provides an estimate of their loan rate without affecting their credit score. If the initial evaluation is positive, the applicant can proceed to complete the full loan application and submit any required supporting documents, such as pay stubs, photo ID, utility bills, and bank statements. LendingClub typically takes 24 hours to evaluate the application and inform the applicant of their decision. The applicant can track the status of their application online through their LendingClub account. If approved, the applicant should carefully review the loan offer, including the conditions and interest rate, before accepting it online.
Comparing LendingClub Personal Loans with Education Loan Finance
If you require a student loan, Education Loan Finance may be a more suitable lender. Unlike LendingClub, Education Loan Finance does not have a maximum loan limit and offers the assistance of a personal advisor to help borrowers make the most of the borrowed funds.
Benefits of LendingClub Personal Loans
- Competitive rate matching
- Debt consolidation plan to streamline repayment
- Joint loans available
- No early termination fee
Benefits of Education Loan Finance
- Dedicated personal loan specialist
- Fully digital prequalification process
- No loan size limit
Applying for Education Loan Finance
To learn more about applying for a loan from Education Loan Finance, refer to our informative article.
