NorthWestern Financial Review

LendingClub

LendingClub Overall rating: ★★★☆☆ 3 based on 11 reviews.
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Lending Club is one of the most popular peer-to-peer lenders in the industry. They offer loans ranging from $1,000 to $40,000 with APR ranging from 6.95% to 35.89% The lender promises quick access to funds, flexible loan terms, and competitive rates that beat what most banks will offer you. Repayment terms are either 36 or 60 months.

Company name LendingClub
Founded 2006
Address 71 Stevenson Street, Suite 300, San Francisco, California 94105
Website lendingclub.com
Phone number (415) 632-5600
Email  investing@lendingclub.com

Pros

  • Borrow up to $40,000
  • Quick, easy online application
  • Soft credit check with pre-qualification
  • Fixed interest rates
  • No prepayment fees
  • Joint loan option
  • Auto refinancing
  • Support individual investors
  • Patient solutions
  • Flexible usage options

Cons

  • High APRs
  • Doesn’t offer a mobile app to manage your loan
  • Origination fee
  • Takes time to get money
  • Bad deal for poor credit
  • Few options for loan terms
  • Personal loans not available nationwide

Bottom line

LendingClub is a good option for you if you have a good credit score and don’t need immediate access funds. Also, co-borrowers are allowed, which is not offered by every lender.

Taking out a personal loan with this company might be a good idea if you need access to extra money to make a large purchase or to consolidate your debt. Surf the net and compare various loan offers to find the lender that offers the best rates and terms.

Types of loans

Lending Club is offers personal loans, lines of credit, business loans, auto refinancing, and patient solutions, which helps cover the cost of expensive drugs and dental procedures.

This lender wants to know how you’ll be using the borrowed money. The options are:

  • Credit card refinancing;
  • Debt consolidation;
  • Home buying;
  • Car financing;
  • Home improvement;
  • Major purchase;
  • Green loan;
  • Moving and relocation;
  • Medical expenses;
  • Business;
  • Vacation.

Loan requirements

To get approved with Lending Club, you need to:

  1. be at least 18 years old;
  2. be a US citizen or legal resident;
  3. have a verifiable bank account;
  4. have a minimum credit score of 600;
  5. have a minimum credit history of three years;
  6. have the debt-to-income ratio less than 40% for single applications and 35% for joint applicants.

Right now, the lender only accepts applications from 49 of the 50 United States. Residents of Iowa and U.S. territories are not eligible.

Category: Online Loans

Tags: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming

LendingClub Reviews

★☆☆☆☆
They do not allow you to make early payment by any means!!! That means you can't pay your loan when you have the money available. They use this to make extra money on fees. This is an illegal business practice!!! Even if you call them you can't make a payment early!!! Wost lender ever!!!
- James Kerr

★★☆☆☆
Irecommend you that before you get a loan out with this company to make sure that you want this loan. I made a mistake of getting a personal loan and tried to repay it immediately. However they charged me a quite big "origination fee" for a pure mistake. Yes, the funding was fast and I understand they make money this way but they will NOT return this origination fee even if you tell them that it was a mistake.
- Walter Smith

★★★★★
The process was quick and easy. The terms and rates are provided in advance. You can opt for auto payment. The funding was quick too. I would recommend Lending club to my friends and family. Another lender took 2 weeks to respond but this one nailed it.
- Anna Quimby

★★★★★
Lending Club offered me a better rate for my personal loan than my bank did. It only took a few hours before they approved me. The entire process was easy, transparent, professional, and quick.
- James Killian

★★★☆☆
Very easy to apply and get approved. BUT here is the reason I will never use them in the future: I made payment for 16 months and never missed a payment. Then it turns out they charge a very high rate of interest like on their loan. I could understand this if I had poor credit but there should be lower rates for borrowers with good credit. So if you want an affordable loan, you’d better search for someone else.
- Karin Bass

★★★☆☆
This lender charges the borrower a fairly high origination fee.
- Helen Bangs

★☆☆☆☆
BEWARE!! Took out a personal loan February 2020. Received an error when I tried to log in. No access for a month and no one would help me! Worst experience ever!!!
- Robert Walborn

★★★★★
They gave me the opportunity to pay off my credit card debt and finally get rid on that financial burden! Their interest rate is reasonable. I’d recommended them to anyone!
- Tiffany Rea

★★☆☆☆
I had a loan through this company, I made early payment to save on interest and they charged an additional payment. They tried to persuade me it was my fault, I still haven't received my money 6 days.
- Mona Salgado

★★★★★
I've been using this lender for a while now and I love it. No complaints so far.
- Myron Owens

★☆☆☆☆
Lending Club makes borrowing even harder than banks. I could not get a loan with my 714 FICO score. They called some stupid reason like: you have too many loan requests in the recent months and so on.... doesn’t not work for me!!!
- Brian Martin

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