Find out if you’re eligible for a personal loan with LendingClub, where you can apply for up to $40,000.
LendingClub offers a flexible solution when you’re in need of personal finance. Check your potential rate for a personal loan without it affecting your credit score. If you’re eligible, you can apply for up to $40,000. A personal loan from LendingClub can help you with a range of issues, from consolidating credit card debt to making a large purchase.
|Product Name||LendingClub Personal Loan|
|Min Loan Amount||$1,000|
|Max. Loan Amount||$40,000|
|Min APR||From 5.99%|
|Minimum Loan Term||3 years|
|Maximum Loan Term||5 years|
|Requirements||You must be over 18 years of age, a permanent resident of the US or an American citizen and have a steady source of income.|
- No prepayment penalties
- Flexible loan terms
- Fast and easy application
- Unavailable to Iowa and West Virginia residents
- Higher rates for poor credit borrowers
- Check processing fee of $7 per payment
- A United States citizen or permanent resident, or living in the U.S. on a valid, long-term visa.
- At least 18 years old.
- The holder of a verifiable bank account.
First, do I qualify?
You should have good to excellent credit when applying for a loan through LendingClub. Other requirements include: being a US citizen, permanent resident or on a valid long-term US visa, being 18 years old or older, having a working bank account and not residing in Iowa or West Virginia.
How does a personal loan through LendingClub work?
You’re able to find out your LendingClub rate before submitting your full application, and doing so won’t affect your credit score. If approved, you will need to wait for investors from LendingClub’s pool to provide you with funds, and once that happens they will be transferred to your bank account. The process usually takes around seven days.
You can use the money for almost anything – the only restrictions are that you can’t use it for anything related to education after high school or for anything illegal. Repayments are automatically deducted from your bank account monthly, but you can also pay by check. Keep in mind there is a $7 fee for the check option. You can partially or fully prepay your loan at any time without penalty.
What are the benefits of a LendingClub personal loan?
LendingClub’s personal loan offer competitive features that include:
- Rate quotes before applying. Before submitting your application, you can request an interest rate quote that won’t affect your credit score.
- Fixed payments. LendingClub personal loans come with a fixed rate, which means you pay a consistent monthly payment for the term of the loan.
- Flexible uses for funds. Use the loan for a range of needs, from consolidating your credit cards to going on vacation or even renovating your home.
- No prepayment penalties. You can partly or fully pay off your loan before the scheduled due date without paying a prepayment penalty.
- Rebuild your credit. LendingClub reports your payments to the major credit reporting bureaus, so you can build up your credit history by making your payments on time.
How much will I pay for a personal loan through LendingClub?
Before signing any contract, confirm the APR — the interest rate plus any fees you pay — you are offered to get an idea of the true cost of your loan. When calculating your interest rate, LendingClub considers your “Loan Grade,” which is based on the information you supply in your application.
LendingClub Loan Grades range from A to G. Depending on this grade, you will pay a loan origination fee ranging from and an APR ranging from 5.99 to 35.89.
Other fees to watch out for include a $15 returned payment fee and a late payment fee of 5% or $15. If you’re paying my check, you will also pay a $7 check processing fee for this payment method.
What do I need to apply?
To apply for a personal loan with LendingClub, you’ll need to meet general eligibility requirements.
- You must be a US citizen, a permanent resident or in the US on a valid long-term visa.
- You must be at least 18 years old.
- You must have a valid bank account.
Personal loans are not available to residents of Iowa or West Virginia.
You’ll need to gather the following information before applying:
- Your name, contact information and date of birth.
- How much you want to borrow and the purpose of the loan.
- Your credit score range.
- Your annual individual income.
What are the steps to apply?
Before using LendingClub’s service, first make sure that you meet its basic requirements. To begin the process click the green Go to site button on this page.
Once approved, you’ll typically receive the funds directly into your account within seven days.
I got a personal loan from LendingClub. Now what?
Now it’s time to keep up on repayments. Luckily, LendingClub offers automatic prepayments on a fixed monthly schedule. This service eliminates the need worry about making the due date each month, just be sure you have money in your account. If your payment is not successfully completed, there is a $15 fee.
While you can pay by check, there is an additional fee of $7 per payment. If you would like to pay via your bank account, but not automatically, you can do so without incurring extra charges.
You have a 15-day grace period if you need to get your payment in a little late, but LendingClub encourages you to call or email as soon as you know you’re going to have trouble making a payment. If you do not complete a payment within the 15-day grace period, a fee of $15 or 5.00% of the installment amount will be assessed (whichever is greater).
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