Lending Club Personal Loans

Information verified correct on March 29th, 2017

Join the club and enjoy personal loans with competitive interest rates and simplified payments.

Lending Club has funded loans in excess of $22.5 billion since it began operations in 2006, and it’s one of the largest online credit marketplaces in the world. As Lending Club operates online, it can offer competitive products and services. Investors can also look forward to attractive returns. Lending Club provides products such as personal loans, business loans, and financing for elective medical procedures.

Lending Club Personal Loan

Lending Club Personal Loan

Lending Club offer you the chance to borrow up to $40,000 as alternative to bank personal loans. Rates from 5.99% to 35.89%%* APR based on your credit score.

  • Min. Loan Amount: $1,000
  • Max. Loan Amount: $40,000
  • Loan Term: Flexible Terms
  • Turnaround Time: Varies
  • Total Costs: Depends on your credit score.
  • Consolidate loans or pay off high interest debt
  • Confidential and secure online application!
    Rates last updated March 29th, 2017
    Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
    Max. Loan Amount Minimum Credit Score Turnaround Time Requirements
    Lending Club Personal Loan
    Borrow up to $40,000 with rates from 5.99% to 35.89% APR based on your credit score.
    $40,000 660 Varies 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. Go to site More

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    Awards Lending Club has won

    Lending Club has received various awards since its inception:

    • The Economist Innovation Awards and Summit 2014. Renaud Laplanche, founder and CEO of Lending Club, winner for pioneering peer-to-peer consumer lending.
    • Forbes America’s Most Promising Companies 2014. Lending Club ranked fifth in the list of America’s Most Promising Companies.
    • Fast Company’s Most Innovative Companies 2013. Lending Club made it to the third spot in the World’s Top 10 Most Innovative Companies in Finance.

    Types of personal loans you can apply for from Lending Club

    Lending Club offers a range of personal loans, through which you can borrow up to $40,000. Your eligibility depends on your existing financial situation, your credit rating, and your ability to repay. Further details of your options are as follows:

    • Debt consolidation loans. If you have multiple debts and want to consolidate them into a single loan, this is an option to consider. Not only can you look forward to making one payment each month, you can also save money on interest. You can repay this unsecured loan early without paying any penalties.
    • Home improvement loans. You can use the funds from this unsecured loan to improve your home, whether it be remodeling your kitchen or adding an extra room. Payments remain fixed throughout the loan term and you can repay the loan early without penalty.
    • Car financing. The car financing that Lending Club offers is unsecured, so you don’t have limitations when it comes to model and make. What also helps is that you can make extra payments as and when you like, which means you can save on interest.

    Leading Club also provides personal loans for major purchases, vacations, relocations, and other purposes.

    What features come with a Lending Club personal loan?

    If you’re considering a personal loan from Lending Club, take some time to consider the following features:

    • No prepayment penalties. You can make additional payments towards your Lending Club personal loan as often as you want. Paying your loan ahead of time will help you reduce the interest you pay.
    • Flexible financial tool. You can use funds from a Lending Club personal loan for a variety of purposes. This can include consolidating debts, remodeling your house, paying for car repairs, or simply getting by a temporary setback.
    • Pay lower interest. If you have outstanding loans and credit card debts that charge high interest, you can get a Lending Club personal loan to consolidate your existing high interest debts.
    • Fixed rates and payments. These personal loans come with fixed interest rates that remain the same for the entire loan term.
    • Boost your credit score. If you pay off your credit card debts or consolidate your outstanding debts, you can improve your credit score. Lending Club reports that more than 75% borrowers who take this route experience an increase in their FICO scores within three months.

    What other products does Lending Club offer?

    Details of Lending Club’s other offerings are as follows:

    • Business loans. You get access to all the funds you need in one go, with the loan term varying between one and five years. The loan comes with fixed monthly payments and there are no prepayment penalties.
    • Business lines of credit. You have the freedom to use the money from this line of credit for any business-related purpose at any time. Repay the amount you use in up to 25 months.
    • Patient financing. Lending Club offers patient financial solutions to suit different needs, including financing for dental, fertility, hair, and bariatric treatments. You get to choose from different plan amounts and loan terms.

    How can I apply?

    To apply for a personal loan through Lending Club, click on the ‘Go to Site’ button. Make sure you can answer “yes” to each of the eligibility requirements:

    • You’re over 18 years of age
    • You’re a permanent resident of the US or an American citizen
    • You don’t live in Iowa or West Virginia (not available in these states)
    • You have a steady source of income

    You will need to have the following information on hand to complete the application:

    • Your name, residential address, email address, and phone number
    • Details from a valid form of photo ID
    • Your employer’s name and phone number
    • Details about your income and expenses

    Frequently asked questions

    Can investors see my personal information?

    No, Lending Club keeps your information confidential and secure to protect your privacy. As a borrower, you’re known to investors only by your Lending Club assigned Member Number.

    How do I upload documents for my loan application using my mobile device?

    1. Before you start, make sure the document you want to send us has your name and isn’t expired. Also be sure to gather all the pages you plan to send us.
    2. Place the document you want to send us on a flat, clutter-free surface with good lighting.
    3. Sign in to your Account Summary.
      The Account Summary page will display your personal To-Do List with our requests for additional information to help us speed the processing of your loan.
    4. From your To-Do List, tap the Submit requested documents task.
    5. Next to the document type you’re uploading, tap the camera icon .
    6. When taking a picture, make sure the image is clear and the whole document is visible in your view finder. (Hold really still for crisp and clear pictures).
    7. If you want to submit additional pages or documents (for example, if you have Form W-2 from multiple jobs), tap Upload another.
      You can upload up to 20 separate files for each document you have to send us.
    8. Once you’re done, tap Submit.

    Do I receive special benefits as a servicemember?

    Servicemembers’ Civil Relief Act (SCRA) provides certain financial benefits and protections to eligible servicemembers when they enter active duty. Servicemembers who meet the requirements under SCRA are eligible to receive an interest rate of no more than 6% per year for debt incurred before entering active duty or, for reservists, debt incurred before receiving notice of active duty.

    Eligible servicemembers may include:

    • Active duty members of the Army, Navy, Air Force, Marine Corps, or Coast Guard
    • Army, Navy, Air Force, Marine Corps, or Coast Guard reservists serving on active duty
    • Commissioned officers of the National Oceanic and Atmospheric Administration (NOAA) and Public Health Service on active service
    • Other servicemembers who may qualify under certain state laws

    What do the financial terms mean in my Adverse Action Notice?

    Revolving Accounts: This term often refers to credit cards. This type of account typically has a variable interest rate and open-ended terms, meaning you don’t have to pay in full each month. In addition, your payments are commonly based on a percentage of the balance, which often changes from month to month as you make purchases and payments.

    Revolving Balance: The portion of a balance that goes unpaid at the end of the billing cycle. This portion is charged interest. Your credit card balance is an example of a revolving balance.

    Revolving Debt: This usually refers to credit card debt. This type of debt typically has a variable interest rate and open-ended terms. In addition, your payments are commonly based on a percentage of the balance, which often changes from month to month as you make purchases and payments.

    Credit Inquiries: When your credit is checked by a legitimate business.

    Installment Account or Installment Loan: A loan that has fixed payments for a fixed period of time. You make the same payments every month until the loan is paid in full. Examples include auto loans and mortgage loans.

    Delinquent Payments: Payments that are not made on time.

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