Enjoy loans with competitive interest rates and simplified payments.
LendingClub has funded loans in excess of $26.5 billion since it began operations in 2006, and it’s one of the largest online credit marketplaces in the world. As LendingClub operates online, it can offer competitive products and services. LendingClub offers products such as personal loans, business loans and financing for elective medical procedures.
LendingClub Personal Loan
LendingClub offers 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.
- Recommended Credit Score: 660 or higher
- Min. Loan Amount: $1,000
- Max. Loan Amount: $40,000
- Loan Term: Flexible Terms
- Turnaround Time: 7 days
- Total Costs: Depends on your credit score.
- Consolidate loans or pay off high interest debt
- Confidential and secure online application!
Apply for a LendingClub loan
Awards LendingClub has won
LendingClub has received various awards since its inception:
- The Economist Innovation Awards and Summit 2014. Renaud Laplanche, founder and CEO of LendingClub, winner for pioneering peer-to-peer consumer lending.
- Forbes America’s Most Promising Companies 2014. LendingClub ranked fifth in the list of America’s Most Promising Companies.
- Fast Company’s Most Innovative Companies 2013. LendingClub made it to the third spot in the World’s Top 10 Most Innovative Companies in Finance.
What can you use a personal loan from LendingClub for?
LendingClub 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 LendingClub 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 benefits come with a LendingClub personal loan?
If you’re considering a personal loan from LendingClub, take some time to consider the following features:
- No prepayment penalties. You can make additional payments towards your LendingClub 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 LendingClub 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/or credit card debts that charge high interest, you can get a LendingClub personal loan to consolidate those 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. LendingClub reports that more than 75% borrowers who take this route experience an increase in their FICO scores within three months.
What other products does LendingClub offer?
- Business loans. LendingClub business loans come with fixed monthly payments, and there are no prepayment penalties. Loan terms vary between one and five years.
- 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.
- Auto refinancing. You could save money by refinancing your existing auto loan to one with lower interest rates and no hidden fees.
- Patient financing. LendingClub 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 LendingClub, 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 have a credit score of 660 or higher
- 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, LendingClub keeps your information confidential and secure to protect your privacy. As a borrower, you’re known to investors only by your LendingClub assigned Member Number.
How do I upload documents for my loan application using my mobile device?
- 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.
- Place the document you want to send us on a flat, clutter-free surface with good lighting.
- 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.
- From your To-Do List, tap the Submit requested documents task.
- Next to the document type you’re uploading, tap the camera icon .
- 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).
- 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.
- 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.