LendingClub loans

Enjoy loans with competitive interest rates and simplified payments.

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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.

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What loans does LendingClub offer?

• Personal loans. As a peer-to-peer lender, LendingClub sources individual investor funds to offer personal loans with affordable costs.
• 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 with LendingClub by refinancing your existing car 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.

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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 loan from LendingClub for?

LendingClub offers a range of loans. Your eligibility depends on your existing financial situation, your credit rating, and your ability to repay. Here are some common reasons people take out a loan through LendingClub:

• Debt consolidation. 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. 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 should I consider?

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.

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

How do I upload documents for my loan application using my cellphone?

LendingClub allows you to take pictures of your documents from your cellphone as added convenience. Start by making sure all documents are current and not expired.

1. Place the document on a flat surface with no background clutter.
2. Once signed in, go to your personal To-Do List from the Account Summary page. You’ll see LendingClub’s requests for additional information to process your loan.
3. Click on Submit requested documents.
4. Click the camera icon next to the document you’d like to upload.
5. Hold your phone still while you take the picture, making sure the entire document is visible.
6. Tap Upload another to add another page to a document, for example a W-2. LendingClub allows up to 20 images for each document, but most won’t be that long.
7. Click Submit once you’ve finished taking pictures of all your documents.

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.

• 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

• Is LendingClub safe to use?

  Yes. LendingClub uses website encryption to keep your personal and financial information secure when shared online. Learn more about LendingClub’s information safety and company reputation here.