Lending Club Review: Things to Know Before Borrowing Money from it

You might have faced an issue while taking a loan as you can’t connect directly with the lenders. So, the lending club tries to connect borrowers directly with lenders. Accordingly, Lending Club offers a reasonable price policy. There are two loan terms available to borrowers: 36 months and 60 months. For borrowers with fair to good credit, this is a good option because it has fewer requirements than other lenders. This Lending Club Review helps you to decide whether you need it or not.

It depends on you whether you want to use the lending club loans service. In this blog, we will look at how customers rate lending club. So, that you can choose wisely. Let’s begin.

Lending Club Review

In terms of customer service, competitive interest rates, and various communication methods, Lending Club ranks higher than other banks in terms of offering a limited number of banking products. You can track your debts, spending habits, and net worth online and via the mobile app with Lending Club by linking your external bank account. It has an average 4.4 rating out of 5 in the play store app. To contact the lending club you can call them or can do a live chat. 

For Whom is Lending Club Best?

Lending Club Review

The lending club review states that it is best for those who need a small amount of loan. Lending Club loans, however, have a price – especially for those with less-than-perfect credit. Residents of U.S. territories will soon be able to access the service. All 50 states currently offer lending club personal loans.

Lending Club: Pros and Cons

Lending Club Pros and Cons

Pros of Lending Club:

  • You don’t have to pay any penalty if you repay the loan on time. 
  • The lending club offers a 1% cash return on debit purchases.
  • A 12 hours support system is available.
  • It accepts fair credit for lenders who require a minimum score of 660.
  • Additionally, it will not charge ATM fees and if charged by another bank it will return.

Cons of Lending Club:

  • It doesn’t have any physical presence.
  • The starting fee on loans is expensive as it charges 3% to 6%.
  • The lending club allows only 3 to 5 years loan terms.

Is Lending Club Right?

If you compare interest rates then you might find that Lending Club is a good choice. Though it doesn’t have many account options, it provides customer support and a reasonable interest rate. You will not be charged extra as a maintenance fee. You have seen that other banks require minimum deposits but lending clubs don’t require anything like this.

Lending Club Review for Borrowers

It provides you with an option where you can borrow with a lending club. Whatever you need, it will give you an incredible deal. The lending club provides fewer interest rates on loans. All the things are done online, no need to go outside the house. Once your loan gets sanctioned you will get your funds. 

Lending Club Personal Loans: Purpose

Lending Club Personal Loans

Ways to Apply for Lending Club Personal loans

Here are the ways that you need to follow for lending club personal loans:

  • Pre-qualification on the Lending Club website: At this stage, you will be asked how much you will borrow and also for some personal info like your name, date of birth, etc. After that, the lending club will ask you about your income before you preview loan offers. 
  • Preview Loan Grants and use that suits your budget: After accepting a loan offer, you will be given an application. It might require additional documents to verify the information. Your credit score may temporarily drop if you apply with Lending Club.
  • Create a plan to pay back the loan: Your credit score improves when you make on-time payments, while your credit score suffers when you fail to make payments. Lending Club reports your payment to each credit bureau.

Final Say

Lending Club is a great way to get started in the world of peer-to-peer lending. They offer good interest rates, low fees, and helpful customer service. You can also diversify your portfolio by investing in several different loans. While there are some risks associated with any investment, I believe that Lending Club is a safe and profitable way to invest your money. Have you used Lending Club? What has been your experience?

Frequently Asked Questions (FAQs) 

Q1. Does using LendingClub hurt your credit?

Your credit score won’t be impacted by checking your rate or applying for a loan through Lending Club Bank.

Q2. Is LendingClub hard to get approved?

You need a 600 credit score to qualify for a Lending Club.

Q3. Can you pay back Lending Club early?

Yes, you can pay early as it will not charge any prepayment penalty/fee to you.

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