Lending Club Review

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

by

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.

Author Profile

Susan Anderson
Meet our Author of Our Editorial Team, Susan Anderson. She is an experienced writer and financial expert who has been writing about credit cards, card offers, services, and other related topics for more than twenty years. With her in-depth knowledge on the matter and her ability to distill complex topics into useful information for readers, Susan has become a go-to source for reliable credit card advice. In addition to her work at the editorial team, she also contributes to major publications such as The Wall Street Journal and CreditCards.com. With her expertise and industry experience, she is able to provide sound advice on all aspects of credit responsibly while helping people save money in the process.

Leave a Comment

Editorial Note: The content provided on this website is not endorsed by the credit card issuer, nor should it be interpreted as an official statement or opinion of the issuer. Furthermore, the opinions expressed here are solely those of the author and do not reflect the views or policies of the credit card issuer. All information presented is intended to be accurate; however, no guarantees can be made regarding its accuracy or completeness and no liability can be accepted for any errors or omissions. It is important to note that clicking on any offer will direct you to the official website of the credit card issuer where you will have an opportunity to review all relevant terms and conditions in detail prior to applying for a new line of credit.


An Advertiser Disclosure: Cfi-blog.org is a comprehensive, free online resource that provides a wide range of useful content and comparison services. We strive to keep our services 100% free, which means that we receive compensation from many of the offers featured on our site. This compensation may be linked to key review factors and could potentially influence how and where products appear across the platform - including the order in which they are presented. It’s important to note that Cfi-blog.org does not display all available offers; instead, we focus on presenting only those options that are most helpful for our users. Furthermore, any editorial opinions voiced on our website are purely our own and have not been endorsed or approved by any advertisers.