Personal loans are often needed for those who need a good amount of money in an emergency. Some have properly prepared to apply for a personal loan for other reasons. This could be an upcoming home renovation, or you simply want to buy something new for your family.
Whatever the reason is, always look for the personal loan that provides you with the most competitive rates and the most effortless application process. This is why LendingClub's Loans are some of the best in the market today. They offer countless features that suit your needs.
If you want to learn more about LendingClub Personal Loans, check out the guide below to discover their features and how you can easily apply.
LendingClub Personal Loans Best Features and Highlights
Many people might think that personal loans are very hard to get and they require a lot of paperwork and background checks to get them.
With LendingClub Personal Loans, it is very easy to get one. Unlike many other providers, it is for people who want to have a joint personal loan and can pay their creditors directly.
Here are some of the features that you'll surely love with LendingClub Personal Loans.
Loan Terms
With the LendingClub Personal Loans, you can access amounts as low as $1,000 up to $40,000.
You can get up to two to five years of loan terms on the amount to quickly pay off your credit card debt, get debt consolidation, or gain access to emergency funds for your expenses.
However, take note that there are some restrictions with personal loans. You cannot use the fund for education costs, illegal activities, and investments.
Interest Rates and Other Charges
LendingClub Personal Loans usually have an interest rate of from 8.98% to 35%. While the interest rates might seem too high, this still depends on your creditworthiness as a borrower at the time of your application.
It is best that you fix your credit score first before you apply. There is also an origination fee ranging from 3% to 8% of the entire loan amount.
LendingClub has no application fees, prepayment penalties, or broker fees. If you pay more than 15 days late, you will be charged a 5% late fee.
Soft Credit Pull
What's great about LendingClub Personal Loans is that you can check first if you're pre-qualified for the loan.
They have a soft credit pull where potential borrowers can see if they can apply for the loan without affecting their credit.
And unlike many other personal lenders, there are also very minimum credit requirements so that application is made very easy for first-time applicants.
LendingClub Personal Loans Application Process and Requirements
If you have decided to apply for LendingClub Personal Loans, you need to learn the entire application process and the requirements for application.
These are just some of the basic requirements you must prepare if you wish to apply or check for loan pre-approval.
Requirements for LendingClub Personal Loans
All applicants must have a minimum credit score of only 600, which is one of the most lenient of any loan provider.
LendingClub Personal Loans offer loans to all 50 states of the United States, so you must be a citizen of the US or a permanent resident. Anyone in the US with a valid and long-term visa can also apply.
You need a verifiable bank account, proof of identity, and proof of income, such as your income tax documents.
Applying for LendingClub Personal Loans
Once you have all the requirements ready, this is the perfect time for you to check if you prequalify for the loan. Head over to the official website and have a soft credit inquiry.
This will give you an idea of what terms you're qualified for. Should you wish to continue with the application, you can continue with the proper procedure.
Take note that this step will require you to enter personal information such as your contact details and date of birth.
Submit Your Application
If you're prequalified for the personal loan, you can apply directly at the official website. Simply provide your information and verify it with supporting documents.
You will need to provide a hard credit inquiry now that you want to go through with the personal loan.
Make sure to review all of the details and the terms and conditions first before you submit your application.
Check the Loan Agreement
After you get approved for the loan, you will be presented with the loan agreement. The loan agreement contains all of the details regarding your loan.
It also has all of the fees and charges that you need to pay, including the breakdown of your monthly payment. Sign the loan agreement,t and the amount should then be deposited into your bank account.
What Happens If You're Denied
If your application gets denied, you may have to work on building your credit score first. This is the most obvious reason why you were not approved in the first place.
Increase your chances of getting the loan by checking your credit report before applying for any discrepancies.
You can also pay your other bills on time to increase your credit score steadily. Once you're confident enough, go ahead and apply again.
Contact Details
If you wish to speak to a customer service representative or you need help with your application, you can contact them through the numbers - 888-596-3157 from Monday to Friday, 5 AM to 5 PM, and Saturday from 8 AM to 5 PM.
You can also visit their office at 595 Market Street, Suite 200, San Francisco, CA 94105.
Conclusion
LendingClub Personal Loans offers affordable and accessible personal loans for your needs. With its competitive rates, low fees, and very attainable payment schemes, you can quickly pay your loan in no time and help increase your credit score. By applying for one today, check out more details of the LendingClub Personal Loans!
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.
