Lending Club Personal Loans Review

Personal loans are becoming increasingly popular as more and more people turn to them for financial relief. In this comprehensive review, we’ll cover the ins and outs of Lending Club personal loans, including their benefits and drawbacks.

From loan amounts to interest rates, fees, and other features, our review will provide a comprehensive overview of all that Lending Club has to offer. So, if you’re considering taking out a personal loan from Lending Club, make sure you read on for the full scoop.

Lending Club is one of the largest online lenders and offers personal loans with terms of 24 and 60 months. Loan amounts range from $1,000 to $40,000, and interest rates start at 6.95%. Lending Club does charge origination fees but they don’t charge prepayment penalties.

Lending Club Overview

Lending Club is one of the most popular online platforms for personal loans. Since its inception in 2007, Lending Club has funded over $35 billion in loans to more than 2.5 million borrowers. Lending Club offers a convenient online application process and competitive rates, making it a popular choice for borrowers looking for a personal loan.

They offer two types of personal loans: unsecured loans and secured loans. Unsecured loans are available to borrowers with good to excellent credit, while secured loans are available to borrowers with any credit score. This lender also offers a line of credit product for borrowers who need access to cash but may not qualify for a traditional loan.

Lending Club Personal Loan Rates, Terms, and Fees

Lending Club offers personal loans with an APR starting from 8.30% and going up to 36%. In comparison to other personal loan lenders, they are considered a high-interest-rate lender. On top of that, they are also considered a high-fee lender, since they do charge both origination fees and late fees.

Their origination fees go from 3% up to 5%. Generally speaking, there are lenders who charge origination fees, but they don’t exceed the 2% mark. In the case of the Lending Club, you can see they do.

The good about them is that you can get loan terms starting from 24 months and going up to 60 months. Overall, these are pretty good loan-term options.

What Types of Personal Loans are Offered by Lending Club?

Lending Club offers a variety of personal loan products, including the following:

• Unsecured personal loans
• Secured personal loans
• Lines of credit
• Business loans
• Car refinancing
  

Unsecured personal loans are the most popular type of personal loan offered by Lending Club. These loans do not require collateral and can be used for a variety of purposes, including debt consolidation, home improvement projects, medical expenses, or major life events.

Secured personal loans are backed by collateral, typically in the form of a savings account or CD. These loans tend to have lower interest rates than unsecured personal loans but require collateral that could be at risk if you default on the loan.

What Is the Maximum Amount That Can Be Borrowed Through Lending Club?

Lending Club personal loans have a maximum borrowing amount of $40,000. This is one of the main benefits of taking out a loan through a Lending Club, as many other lenders have much lower borrowing limits. This makes Lending Club personal loans a good option for people who need to borrow large sums of money.

How to Apply for a Lending Club Personal Loan

If you’re looking to take out a Lending Club personal loan, here’s what you need to know about the application process.

The first step is to head to Lending Club’s website and fill out their online form. You’ll need to provide some basic information about yourself, including your name, address, date of birth, and Social Security number. You’ll also need to specify how much money you’re looking to borrow and over what period of time.

Here is a step by step application process:

• Pre-qualify on LendingClub’s website
• You’ll be asked how much you want to borrow and what the funds are for, as well as some personal information like your name, birth date, and address.
• Preview loan offers and accept the one that fits your budget
• Once you accept a loan offer, you’ll submit a formal personal loan application.
• Make a plan to repay the loan

Lending Club Personal Loans Pros and Cons

Lending Club is a lending platform that offers personal loans to borrowers with good to excellent credit. Loan amounts range from $1,000 to $40,000, and terms are either 24 or 60 months. With that being said, they do have both pros and cons to them. 

One of the biggest pros they offer is that they are a BBB-accredited company and they have an A+ rating. They also offer a pretty high allowed boring amount in comparison to other lenders of this type. 

But now comes the downside of them and trust us, it’s a very big downside. They have a lot of complaints made against them. And when we say a lot, we do really mean it. Lending Club currently has over 1500 complaints made against them and still counting. 

On top of that, they also received an official complaint from FTC in which they stated that LendingClub promised consumers “no hidden fees”, but when the loan funds arrived in consumers’ bank accounts, hundreds to thousands of dollars were found short of expectations due to a hidden up-front fee that Defendant deducts from the consumers’ loan. The complaint also alleges that the company misled consumers into thinking their loan had been approved when Defendant knew many consumers would never receive a loan.

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Is Lending Club a Secure Platform for Personal Loans?

In regards to Lending Club being a secure platform, they actually are. All of your details are secured and encrypted, which means that once you put them, they are not stored on their servers.

Additionally, they don’t sell or resell your data or information to any third pirates. This is very good to hear since there have been situations in which some of the lenders of this type sold their clients’ information to third parties.

Overall, they are a secure and safe lending platform but considering they have many complaints right now, we do advise you to find another lender.

Is Lending Club a Reputable Lender?

Now, the Lending Club is a BBB-accredited company with a rating of A. But considering they have over 1500 complaints made against them that are growing every day and an official report from FTC, we can’t say they are a very reputable lender. 

Yes, they are a legit business that has been operating since 2007 but when it comes to credibility and reputability, they are not on their top game. With this said, in case you do want to work with a lender that is actually a good and reputable lender, feel free to reach us. We are more than happy to assist you in finding a lender that will suit your needs. 

Summary of Lending Club Personal Loans

• Lending Club is a direct lender that offers personal loans to borrowers with good to excellent credit. 
• Loans are available in amounts from $1,000 to $40,000, and terms range from 24 to 60 months. 
• Interest rates are fixed and vary depending on the loan term and the borrower’s credit history.
• Their personal loans can be used for a variety of purposes, including debt consolidation, home improvement projects, medical expenses, or major purchases. 
• The company has BBB accreditation with an A rating, but many complaints including a couple from FTC.

Lending Club Personal Loans FAQs

1. How long does it take to get approved for a Lending Club personal loan?

It typically takes less than 24 hours for a borrower to receive the answer to their application.

2. What is the minimum credit score required to qualify for a Lending Club personal loan?

The minimum credit score required to qualify for a Lending Club personal loan is 600.

3. Is Lending Club available in all states?

Lending Club is available in 50 states across the US, including Washington, DC.