4.7 of 5starsRead Reviews
A representative example of loan payment terms is as follows: you receive a loan of $13,411 for a term of 36 months, with an interest rate of 12.16% and a 5.30% origination fee of $711, for an APR of 15.99%. In this example, you will receive $12,700 and will make 36 monthly payments of $446.46. Loan amounts range from $1,000 to $40,000 and loan term lengths are 36 months or 60 months. Some amounts and term lengths may be unavailable in certain states. APR ranges from 8.05% to 35.89% and is determined at the time of application. Origination fee ranges from 3% to 6% of the loan amount. Lowest APR is available to borrowers with excellent credit. Advertised rates are subject to change without notice. Loans are made by LendingClub Bank, N.A., Member FDIC (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Loans are subject to credit approval and sufficient investor commitment before they can be funded or issued. Certain information that we subsequently obtain as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that your request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan from us. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com. “LendingClub” is a trademark of LendingClub Bank.
Skeptical but pleased!
I was a bit skeptical about the P2P lending model and concept. if you've opened any money/finance section of a newspaper though lately you'll find LendingClub in the headlines... They are in the spotlight right now for their model and how innovative it is. I was skeptical about other people investing in me, but the process was quick and painless. I would of course like to see a smaller origination fee, but they do need to make money somehow I guess beyond the interest. I am disappointed there is not a way to make extra payments online, but since you just email support and schedule payments, it's just as easy. Customer support on the phone is quick and e-mail takes no longer than 24 business hours to return the e-mail. Would and likely will borrow from again.
Great customer service. Fees/closing costs little high.
I submitted some documents, spoke to a representative when I had questions; answered a few questions from a representative. Few days later -- I'm approved and the money was in my bank the next day. ! I sound like a commercial but I'm not!! I'm just happy!
Paid off my credit cards and now my Lending Club payments are made automatically, so I can go back to living. Working and living.