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.
Great Option if you Can Wait
Applying for the loan was quick and easy, I did that on a Friday afternoon. I was also able to verify my email that same day. On Monday, I was able to verify my bank account, which involved waiting for small deposits to be made and entering those amounts to Lending Club. On Tuesday afternoon, I was approved. However, I was not told that I was approved, I found out myself using their online account summary. I called and was told I was indeed approved and the funds would be issued in 2 - 3 business days. I called on Friday to check the status, and was told they were a little behind so funds might not be available until Monday of next week. I called Monday and was told it might take until NEXT Monday as they were very behind. I then received an email Tuesday morning saying the funds were issued, and my bank released the funds to me the next day.
SOOOO it took about 10 days from applying the receiving the funds, which didn't bother me since I didn't need the funds right away and would gladly wait for the convenience of doing everything online. However, if you need funds right away, this might not be the best option for you. I also didn't like being told different information every time I called, and the lack of communication by email was a little annoying, but all in all I would say it was a good experience dealing with Lending Club (especially in comparison to other companies I have worked with).
got loan after long wait
- Got the loan (that was the main thing)
- Very little red tape, just had to verify email and bank account. (nobody even called to ask any questions)
- fair rate (not awesome, but not bad either)
- Took well over a week for final approval (no emails, no phone calls, just waiting)
- Charged 5% fee upfront and took it out of loan amount.
Overall, I am satisfied with my loan. It helps my situation out a lot.
Quick and Painless
Intro: I needed a personal loan to assist with some work around my home. I started to shop for the best rates and of course went to my bank initially and then to Lending Tree.
Pros: Although I only had two choices from Lending Tree, the rates from Lending Club were impressive. Obviously what rate you get will differ but the setup of Lending Club really helps them drive the rates down below most credit cards/bank loans (sub 10%). It was very simple to set up the loan, but do read the fine print so you can understand how their business model works and why it works. I was very convinced after reading their website for 20-30 minutes that I was making a good choice applying through Lending Club.
They give multiple options based on the amount of money you request. This was very helpful since after I submitted through Lending Tree the amount needed changed. It was easy to request a different amount without getting a separate credit check done. Length of the loan varied from 1-5 years if I remember correctly, so again, flexibility.
It took about a week for the money to hit my account, 5 business days. Of course my own bank is a lot faster, but I had some time to wait especially since it would save me hundreds of dollars on interest. I never spoke to an actual person, I never used a pen to sign a document, which is a pro but does lead me to my first con.
Cons: It's disconcerting that you can get thousands of dollars dropped into an account without so much as a second glance to make sure you are who you say you are. They say someone at Lending Club reviews each loan and that is why it takes a few days. I'll have to take their word for that.
There did not appear to be any way to make payments except to have the money drawn from whatever account you sign up to have the money deposited into. You can make additional payments of course, but it's something to be sure you don't miss when applying in case you are putting the money into an account not frequently used.
Final Thoughts: I don't like getting loans, but I didn't want to burn thousands of dollars in "real" cash in support of this home improvement. Lending Club gave me the freedom to get the work done and pay it back with a reasonable rate. I have to say I am very impressed with the rate and conditions of the loan and they beat my bank's rate quite handily. I recommend anyone looking for a loan to shop around, but stop in to Lending Club and see what rate they will give you. They have the ability to beat any bank as long as you have half decent credit.