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.
If I hadn't already gotten so far in the process I probably would've cancelled my loan, but i didn't want another inquiry on my credit report. It took over 3 weeks to get the funding. There was a hold up but no one called to tell me so I could help facilitate it along. I had to call almost daily to ask the status. Then once the loan was funded my payment date got all messed up. Basically, it seems like they need to work on their communication with their clients through the process.
Slowest Loan Process
Took over two weeks to get approved and receive the loan. I thought it would be faster and easier online rather than going to a bank in person. I know other people who have gotten approved and a check the same day at an in-person lending office and with better APR. Won't be using again. Nor will I be using Lending Tree again.
I found Lending Club through Lending Tree in search for reducing my credit card debt. I was quickly approved for the loan I requested, and am very happy with their service so far.