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.
I decided to do some kitchen improvements.
After being quoted a high rate loan by my bank (I have very good credit but high debt) I thought I would try Lending Tree. I was matched with "Lending Club". Even after reading mixed reviews and doing some research, I thought I would give it a try.
My loan was funded and approved in about 10 days. Lending Club was very quick to respond (or at least take action related to) my emails. That said, they never responded to my calls (which leads me to believe they do almost everything online to save money).
All in all, a good experience.
A hint: it's best to respond quickly to emails asking for additional info, which usually involves proof of income (W2) and at least 2pay stubs.
Nothing but praise!
I think that there is a lot of misunderstanding about what Lending Club actually does, and that this leads to at least some of the negative views on Lending Club. This is not your local brick-and-mortar bank. You don't have a loan officer or senior banker with whom you sit down and work out a loan. Instead, private individuals will use notes to fund your loan -- $25 here, $100 there, and your loan fills up. These individual investors look at your profile, see whether they think you'll bring a positive return, and choose whether or not to fund your loan. Lending Club itself also runs a manual review on every loan. Some people may get their loans funded on the investor side, but Lending Club may decide that they can't approve the loan for whatever reason (discrepancy in information, lacking information, borrower doesn't meet strict credit history requirements, etc...). As an example, I recently changed addresses and I was asked to provide a utility bill to confirm my new address. I moved to housing where the utilities are covered in my total rent, but I called their credit department and we agreed that I would send a copy of my renter's insurance and a copy of the first page of my lease instead. They were very helpful in this regard.
Lending Club has some rather strict credit history and identity confirmation requirements. I'd guess that the majority of people who are seeking debt consolidation loan may not be eligible for one reason or another (credit below 660, a late payment in the last 3 years, more than 4 inquiries in past 6 months for credit below 740).
That said, if you can actually get a loan from Lending Club, you could get a great rate! I got an unsecured $2950 loan at 8.99% and was fully funded within three days of my request going live. I was asked two questions by investors (A breakdown of my monthly budget and my total debts). I had the option to respond or not with no formal repercussions. A clear, concise description for your loan (why you need it, where the money goes, why you're a good borrower) and promptly answering all REASONABLE questions posted by investors is essential to attracting funding. Customer support was helpful the whole way, and once my additional documentation was received by Lending Club, my loan was approved within 24 hours. Great service, very competitive rates (!) -- an absolute pleasure to do business with.
No dramra, trouble free experience