Lending Club offers personal loans to applicants with good to great credit. Most borrowers use the company's loans to consolidate high-interest credit card debt. After having a personal loan for three months, some borrowers have been able to raise their credit score 21 points. Lending Club is credited for creating the peer-to-peer lending model, which has private investors fund loans rather than banks. It is also the largest online personal loan lender in the world, having provided over $22 billion in loans since its creation in 2008.
Lending Club offers some of the lowest APRs in the industry. It advertises rates ranging between 6.16 percent and 35.89 percent, but there is one exception: an incredibly low 4.99 percent APR for applicants with exceptional credit. However, the majority of applicants receive an APR of 7.26 percent to 25.72 percent. These low rates make Lending Club a top choice for consolidating high-interest debt.
Another money-saving feature of a Lending Club personal loan is the lack of a prepayment penalty. For example, if you take out a $10,000 personal loan to consolidate multiple high-interest debts with a maximum loan term of 36 months (three years) and are able to pay it off in only a year and a half, not only will you not have to pay as much interest as you would have otherwise but you will not be assessed a penalty for paying the loan off early (a common loan feature). This too can be worth thousands of dollars in savings over the lifetime of the loan.
Applying for a personal loan from Lending Club takes very little time and energy. First, you will be required to provide basic information (loan amount, purpose of loan, and your credit score). Next, you will be required to provide basic personal information (name, address, date of birth, yearly individual income). After providing this information, you will be presented with a number of different personal loan options. These will likely vary in both total dollar amount on the loan and the maximum term limit. These quotes are provided to you through a soft credit pull that won't affect your credit score.
The process for getting your rates can take as little as five minutes. After doing careful research, you will be able to choose the loan that best meets your needs. From there, your loan will be listed and made available to the network of peer-to-peer lenders that Lending Club uses. These lenders review your profile and can choose to fund part or all of your loan. Once your loan has been at least 60 percent funded, the company moves to issue the loan to you. Lending Club states that less than 1 percent of its loans are not 100 percent funded. However, if your loan is not 60 percent funded within 30 days, the listing will expire and you will be invited to reapply. From application to receiving funds, the entire process typically takes seven days.
The most consistent complaint among Lending Club applicants is the company's potentially challenging approval process. Only applicants with good to excellent credit are approved. In fact, the average Lending Club borrower has a 699 credit score and roughly 16 years of credit history. Further, Lending Club does not approve applicants who have had any late payments on their report in the last 12 months. Because of these reasons, it can be a huge challenge for subprime applicants to get approved.
Similarly, the debt-to-income ratio required for approval is much lower than some other competing personal loan companies, making it more difficult for applicants to qualify. According to Lending Club, the average debt-to-income ratio of its borrowers is 18.32 percent (not including a mortgage). This means an applicant who makes $40,000 a year and has over $10,000 in debts (a 25 percent debt-to-income ratio) is going to have a difficult time being approved. Many individuals looking to consolidate debt will have a much higher debt-to-income ratio than what is required by Lending Club for approval.
While Lending Club doesn't have excessive fees, it does charge an origination fee ranging between 1 and 6 percent of the total loan, depending on what grade a borrower has been given.
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They are easy to do and they have great customer service, but they are very pricey and not good to do for a long period of time.
I was denied a loan by Lending Club. No problem. I have a problem with them following with an email encouraging me to apply at One Main. I did. Denied instantly. I did not need the extra report effecting my credit score. Why they sent me that email encouraging me to apply elsewhere was unnecessary and unappreciated.
The process was very easy and my loan was approved right away! I appreciated the friendly representatives that assisted me.
I have just received notice that you closed my account and you did not State My Account was in Good Standing and that my Loan had been paid in full and it took me M, A, M, J, J, A, S, O, to pay my 6000.00 dollar loan off at a 39.99% rate. Which is so creeping high, but I did it and now you want make this known on my Credit Report, I am looking forward to you resolving this in a positive manner. PEOPLE READ MY COMMENT AND LEARN,,,,I PAID THIS OFF EARLY AND THEY STILL TOOK FUNDS OUT AND REFUND ME THE AMOUNT THEY TOOK AND IF YOU PAID IF OFF EARLY YOU GET NOTHING BUT CHANGE BACK 8 months NEVER LATE AND PAID IF OFF BEFORE 5 YEARS.
Easy! Smooth! This was the least encumbering loan process I've ever encountered.
Best experience getting a loan I have ever had. Fast, easy, and all on-line. I highly recommend them!
Wasn't for sure that I would get a loan with my low credit score. But they did give more then what the loan was for on paper. These people are the best they will work with you to help you out. Thank you. Joanna
Thank you for making our experience an easy and wonderful one. The whole process took about a week.
I am truly grateful for taking the chance to apply for a loan and approved. My experience has been great with lending club and my credit score for sure went up after paying my credit cards. Thank you Lending Club.
Very skeptical and looked at getting help with with credit cards for some time. Took a chance and without a doubt one of the best experiences I have had. If your thinking about it just do it.
The whole application process took a few minutes and loan approval a couple of days. The loan funds were deposited in my checking account in four days. My first experience with Lending Club has been fantastic!
The application process was super easy. I was able to use the funds from the loan within a week. I was given a great low interest rate without having to beg or negotiate. I highly recommend Lendind Club.
From start to finish I was truly amazed how great the website was to apply and the progression to finish was so easy. Would recommend to everyone
Fast turnaround, final rates were as quoted.
The process is quick and painless?. 100 percent funded and money in the bank in less than five days. Thank you Steve
Very smooth process and I received funds in 4 days. Definitely not the usual "get a loan" intrusive headache. Great service!
This process was quick and easy. No unforeseen questions or documentation needed from me. Follow up questions were answered within a timely manner. I would definitely recommend this website to all my friends.
Great experience! ! Super easy, &fast!! Took all of 2days and money was in my account! !
I was looking for a personal loan for credit card consolidation and checked with and applied for a Discover loan. I was approved but instead of giving me the quoted rate that corresponded to my credit score on their website, they offered me a rate of 22%. Then when I turned down the loan they came back with 20%. I applied with the Lending Club and was approved quickly with my full loan being funded within an hour. The whole process from applying to the funds being placed into my account was three days! I was given the APR that was offered through my pre approval. The whole process was simple, quick, and pain free. I would recommend the Lending Club to anyone looking for a personal loan!
I couldn't believe how amazing Lending Club is. At first I thought it was too good to be true, but I was wrong! Everything was simple and fast, the one time I had to call in for verification, the gentleman helping me provided excellent customer service. The whole process only took a few business days. Now I am in a better position for a great financial future. Thank you Lending Club!
The whole process was quick and easy. Approval was faster than expected and I had my money shortly after that.
Smooth process that resulted in a great loan. I was able to make some ends meet and meet other obligations so I could keep my good standing--credit wise. At any rate, I did do some checking and read reviews before applying, and I saw people complaining about not getting a loan. Lending Club is legit and has reasonable affordable rates.But there is main requirements you must have a job--that pays over $55k/yr and no Bankruptcy. Overall, I am satisfied with Lending Club and I will pay off this loan and re-apply again.
We are grateful to Lending Club and the lightening fast solution to our credit card situation. In a very short period of time, we were able to pay off $22,000 in credit card debt , which was beginning to seem insurmountable. We now breathe a sigh of relief -- having an affordable payment plan--and the knowledge that we will be completely debt free in 3 short years!! Thank you Lending Club!! I would and have recommended this plan to anyone!!
I tried getting a loan from another company and every time I thought they were ready to close, they wanted more information. I read the reviews for this company, applied, sent the necessary documents, and within about three (3) days maximum, the money was in my account. I would definitely recommend Lending Club.
After my bank of 20+ years refused us a debt consolidation loan to pay down some credit cards rates ( theirs of course) that had soared to 23%+. I was feeling seriously depressed, and trapped. Lending Tree came through at a rate better and it was easy. They trusted my credit score, my track record and allowed us to save over $6K in interest. I cant wait to change banks..bye bye US Bank!. Thank you Lending Tree for helping those of us that are getting squeezed by big banking!!!! I love Lending Tree!
I would recommend the lending club to anyone who has a need for a loan and has 7 - 10 calendar days of time available before they actually need the cash. They are efficient and professional. I would use them again.
I was very pleased with the process from beginning to end. Very simple and no hassle.
Couldn't ask for more! I once had stellar credit but after going through a lengthy divorce, losing my high paying job of 26 years due to downsizing my credit went in the hole. I was strapped with high interest debt and couldn't get out. I contemplated chapter 13. Last Sunday morning after a horrible nights sleep I got up and decided to give Lending Club a shot. After filling out a simple application, I was qualified for $19,000 loan. I applied for 15,000. Later that day I received an email saying my loan was funded? I couldn't believe that it could be this easy. I didn't celebrate because I was still skeptical. I had a small checklist which was verifying my email and bank account. Wednesday I received a small deposit and withdrawal in my bank account which allowed me to verify with LC. I received an approval minutes later! Still not believing that this was true I didn't celebrate. Well Friday morning I opened my bank account and the full $15,000 was in my account!! Time to celebrate! 6 days including Columbus day bank holiday! Wow, Thank you Lending Club for believing in me when no one else did. You gave me the chance to turn my financial mess around which I am going to take complete advantage of and get my credit scores back up. I couldn't be happier! Thank you again!
Fast friendly great business.
Quick and easy with good rates. I had to call customer service for my mistake and they fixed it over the phone with great courtesy and respect.
Fast and easy process. Interest rate was higher than advertised. Got money in just a few days.
My experience was a very good one! I thought the process would take a lot longer, but it was pretty fast and I was able to apply and receive money in my account less than a week. I have already recommended Lending Club to a friend who has begun their process as well. Great service and experience!
Excellent service and personalized care to make this the easiest procedure ever!
I received a loan offer from another company and decided to go online and review information about their service. I found more than one link that noted they were "OK" but found Lending Club to be better for a number of reasons. I then researched Lending Club and found some really good information and decided to give them a try. I visited the Lending Club site and reviewed all of their documentation and found it acceptable. I entered my loan request on Thursday afternoon. The request process was simple and I received immediate notice for the tasks that I needed to complete, including verification of my bank acct information. My "to do list" was completed on Friday and I received notice that was loan was accepted and fully funded on Saturday and my funds were deposited into my acct on Tuesday. I have received and reviewed my loan payment information. I highly recommend Lending Club!
I was hesitant at first, but decided to give it a try. Process wise, things went well, I regularly checked my application status online and provided requested information. It took about 4 days and so far I feel good about it.
Although loan process took a bit longer than I was expecting (just under a month) I was very satisfied with the folks at the Lending Club. mY only recommendation would be a bit more clarity that the 14 days average is actually 14 business days not calendar days - and a bit more clarity of "we're working on it" to say "we're working on it - if you don't hear from us within xx hours than feel free to check in. Otherwise - great, professional experience.
The process of getting a loan from Lending club was simple , fast which made my experience very good. I'll be sure to definitely tell a friend.
I finished paying my 3 year loan and had no issues whatsoever. I even paid 6 months early. Everything went smoothly. My only complain is that, when I tried to get a second loan, they gave me a worst APR than Prosper loan. Makes no sense to me. Of course I'm using Prosper now.
Very pleased with the entire process. Quick & easy
My experience was very good. The best part was how quick and efficient the process was. Also you receive reminders so you won't be late with payments.