Lending Club Personal Loans is one of the best personal loans to apply for if you want to improve your credit score. Lending Club is a platform that connects lenders also known as investors with borrowers who want to manage their debts. In this article, you would learn more about this loaning platform, how to apply for a loan, and lots more.
Lending Club Personal Loans
The personal loans offered by the Lending club are very flexible. This is because loans are offered to customers in line with the details they provide. Also, borrowers have the opportunity to choose the rate and terms of the loan as well as the payment option.
Lending Club is a financial institution that offers various financial services to individuals. Apart from the personal loans, other services rendered by this company include K-12 education loans, Savings and checking accounts, retirement accounts, Business loans, Patients Solutions, Personal and Business Banking, Auto refinancing, and lots more. In this article, we would be focusing on Personal loans. So, what is a Personal Loan?
What is a Personal Loan?
A personal loan is a type of loan that allows individuals to borrow money from a lender or financial institution with the aim of paying in installments with a fixed interest rate. Simply put, the money borrowed is paid monthly alongside the interest. This loan can be used for various purposes such as Business, Vacation, Credit card consolidation loans, Home Improvement, Balance transfers, etc. Unlike credit cards, the money borrowed is delivered once to the borrower.
Lending Club Application
Before you apply for a loan from the Lending club, you should review your financial status and check your credit report. Also, you have to determine the amount of loan you want to take by reviewing the purpose of the loan. You can also choose to add a co-borrower to apply for the loan if you have a low credit score. Although this co-borrower should have a strong credit score and credit history.
How to Apply for Lending Club Personal Loan
You cannot apply for a personal loan from Lending Club if you are under 18. To apply for a personal loan online, follow the steps below:
- Connect your device to the internet.
- Visit the Lending Club official web page with the URL www.lendingclub.com
- Enter the Amount you want to borrow in the required field.
- Choose the Purpose of the loan.
- Click on “Check Your Rate”.
- Go through the details on the opened page and click on “Get Started”.
After this, you should follow the rest instructions on your screen to check your rate and complete the application process.
Lending Club Sign Up
You can only sign up for a Lending Club account when you apply for a loan. The first step during the personal loan application process is that your Rate would be checked. After this, an account would be created for you on the Lending Club official website www.lendingclub.com So, you can only get a Lending Club loan account when you apply for a loan.
Lending Club Login
If you have received your Lending Club personal loan, you can log in to your account online to make the scheduled monthly payments, view your transactions history, adjust your payment date, and lots more. The next section of this article would educate you on how to log in to your Lending Club loan account.
How to Login to your Lending Club Loan Account
To access your account on the platform, follow the steps below:
- Open the web browser on your internet-connected device.
- Enter the URL lendingclub.comto visit the Lending Club page online.
- Click on “Sign In” at the top right corner of your display screen.
- Click on “Loan Account”.
- In the required fields, fill in your “Email address” and “Password”.
- Click on the “Sign In” button at the bottom of the screen.
This is how to access your loan account on the platform.
Reviews on Lending Club Personal Loans
Lending Club personal loans are very flexible. Also, the application process is quick and easy. Borrowers can use this loan to consolidate their debts and pay their credit cards. The flexible payment options and good rates also make the Lending Club Personal loan a unique one. Lending Club also offers personal loans to individuals with poor credit scores and you don’t have to be skeptical about applying for a personal loan.
Personal Loans Frequently Asked Questions
What Can you Use a Personal Loan For?
There are so many reasons why you may need to apply for a personal loan. You can use a personal loan to cover medical expenses, relocate, refinance your car, go on a vacation, finance your business, finance your car, consolidate your debt, refinance your credit card and lots more. One of the best companies to get a loan from is Lending Club. This is because the loans come with fixed rates and predetermined monthly payment dates.
Will I Qualify for a Lending Club Personal Loan?
You need to be preapproved before your request for a Lending Club Personal loan can be granted. To qualify for this loan, you should be at least 18 years of age. Also, you should have a verified Bank account and be a Permanent Resident of the United States or be on a valid long-term Visa. In addition to this, credit score, credit worthiness, income, and Job history would be reviewed. If you meet these requirements, your request would be granted and the funds sent to you within two days.
How Long Will It Take to Receive my Loan?
If your application has been approved by Lending Club, the funds would be delivered to you within 48 days. The time it would take to receive your loan depends mainly on your lender but it is generally within the space of 24 to 48 hours.
What Credit Score is Needed to Get a Loan from Lending Club?
The higher your credit score, the better your chances of getting a loan from Lending Club. A good or excellent credit score is needed to improve your chances of getting a personal loan with a low-interest rate. This is from 670 and above. Although, it’s possible to get a personal loan with a lower credit score.
What is the Minimum Credit Score for LendingClub?
The minimum credit score you should have to get a personal loan from Lending Club is a fair credit which is above 600. However, the company gives personal loans to those with poor credit scores. You can check your rate when you apply for a loan and you don’t have to worry because it has no effect on your credit score.
Is LendingClub Legit?
You may be wondering if it’s okay to take a personal loan from this company. LendingClub is a legitimate lending company and has been in existence for over a decade. This lending company gives loans with fixed interest rates that are convenient for borrowers.
How do I Cancel My Lending Club Personal Loan Application?
If you are not interested in getting the loan after your application has been approved, you can cancel the loan offer. When you receive the mail offer, you should pick the option to cancel it. You would be given five days by Lending Club to change your mind, if otherwise, the fund would be withdrawn.