Speaking of www.lendingclub.com, in a period where many searches for a worthy platform to take loans, only a few people find what they are really looking for. Well, our role is to make sure you are out of trouble and you do it the best way possible.
Www.lendingclub.com is one of those platforms which has created a name for itself in the losing industry. Want to know more about lending club? Keep reading to get the best part.
This is the official website of the lending club platform. On this website, all the operations you want to perform on lending club can be done. Things like taking a loan, becoming an investor, creating an account, and logging in. It is a very easy-to-use platform. Check it out at www.lending club.com.
The brand is now one of the most reputable platforms for taking personal loans. It is an ideal method to borrow for a special need or even debt consolidation. Lending club is one of the forerunners of peer-to-peer marketplace lending, a type of lending which matches borrowers with investors who are willing to fund the loans. LendingClub is best for borrowers with responsible payment records and good financial histories.
If you want to get a loan from lendingclub, you must take note of the following. The typical LendingClub client who will be approved for loans has a good credit score and a long range of credit history (an average of at least 17 years).
The least average annual income for a LendingClub borrower is $79,145 and the average debt-to-income ratio is 18.29% (excluding mortgages). This means that your financial information must look like the above if you want to successfully get funded by Lendingclub.
How does Lending club work?
Lendingclub does the vetting of the borrowers and services the loans once they have been approved.it is the investors or lenders that decide whether to give out the loans or not.
The loaning decision is based on the LendingClub grade, utilizing credit and income data, assigned to every approved borrower by lending club. This data is known only to the investors and helps them determine the range of interest rates offered to the borrower.
LendingClub’s has a typical annual percentage rate (APR) of between 5.99% and 35.89%. It also has an origination fee of 1% to 6% taken off the loan.
Once your loan is approved by the platform, your loan amount will arrive at your bank account within one week. The structure has a monthly repayment schedule that stretches over three to five years.
The loans offered by Lendingclub are generally pursued by borrowers with good-to-excellent credit (scores average 700) and a relatively low debt-to-income ratio (the average is 12%). Borrowers can even apply for a joint application, which could lead to a larger loan line because of multiple incomes.
LendingClub probably isn’t the best option for borrowers who do not have good credit. This means that it will be better to try another platform if you are that type of borrower.
What are Lending Club’s Requirements for Borrowers
If you have read the earlier part of this essay, then you may be wondering, what the lending club requirements for borrowers could be. The amount you can borrow ranges from $1,000 to $40,000.
You require a minimum credit score of 600, along with a minimum credit history of at least three years. The debt-to-income ratio should be less than 40% for single applications and 35% for joint applicants. Loans can be applied for on the organization’s website, www.LendingClub.com. When you are applying, the following will be required from you.
- The amount you want to borrow
- Your reason for borrowing
- Your personal information (address, telephone number, e-mail)
- The personal information of co-applicants
- Verifiable individual/joint income
After this, lendingClub will conduct a “soft’’ credit check, this check will not affect your credit rating. When it is approved, also, you can view an online calculator with individual options, including the fixed monthly payment for a 36-month loan and a 60-month loan with the interest rates for each of the options.
What If I Can’t Make My Lending Club Payments
If you have trouble making payments, LendingClub offers a type of plan they refer to as a hardship plan. With this plan, borrowers can make interest-only payments for the period of three months, helping them get in a better financial position to completely pay their loan.
How to Create an Account on Lending Club – Apply for a Loan
Most mending platforms work the same way, you automatically create an account when you apply for your first loan. The case is the same with lending club. If you want to create an account. Follow the process given below;
- Go to your browser and enter the website, www.lendingclub.com
- At the website’s home page, click on the menu bar at the top right position and click on sign in from the drop-down list that comes up.
- A login page will come up, since you do not have an account yet, click on check your rate below the sign in button.
- After that. You will be required to fill in your personal and income information
With this completely done, you would have successfully created an account for yourself at the lending club website.
How to Login to your Lending Club Account
If you already have an account at lendingclub com then you can login to your account anytime. Follow the easy steps below to do that ;
- With a good browser, go to www.lendingclub.com.
- At the top part of the home page of the website, click on the menu bar.
- A drop down menu will appear contacting shortcuts to different parts of the website, click on sign in
- After doing that, a login page will appear, you will be required to fill in your login details (email and password), and then click login.
- Click on the forgot password field if you cannot remember your password.
These are very effective steps you can use to login into your account and check the progress of your loans, apply for new loans or invest in the lending club platform.
Lendingclub Customer Service Number
If you have any issues with that lending club platform and you feel like contacting the customer service, you can get to them through their website. At the menu of part of the homepage of the website, you can contact the lending club at the about us field by clicking on contact us.