Lending Club Review
With Lending Club company you have two options: invest and borrow. This peer-to-peer lending and alternative investing marketplace tries to connect borrowers with direct lenders. Personal loans from this service can be used to improve a home, consolidate debt or make a big purchase. According to their reviews, this service has a reasonable pricing policy. Many compare this service with Prosper. Now you can see the difference of Lending Club vs. Prosper for yourself.
Even though this service works with lenders who are ready to offer fixed and low interest rates on personal loans, their online reviews mention that the loan approval process is quite tedious and can reach up to several weeks. Also, poor customer support and lack of personal involvement were mentioned as the main drawbacks of this company.
But it is always up to you whether to use this service or not.
|APR||6.16% to 35.89%|
|Origination Fee||1% - 6%|
|Loan Amount||$1,000 to $40,000|
|Credit Score Range||600 – 850|
|Supported Income Types||1099 Misc. Income, Direct Deposit (W2, SSA, SSDI), Payroll Check or Prepaid Card, Cash/Other|
Lending Club Personal Loans
It usually takes up to 7 days to get cash in case of a personal loan approval. However, some borrowers mentioned that they had to wait for 2-3 weeks to get approved, which can be annoying if you need money desperately. With a soft credit check, Lending Club offers two repayment terms: 36 months and 60 months. There are no application or prepayment fees. Also, the borrower won’t be charged any extra fees in case of early loan repayment.
Established in 2007 in San Francisco, Lending Club has a small origination fee (1-6%). They won’t ask for any type of up-front payments but there is a 7% processing fee for every monthly payment made by check, so make sure you keep it in mind. On the other hand, there is no fee for paying the loan off early, even if the borrower pays it by check.