Loans

LendingClub personal loan full review

Do you need help to pay down debt and improve your finances? The LendingClub personal loan can be for you! Keep reading our full review to know more!

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by Victória Lourenço

10/04/2021 | Updated on 10/25/2021

LendingClub personal loan

Check out our full review of LendingClub! Source: LendingClub
Check out our full review of LendingClub! Source: LendingClub

If you need to make a personal loan to help pay down debt or any other type of emergency, the LendingClub personal loan can help you! This lender offers great features for those with not-so-good credit scores, and you can get high loan amounts, depending on your context. So, if you want to know more about this personal loan, keep reading our full review!

APRThe APR ranges from 7.04% – 35.89%.
LOAN PURPOSEYou can use this personal loan to pay down debt or to use it for any other emergency.
LOAN AMOUNTSThe loan amounts you can get with this lender range from $1,000 to $4,000.
CREDIT NEEDEDWe recommend a minimum credit score of 600 points.
TERMSThe terms range from three to five years.
ORIGINATION FEEThe origination fee charged ranges from 1% to 6%.
LATE FEEThe late payment fee can range from $15 or 5% of the amount not paid, whichever is greater.
EARLY  PAYOFF PENALTYThere are no early payoff penalties with this lender.

How to apply for the LendingClub personal loan?

Do you need a loan to help you pay down debt and pay for other emergencies? Then, read more to know how to apply for the LendingClub loan!

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How does the LendingClub loan work?

Find out how this personal loan works. Source: Gettyimages
Find out how this personal loan works. Source: Gettyimages

Once you get your loan application approved by this lender, you can have a loan term that ranges from three to five years. Also, the loan amount you can make ranges from $1,000 to $40,000. You can get your loan fund within a week of applying. Also, if something happens and you cannot make your repayment on time, you can change the payment due date.

In addition, this lender offers the feature of a member center. The LendingClub Member Center is available to help its clients manage and control their money in the best way possible. You can track your credit use, credit score, and more.

LendingClub personal loan benefits

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Pros

  • You can get the option of making joint loans.
  • This lender only does a soft credit check that will not have a hard impact on your credit score.
  • You can choose your payment date and change it later.

Cons

  • This lender charges a relatively high origination fee. And other lenders do not even charge this kind of fee.
  • You cannot make a loan with this lender to refinance another personal loan you might have.

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Should you apply for the LendingClub personal loan?

Check out if you should apply for a loan with this lender. Source: Gettyimages
Check out if you should apply for a loan with this lender. Source: Gettyimages

Some people need to make loans to pay for some emergency or consolidate debt. If this is your case, you can apply for a loan with this lender. However, you need to make sure that you can pay for the fees charged by this lender. Also, you need to know that you have the minimum score required to qualify.

Can anyone apply for a loan at LendingClub?

This personal loan is for those who have not-so-high credit scored and want to pay down debt or use the loan for other emergencies. So, if you have the minimum credit score need and can pay the fees, you can apply for a loan with this lender.

What credit score do you need for LendingClub?

If you have a credit score of at least 600 points, you can have a chance of getting your loan application approved. However, if you have a very bad credit score or no score at all, you might not be able to get approved for a loan with this lender.

How to apply for a LendingClub loan?

It can be easy to apply for a loan with this lender, and you can do it all online. So, if you know you fit the profile to qualify for a loan application with this lender, read our post below to know more about the application process!

How to apply for LendingClub personal loan?

Do you need a loan to help you pay down debt and pay for other emergencies? Then, read more to know how to apply for the LendingClub loan!

About the author

Victória Lourenço

Victória Lourenço is part of the finance writer team for The Mister Finance website. She is a translator and copywriter, having worked on finance topics for over four years. She has a goal to keep studying finances to help people learn more about how to use their credit cards, make loans, and use other money-related products in a way that they can find a more meaningful and healthy financial life!

Reviewed by

Aline Barbosa

Senior Editor

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