Lending Club Review

#7 in Debt Consolidation Loans

Lending Club is a peer-to-peer lending service that connects borrowers with matching investors and loan providers. It offers loan borrowers a convenient portal for loan applications instantly connecting them with loan providers in its network. Lending Club offers an alternative to bank funded loans, streamlining the process while giving some of the most competitive rates in the industry. Lending Club offers fixed monthly payments and even allows prepayment options to reduce the overall costs of loans.

Company Profile

BBB Rating

A+

TrustPilot

8.1

CreditKarma

4.8

Participating States

All States

Loan Matching Service

Direct Lenders

Not Stated

AFCC

IAPDA

FDIC Insure Trust Account

FTC Compliant

Loan Basics

Minimum Loan Amount

$1,000

Maximum Loan Amount

$40,000

Loan Terms

3 to 5 Years

APR

5.99%-33.34%

Interest Rate

Not Stated

Origination Fee

1%-6%

Late Payment Fee

$15 or 5% greater of the unpaid installment amount

Additional Fees

Upfront Fees

None

Consultation Fees

None

Fees and Charges

$7 Check Processing Fee and $15 Unsuccessful Payment Fee

Prepayment Penalty

None

Qualification

Proof of Income

Credit History

Financial Stability

Equity

Minimum Credit Score

660

Application

Online Application

Response Time

Within a few minutes

Direct Deposit

18+ Years of Age

US Citizen or Permanent Resident

Social Security Number

Home Address

Email Address

Checking Account

Customer Support

Email

Phone

Loan Consultants

Summary

Lending Club offers debt consolidation shoppers a great opportunity to lock in the best rates and loan term periods. This makes it easier for them to consolidate all existing loans into one account and schedule their payments. However, applying does not guarantee better rates as the attractiveness of your loan applications still depends on how lenders assess your credit worthiness. With an easy application and transparent loan process, Lending Club does not leave borrowers second guessing how much making a loan is going to cost them.  

 

 

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