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LendingClub Personal Loans 2022 Review
Updated on Jan. 1, 2022 Advertiser Disclosure Advertising Disclosure
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. At a glance
. The lender won’t check your credit at this point but will ask for some information to see if you qualify: The purpose of the loan. Loan amount. Whether you’re applying with someone else. Information about your co-borrower, if you have one. Your birthdate. Total annual income. Name, home address and email address. Based on these details, LendingClub will provide a breakdown of the amount you can borrow and the APR, monthly payment, origination fee and loan term. Compare this offer to other lenders. You may be able to avoid the origination fee or get a much lower interest rate elsewhere. If you decide to continue with the LendingClub offer, you’ll need to provide a few more details for an official application: Whether you rent or own your home. Phone number. Employment situation. Employer name and address. Social Security number. LendingClub will then perform a soft credit check, which won’t impact your credit. A pool of investors will review your loan and decide whether they want to fund it. Before finalizing your loan, LendingClub, like all lenders, will do a hard credit check, which can adversely impact your credit score. You typically will receive the funds within two days of approval. Once your loan is approved by investors, LendingClub will deposit the funds into your account, and interest will start accruing. If you’ve had a change of heart, you can back out of your loan within five days of accepting the loan funds. You’ll need to contact the lender as soon as possible to cancel the loan application or disbursement. LendingClub will withdraw the funds from your account, although it won’t be able to recover money that’s already been paid to another source. You’ll be on the hook for repaying that portion of the loan. If you’ve missed the five-day window to return the loan, call the lender. Ask whether you can simply log in to your account and use the loan funds to pay off the loan balance. But if you keep the loan and make consistent payments, you may be able to borrow again from LendingClub down the road. Eligible borrowers can have up to two loans outstanding from the lender for up to $50,000 total. Customers can call LendingClub customer service at 888-596-3157. Representatives are available Monday through Friday from 5 a.m. to 5 p.m. PT and Saturday from 8 a.m. to 5 p.m. PT. How Bankrate rates LendingClub
Overall Score 4.3 Availability 4.3 LendingClub has a fast funding timeline and a low minimum loan amount, but it doesn’t disclose many eligibility requirements. Affordability 4.3 While it’s not unreasonable, LendingClub’s minimum APR is higher than that of competitors. Customer Experience 4.7 LendingClub has a good online platform but slightly limited customer service hours. Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information. On This Page
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