What You Need to Know
LendingClub does not have a minimum credit score required to apply for a loan. Anyone is welcome to apply for a loan. There is also not a required amount of annual income. You must verify your job and income, and they will check your credit. Your score and income will affect what type of loan and rate you receive, but there is not a minimum requirement.
LendingClub allows customers to have two loans open at the same time. The combined maximum amount between the two loans cannot be more than $50,000. To qualify for another loan, you must make a set amount of consecutive payments on time for your first loan.
LendingClub allows customers to make extra payments to their loans. But, if you make an additional payment by check, you must write a specific check. If your loan payment is $200 and you send in $300, the entire $300 will go toward the principal. You would still need to pay your set amount of $200. To pay extra online, you must be sure to click on the "Make an Extra Payment" tab.
LendingClub personal loans cannot be used for anything related to higher education. This includes tuition, books, fees, and housing. You can use the money to pay off credit cards and consolidate debt. You can also use loan money for significant purchases and special events.
Qualifications to Apply for LendingClub Loans
- Annual Income: No minimum
- Job History: DOSCC
- Debt-to-Income Ratio: <35% for joint loans
- Minimum Credit Score: No minimum
- Credit History Length: DOSCC
- Credit Bureau Inquiries: DOSCC
- Bankruptcy History: Not specified
- Past Loan Denial: >30 days
- U.S. Citizenship Required: Yes
- Required Age: 18
- SSN Required: Yes
- Valid Bank Account Required: Yes
Useful Information About LendingClub Loans
- Business Loans Offered: Yes
- Cosigner Loans Offered: Yes
- Joint Loans Offered: Yes
- APR Range: 6.95-35.89%
- Fixed Interest Rates: Yes
- Repayment Options: ACH, checks, phone, wire transfers
- Payments Due: Monthly
- Payment Methods Fees: No
- Smallest Loan: $1,000
- Largest Loan: $40,000
- Loan Term Lengths: 3-5 years
Additional Relevant Information
LendingClub offers a 15-day grace period. If you have trouble making your payments, contact customer service. They offer 15 days after your payment due date where you will not be charged a late fee. There is a fee after the 15 days.
LendingClub supports those who face the effects of a FEMA-declared disaster. They will not call you for 30 days. They do not charge late fees for those 30 days. LendingClub will also contact the credit bureaus to notify that you were in the disaster.
History and Achievements
LendingClub started in 2007. They are a peer-to-peer lending company. They offer personal, business, auto, and patient solution loans. Their loan amounts range from $1,000 to $40,000.
Since LendingClub started, they have grown to become one of the largest peer-to-peer lending companies. Today, they have over three million customers. Those customers have borrowed over $50 billion in loans. You can apply for a loan with LendingClub online.
Frequently Asked Questions
Can I apply for a loan entirely online?
Yes. You can upload your documents and apply for a loan entirely online.
What is the lowest my credit score can be?
There is not a minimum required credit score. Anyone is welcome to apply for a loan. Your credit score will affect loan rates and approval, but there is not a required score to apply.
What is the smallest loan amount available?
The minimum loan amount is $1,000.
What is the largest loan amount available?
The maximum loan amount is $40,000. You must meet qualifications to receive this amount.
What are the loan term lengths?
LendingClub loan lengths range from three to five years.
Are the interest rates competitive?
LendingClub offers competitive interest rates. The rates are competitive with other online lending companies. The interest rate you receive depends on your qualifications.
Are the interest rates fixed?
Yes. LendingClub loans offer fixed interest rates for the life of the loan.
What types of loans are available?
LendingClub offers personal, auto refinance, small business, and patient solution loans.
What information do I need to apply for a loan?
LendingClub requires personal information including name, address, and social security number. You will need to upload income documents. Those include pay stubs, tax documents, or bank statements. Depending on your application, other information may be required.
How long does approval take?
To see if you qualify to apply for a loan with LendingClub takes a few minutes. The actual loan approval process takes about seven days. Some cases may take longer.
How long will it take the money to enter my account after approval?
After loan approval, the funds should be in your account in four business days. This time may be longer, depending on your bank.
If I have been denied a loan before, how long do I have to wait to apply again?
You can apply immediately with another lender partner. Your credit score can change every 30 days so you can also try and apply then.
What are the payment options to repay my loan?
Your LendingClub loan payment is due monthly. There are no fees for making an extra payment or paying your loan off early. You can make payments through ACH, checks, over the phone, or with a wire transfer.
Can I pay my loan off early?
Yes. There are no fees for paying your LendingClub loan off early.
Is my information secure?
LendingClub offers security measures that comply with federal laws. Their buildings are secure. Their computers have safeguards.
Does this loan company offer a mobile app?
Yes. With the mobile app, you can manage your account, transfer money, and set up automatic payments. Other features may be available soon.
How do I contact customer service?
Through mail, email, or over the phone. Customer service is available Monday through Friday from 5 a.m. to 5 p.m. PT. They are also available Saturday from 8 a.m. to 5 p.m. PT. You can follow LendingClub on their blog, Facebook, Google Plus, and Twitter.
Bank Contact Information
LendingClub
595 Market Street, Suite 200
San Francisco, CA 94105
800-630-1663
