Borrowers Get Lower Rates at Lending Club
As a borrower with Lending Club, you can expect lower rates, quick approvals and no hidden fees, ever. Applying for a loan takes just 3 minutes and approval is instant. Here are answers to some commonly asked questions about borrowing money with Lending Club.
How Much Can I Borrow Through Lending Club?
You can borrow from $1,000 to $25,000 with Lending Club.
What Types of Loans Can I Apply For?
The reasons for seeking a loan through Lending Club are endless, but the most common reasons are to consolidate debt, pay off credit cards, purchase a car, improve your home or go back to school.
Who is Eligible to Borrow With Lending Club?
To borrow through Lending Club, you must be a US citizen or permanent resident, and at least 18 years old with a valid bank account and a valid Social Security number. At this time, Lending Club is not accepting loan applications from 10 states, including Iowa, Idaho, Indiana, Kansas, Maine, Mississippi, North Carolina, North Dakota, Nebraska, and Tennessee.
In order to qualify for listing a loan request, you will need a FICO score of at least 660 with a debt-to-income ratio (excluding mortgage) below 25%. In addition, your credit history must show that you are a responsible borrower.
How Long Does it Take for My Loan to Be Funded?
Approval happens right away during your application, and funding happens within two weeks.
How Long Can I Take to Pay Back the Loan?
The structure of each Lending Club loan is the same. Once you receive your loan, equal monthly payments will be due for 36 months or until you pay your loan off early (with no early payment penalties).