What is LendingClub?
LendingClub is a peer-to-peer lending service and is also referred to as online personal loans services that offer you loans to clear off your debt. According to reports on Wikipedia, LendingClub serves as the first peer-to-peer lender to provide convenient security with the Securities and Exchange Commission. Lending Club is one of the suitable personal finance and software to join if you’re looking for a conventional personal loan.
As a member of Lending Club, the benefit you enjoy includes paying down high-interest debt, consolidating credit card balances, and more. In other words, LendingClub offers you the loan you need to pay down high-interest debt, and even allows you to save more money. Above all, this allows you to manage and control your financial future.
LendingClub offers personal loans to borrowers with fair credit and also looking for a consolidation loan to pay off their existing debt.
According to the company, the goal of LendingClub is to help Americans meet their life goals. Based on the information, LendingClub has millions of registered members looking to build their financial goals. As a member of the service, you get access to a wide range of financial products and services offered by Lending Club which includes peer-to-peer lending.
It was recorded that LendingClub was the largest leading peer-to-peer platform in the world. The platform allows borrowers to create unsecured personal loans of about $1,000 and $40,000. Keep in mind that the standard loan before is three years. The loan listings on Lending Club allow investors to be able to search and browser for loans. There they can select the loan they were to invest in based on the information you gather from borrowers. There the investor can sort information based on the amount of loan, loan grade, loan purpose, and more.
How Does LendingClub Works
The way LendingClub works of very simple. The application can be done in a minute. First of all, you need to have the qualification for Lending Club. Meaning, there are certain requirements you must meet in becoming a member. Once your meet that, you can visit the application page and fill out the application form. Then, select your loan offer, and get funded, that’s all.
How to Qualify for a LendingClub Loan
The qualification for a LendingClub loan depends on two categories which include the prime (660 or higher FICO) and near-prime (600-659 FICO). Here is a quick review of the following categories of Lending Club loans:
Lending Club Prime Requirement:
- A credit score of 075.
- Total income of about $85,058.
- Average loan size of $15,355
- Interest rate range of about 8.46% – 20.74%.
- You must have these following: credit card refinancing, debt consolidation, and also large purchases.
Lending Club near-prime Requirement:
- Required credit score is $640
- $69,314 income.
- The required interest rate range is within 15.54% – 30.00%.
- Also, you must use credit card refinancing, and debt consolidation.
However, if you want to be able to apply for a personal loan with LendingClub, you can visit the website, and you can start to borrow.