I knew that Lending Club was a good option for a loan, but I wanted to see what they would offer me. So last Monday I booted up my computer and went to their website to check my rate.
The interest rate they offered me was pretty good, so I filled out the application. On Wednesday I got an email from Lending Club saying my loan was approved.,How can Lending Club offer loans with such low rates?
And how did the money arrive so fast?
The answer: Lending Club is not a bank.
They do not have tellers or vaults like Bank of America or Chase. Instead, Lending Club only accepts loan applications through their website.
The money they save by not having bank branches is passed over to their borrowers in the form of lower interest rates. Also, every single Lending Club loan is fixed-rate, meaning the interest rate will never go up, even if you make a late payment.,In this Lending Club review Ill outline the application process step-by-step, showing you the things I did to get this loan.,The entire process for getting a loan through Lending Club is pretty simple.,Lending Club will then ask you if you want to apply for a joint loan, which means a loan that two people apply for together. Doing this can sometimes help a loan get approved, or get a lower interest rate, but it can also slow down the loan process. I’m just applying on my own, so I selected the Just Me option and clicked Next:,As seen below, Lending Club offered me a $3,000 loan with an APR of 16.5%.
They have given me a rate as low as 10% in the past, but this still is not too bad. The loan was for 36 months (three years) and had a monthly payment of $99.83. I also had the option to change the loan amount to anything between $1,200 and $4,800, but I kept it at $3,000.,When you are thinking about accepting this loan offer it is probably best to ignore the “interest rate” on this screen. Just look at the APR. The letters APR stand for “annual percentage rate”, and they show the actual rate you would pay on this loan when both the interest rate and the loan fee are considered.
Interest rate + fee = APR. Also, do not think you will be offered the same APR as me. Everybody’s rate is different, since every APR is calculated off each applicant’s credit history.,Once everything is set up correctly, and if the loan’s terms are to your liking, click the blue Continue button.,You will see everything listed on the Rate Terms page: your loan amount, the fees you pay, everything. So make sure to take some time to read everything over carefully.
This page is basically a legal document, so clicking the “I Agree” button is like adding your signature to the bottom of your loan application.,Agreeing to this page also causes Lending Club to run a hard inquiry (or a hard credit check) on you.
This credit check will remain on your report for 2 years, and may result in a higher interest rate on additional loans you take out in the immediate future. It is a good idea to wait at least 6 months between every application for credit (loans, credit cards, mortgages, etc). Note: my hard inquiry was done through Transunion.,Next you will be asked to connect your bank account to Lending Club.
This allows them to deposit the money when your loan is approved, as well as take repayments from you every month until the loan is paid back.,This step is really easy if you have a major bank like Chase or Bank of America – just click your banks logo and type in your bank’s username and password. As a different option you can supply your bank’s account and routing numbers, but doing it this way requires a verification deposit that slows down your loan application.,Every application has different document requirements. Some loan applications do not need any documents at all.
Others may need things like past tax returns, bank statements, or pay stubs. You can either upload the digital file (like a PDF) or you can send the documents to Lending Club by fax.,Two days after applying Lending Club sent me this email saying my loan was approved:,Lending Club kept 6% of my loan as a fee (included in the APR rate from earlier).
Every loan at Lending Club is given a grade based on things like the borrowers salary and credit history. Loans with the highest grade can have a fee of just 1%. Loans with a lower grade have fees closer to 6%.,It can be smart to consider this fee before you apply if you need a specific amount.
For example, if you want a loan of exactly $2,500 you might want to request $2,660. A fee of 6% would leave you with exactly $2,500 (2660 x 0.94 = 2500).,About 30 days after you receive your money, Lending Club will begin automatically withdrawing payments from the bank account you gave them.
These payments will continue every month until the loan is paid back. That said, here are a few things you can do to speed up this process:,Doing either option is completely free (no fee or penalty), and both will result in you paying less interest overall on your loan.,I paid off my entire loan early, and doing it was really simple. I just (1) logged in to Lending Clubs website, (2) went to the Manage Payments page, and (3) clicked the Pay Off Loan button seen below:,Need a quality loan?
Click the button below to check your rate.,Hi Melva.
As long as youre on the official Lending Club website (click the blue button above) you should be fine.
But dont apply for a loan over the phone or email, because it could literally be anybody youre talking to. Lending Club never asks for money to get approved for your loan, so thats another sign that you could be getting scammed.,I got a letter in the mail saying we are preapproved I wanted to know what the prepayment was on a 10,000 loan. I have read other peoples comments and reviews about Lending Club and I see they are not given the amount they choose because they take a fee out before they give you the money.
Say I need $10,000 then what amount do I ask for to get the $10,000 in the loan after they take out that initial fee?? Also is it taken out of your loan that you ask for or do you have to pay it out of pocket before you get the loan?
I seen a comment/review that said that they had to pay $1,000 to get a loan of $20,000. I dont have even $500 to give away to get a loan, thats why I need the loan to get all my debt taken care of. I am living paycheck to paycheck so I am not seeing how that works either?
Anyone have the answer to these questions please let me know my thing from the mail says it expires in a month.,Hi Shay.
You do not have to pay this fee out of pocket, it is simply removed from the loan amount when you receive it. So, lets say you apply for a $10,000 loan and they charge you a fee of 5%. That means $50 would be removed from the amount they send you. Your checking account would receive $9,950 if you were approved for the loan.,Hi Ashley. I cant speak to your specific situation, but sometimes loan approvals can take longer than normal.
Everybodys experience is different.,My girlfriend applied for a loan at lending club Thursday. Got email about tasks to do and did those.
She checked back on Friday night and it said loan approved funds are on the way but she has yet to receive email stating this. Does this seem odd? So far has received 2 emails. One when she filled out rates said she was preapproved and one with tasks to complete.
Just watching out for her.
Thanks for any help.,I would trust their website first and foremost, so it sounds like her loan was approved. Congrats to her! And as long as the website is LendingClub.com you should be fine from scams, etc.,I found Lending Club to be easy, honest and fast. I got my 2500 dollar loan to pay off Christmas credit card debts and am amazed how simple applying and finishing all requirements online on lending club.com was. My funds were deposited in two or three days.
Ive paid off all my debts and the payments of only 93 dollars will be automatically taken out of my bank account beginning in January 2019. Awesome company, hope if I ever need a loan I can go to Lending Club and get the same awesome experience as I did this time.,I have personal experience with Lending Club. I have been paying on a $20,000 loan for 4 years and Im about to pay it off early.
Lending Club was a lifesaver when I needed them. The payments are the same every month and you can even change the monthly date the payment is withdrawn. if youre looking for a loan in almost any amount, you cant go wrong with this company,Review: How I got a loan through Lending Club,Review: How I got a loan through Prosper
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