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Discover all about LendingClub, a versatile financial marketplace providing an array of services, including personal loans, by continuing to read further.
To be eligible for a loan through LendingClub, you must be a United States citizen, aged 18 or older, and have a verifiable bank account. However, residents of Iowa are not eligible for LendingClub loans.
The process of applying for a personal loan usually includes checking your eligibility for a rate, formally submitting your application, and awaiting loan approval. Follow these steps to request a LendingClub personal loan:
- Rate Check: Similar to many online lenders, LendingClub allows potential borrowers to review available APRs before officially applying. To begin, applicants furnish their name, income, home address, and contact details.
- Select an Offer: The online tool then presents multiple loan offers featuring diverse loan amounts, interest rates, APRs, monthly payments, and adjustable loan terms.
- Verify Personal Details: After choosing a loan offer, borrowers need to provide their Social Security number (SSN) along with income and employment specifics. Once these details are confirmed, the applicant can agree to the lending disclosures and include relevant banking information. If any additional information or documents are needed, LendingClub updates the applicant’s online dashboard.
- Confirmation and Funds: A hard credit inquiry is performed by LendingClub during this stage, and the approved loan funds are transferred directly to the borrower’s bank account in approximately five business days.
- Commence Payments: payments can be managed through methods like autopay, check, phone, or wire transfer. The initial loan payment for an approved borrower becomes due one month after the loan funds are disbursed.
- Timeframe for Fund Reception: LendingClub borrowers typically receive their loan funds within a span of about five business days.
LendingClub’s personal loan does not require prepayments. The Annual Percentage Rate (APR) for loans with LendingClub ranges from 6.34% to 35.89%, with the average around 15.95%. Additionally, a one-time origination fee of 3% to 5% of the total loan amount is charged. To avoid late fees, which amount to 5% of the overdue payment, it’s essential to make timely payments. Stay on top of your payments to prevent any unnecessary charges.
Ready to request a loan from LendingClub Personal Loan?
