LendingClub Personal Loans Review

LendingClub personal loans offer a financial solution for individuals with bad-to-fair credit scores seeking access to funds. Below is a breakdown of the loan's features and benefits and a concise summary to guide potential borrowers.

Features

• APR Range: 9.57% to 35.99%, determined by credit score, income, and existing debts.
• Loan Amounts: Offers loans from $1,000 to $40,000.
• Terms: Repayment periods range from 24 to 60 months.
• Fees: Origination fee between 3% and 8% and a late fee of 5% of the payment amount (minimum $15).
• Application Process: Online application with the option for joint applications.
• Requirements: U.S. citizenship or permanent residency, a Social Security number, and a bank account are required. Pre-qualification is available without impacting credit score.

Benefits

• Accessibility: Accepts applicants with credit scores reportedly between 600 and 640.
• Quick Funding: Potential for funds to be available as soon as the next business day.
• No Prepayment Penalty: Borrowers can pay off their loan early without incurring fees.
• Co-applicants Allowed: Improves chances of approval and possibly securing a lower APR.
• Transparency and Reliability: High user ratings and clear terms on the website. Accredited by the BBB with an "A" rating.

Product Summary

LendingClub personal loans stand out as a viable option for those with less-than-perfect credit, providing the opportunity to secure funds quickly, even as soon as the next business day. While the loans come with an origination fee and the potential for high APRs, LendingClub provides flexibility in loan amounts, repayment terms, and the absence of a prepayment penalty. Their transparency and positive user ratings further reinforce the reliability of their service. However, applicants should be mindful of the costs and ensure that the loan serves their financial strategy effectively.