Lending Club

Lending Club

  • FICO Range 600+
    Origination Fee Yes
Company Description

(5.99% – 36.00% APR)

Lending Club is the first largest “marketplace lenders” of unsecured loans for credit card consolidation, home improvement, special occasions and other types of personal loans.

Loan Size

$1,000 – $35,000

Requirements
  • · Credit Report.
  • · Proof of Income.
How Lending Club Works

After you enter your basic information, Lending Club will check your credit score using a soft credit check (this is basically a credit pull that does not impact your credit or FICO score). Based on their credit model, if you are eligible for a loan, you will be pre-approved. As soon as the loan is “funded”, the money will be transferred to your bank account. This entire process could take as little as 2 days. Once the money is in your bank account, payments are automatically withdrawn from your account until the loan is paid off.

Bottom Line

Lending Club is a great place to start when looking to take out a loan for consolidating your credit cards, or taking out a loan for home improvements, a special occasion, or a car. Because of their large size and broad investor base, borrowers are more likely to get approved and funded than at more niche lenders. Similar to Prospoer, Lending Club is fast, has competitive rates, and offers personal loans for a variety of purposes.