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LendingClub

in Auto Loans

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LendingClub

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in Auto Loans

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Overview

LendingClub is America's largest lending marketplace for personal loans. What started as a Facebook app is now a major lender that has funded over $28 billion in loans and helped more than 1.5 million customers achieve their goals. Refinancing your auto loan with a LendingClub loan can save you hundreds of dollars.

How Does LendingClub Work?

As with other marketplace lending platforms, LendingClub provides borrowers with instant loan offers and facilitates the funding of a chosen loan offer through the investors that participate in the marketplace. The loans are initially made by WebBank, Member FDIC, but LendingClub uses the capital of marketplace investors to fund the loans. Investors then receive the payments of borrowers plus interest. LendingClub makes money by charging an origination fee to borrowers and a servicing fee to investors.

To qualify for a LendingClub auto refinance loan your vehicle must be less than 10 years old, have less than 120,000 miles and be a personal use automobile. Motorcycles, commercial vehicles, and leases do not qualify for a refinance loan.

Your current auto loan must have a balance of $5,000 to $55,000. You must have opened the loan account at least 3 months ago, and there needs to be at least 24 months of remaining payments on the loan.

What Are LendingClub's Rates?

LendingClub assigns borrowers a score based on a 25-grade system, which will determine what rate they qualify for. As of September 2017, rates range from 2.24% APR to 24.99% APR. 

What are LendingClub's Fees?

LendingClub does not charge an application fee or an origination fee on its auto loan refinancing. There are also no prepayment penalties. 

How Much Money Can I Borrow from LendingClub?

Borrowers can apply to refinance auto loans ranging from $5,000 to $55,000. 

What Is LendingClub's Application Process Like?

LendingClub's loan application is processed online. Your first step is to check what rate you qualify by filling a short questionnaire. This will not affect your credit score. If you are eligible, you will receive several loan offers. Choose the loan you like the most and complete an online application form and data verification process. You will get a response within minutes, and the money should be deposited in your bank account in as few as five days.

How Is LendingClub Better Than Other Lenders?

LendingClub provides competitive auto refinance rates and an easy to use application process. You also have the peace of mind of dealing with the largest lending marketplace in America.

LENDINGCLUB Disclosure: The APR ranges from 5.99% to 35.89%. For example, with a credit grade of A1 you could receive a loan of $10,000 with an interest rate of 5.32% and a 1.00% origination fee of $100 for an APR of 5.99%. In this example, you will receive $9,900 and will make 36 monthly payments of $301.15. The total amount repayable will be $10,841.40. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.47% as of Q3 2016. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans made by WebBank, Member FDIC. All loans via Lending Club have a minimum repayment term of 36 months or longer.
SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Availability

Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Origination Fee
No Prepayment Fee
Late Fee After (number of days)
15
Late Fee Amount
$15
Minimum Age
18
Credit Score Range
600 - 850
850 300 600
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
  • Unemployed
Maximum Vehicle Age
10
Maximum Mileage
120,000
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Supported Income Types
  • 1099 Misc. Income
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
Joint Loan Applications Accepted
  • Co-signer
Verification Documents Required
  • Proof of Income
  • Recent Pay Stubs
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Loan Amount
$5K - $55K
$12 $100K+
Loan Term (Months)
12 - 60
12 240
APR
2.24% - 24.99%
0% 36%+

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