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LendingClub

in Auto Loans from LendingClub

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LendingClub

Claimed

in Auto Loans from LendingClub

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Highlights
Highlights
Loan Amount $5,000 - $55,000
APR 2.24% - 24.99%
Credit Score Range 600 - 850
Loan Term (Months) 12 - 60

Overview

Where does LendingClub do business?

LendingClub is a marketplace lender based in San Francisco, CA. It was founded in 2007 and offers auto loans in 50 states (and Washington, DC).

How much can you borrow via LendingClub?

LendingClub auto loan amounts start at $5,000 and go up to $55,000.

What APR does LendingClub offer on its auto loans?

LendingClub offers a fixed APR auto loan product that ranges from 2.24% APR up to 24.99% APR.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

What is the maximum loan term you can get with LendingClub?

LendingClub has auto loans with terms ranging from 12 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

Does LendingClub charge an origination fee?

No, LendingClub does not charge a loan origination fee.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does LendingClub charge a late fee?

Yes, LendingClub charges borrowers with a late payment penatly fee of up to $15, which is triggered if you're 15 days late

Does LendingClub charge prepayment fees?

No, LendingClub will not charge you a fee for paying your loan early. Whenever possible choose lenders like LendingClub that don't charge a prepayment fee. These fees can reduce or even cancel the interest savings of repaying a loan early.

What do you need to qualify for a loan with LendingClub?

Applicants with a credit score of at least 600 can apply for a loan via LendingClub. The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.

To qualify, applicants may need to provide the following documentation:

  • Driver's license
  • Proof of citizenship or residence permit
  • Recent pay stubs
  • Proof of income

What is the estimated funding time for an auto loan via LendingClub?

LendingClub will typically approve (or deny) an auto loan application within 1 hour and fund the loan within 7 business days of approval.

Does LendingClub report loan payments to credit bureaus?

LendingClub may report credit data to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion
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

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  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
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
  • Cosigner
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
Loan Term (Months) 12 - 60
APR (Fixed APR) 2.24% - 24.99%

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