|Loan Amount||$5,000 - $55,000|
|APR||2.24% - 24.99%|
|Credit Score Range||600 - 850|
|Loan Term (Months)||12 - 60|
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:
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|No Origination Fee|
|No Prepayment Fee|
|Late Fee After (number of days)||15|
|Late Fee Amount||$15|
|Credit Score Range||
600 - 850
|Immigration Status Considered||
|Employment Statuses Considered||
|Maximum Vehicle Age||10|
|Supported Income Types||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Loan Amount||$5K - $55K|
|Loan Term (Months)||12 - 60|
|APR (Fixed APR)||2.24% - 24.99%|