Features

Where does LendingClub do business?

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

What are LendingClub’s auto loan refinancing rates?

LendingClub offers refinance loans with APRs starting at 2.24% and up to 24.99%.

Does LendingClub charge an origination fee?

No, LendingClub does not charge a loan origination fee. .

What is LendingClub’s eligibility criteria?

LendingClub requires borrowers to have a credit score of at least 600 to apply.

To qualify, applicants must provide the following documentation:

- Driver license

- Proof of citizenship or residence permit

- Recent pay stubs

- Recent bank statements

What is the estimated funding time for a LendingClub auto loan refinance?

LendingClub will typically approve (or deny) a loan application within 1 hours and fund it within 1 to 7 days.

 

  • Payment Options
    • Automatic Payments
    • Check by mail
    • Credit/Debit Card
  • APR
    2.24% - 24.99%
  • Credit Score Range
    600 - 850
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Maximum Mileage
    120,000
  • Maximum Vehicle Age
    10
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Age
    18
  • Supported Income Types
    • 1099 Misc. Income
    • Cash / Other
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
  • Verification Documents Required?
    • Recent bank statements
    • Recent pay stubs
    • Driver license (or other photo ID)
    • Proof of citizenship/residence
  • Late Fee Amount
    $15
  • No Origination Fee
  • Institution Type
    Marketplace Lender
  • Approval Speed (Hours)
    1
  • Deferred Payments
  • Pre-Approved Soft Credit Inquiry
  • Funding Time
    1-7 days
  • Credit Bureau Reporting
    • Equifax
    • Experian
    • TransUnion
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.
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