in Business Loans from LendingClub
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|Community Rating||Mostly recommended|
|Loan Amount||$5,000 - $300,000|
|APR||9.77% - 35.71%|
|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 access to business loans in 49 states (and Washington, DC).
What are LendingClub’s rates?
LendingClub offers business loans with fixed APRs starting from 9.77% to 35.71%.
Does LendingClub charge an origination fee?
Yes, LendingClub charges a loan origination fee of 1.99% to 8.99% of the loan amount. LendingClub deducts the fee directly from your loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.
What limitations does LendingClub set on the purpose of the loan?
LendingClub considers loan applications for business purposes, such as:
- Equipment Purchase
- Lease Improvement
- New Location
- Product or Service Expansion
- Working capital
What types of business loans does LendingClub offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. LendingClub provides access to the following business loan types:
- Unsecured term loans
Does LendingClub charge prepayment fees?
No, LendingClub does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
How much can you borrow from LendingClub?Loan amounts start at $5,000 and go up to $300,000.
What is the maximum loan term you can get with LendingClub?
LendingClub offers business 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.
What do you need to qualify for a loan with LendingClub?
Applicants with a credit score of at least 640 can apply for a loan via LendingClub. LendingClub requires companies to be in business for at least 12 months.Businesses must have a minimum annual revenue of $50,000 to be considered.
Only U.S. citizens and permanent residents can apply for a loan. To qualify, applicants may need to provide the following documentation:
- Proof of Identity
- Proof of Income
What is the estimated funding time for a business loan via LendingClub?
LendingClub can approve (or deny) a loan application within 1 hour and fund business loans within 2 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 Prepayment Fee|
|Origination Fee||1.99% - 8.99%|
|Credit Score Range||
640 - 850
|Immigration Status Considered||
|Minimum Months in Business||12|
|Verification Documents Required||
|Loan Amount||$5K - $300K|
|Loan Term (Months)||12 - 60|
|APR (Fixed APR)||9.77% - 35.71%|