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  LendingClub Business Loans

LendingClub Business Loans

in Business Loans from LendingClub Inc

Claimed

LendingClub Business Loans

Claimed

in Business Loans from LendingClub Inc

Net Recommendation Score +25% Recommendation score measures the loyalty between a provider and a consumer. It's at +100% if everybody recommends the provider and at -100% when no one recommends.

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1 user doesn't recommend
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Highlights
Highlights
Community Rating

Rating not yet determined

In our efforts to provide the community with the most accurate information, recommendation rating is not determined until a sufficient number of SuperMoney users cast their vote
Loan Amount $5,000 - $300,000
APR  (Fixed APR) 9.77% - 35.71%
Loan Term 12 - 60 months

LendingClub Business Loans Review

Where does LendingClub Business Loans do business?

LendingClub Business Loans is a business financing offering by LendingClub Inc, based in San Francisco, CA. Founded in 2007, LendingClub Inc offers access to business loans in 49 states (and Washington, DC).

What are LendingClub Business Loans’s rates?

LendingClub Business Loans offers a fixed APR business financing product that ranges from 9.77% APR up to 35.71% APR.

Does LendingClub Business Loans charge an origination fee?

Yes, LendingClub Business Loans charges a loan origination fee of 1.99% to 8.99% of the loan amount. LendingClub Business Loans 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 Business Loans set on the purpose of the loan?

LendingClub Business Loans considers loan applications for business purposes, such as:

  • Equipment Purchase
  • Hiring
  • Lease Improvement
  • New Location
  • Product or Service Expansion
  • Working capital

What types of business loans does LendingClub Business Loans 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 Business Loans provides access to the following business loan types:

  • Unsecured term loans

Does LendingClub Business Loans charge prepayment fees?

No, LendingClub Business Loans 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 Business Loans?

Loan amounts start at $5,000 and go up to $300,000.

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

LendingClub Business Loans 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 LendingClub Business Loans?

LendingClub Business Loans requires companies to be in business for at least 12 months. Businesses must have a minimum annual revenue of $50,000 to be considered.

Applicants with a credit score of at least 640 and up to 850 are eligible for LendingClub Business Loans.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the LendingClub Business Loans product fall outside of the MLA limits and as a result the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by LendingClub Business Loans. Permanent resident / green card holders are also eligible to apply. Not all companies will work with visa holders. LendingClub Inc does offer its services to temporary resident visa holders such as F1 or H1B holders.

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

  • Proof of income
  • Proof of identity

What is the estimated funding time for a business loan via LendingClub Business Loans?

LendingClub Business Loans can approve (or deny) a loan application within 1 hour and fund business loans within 2 business days of approval.

Does LendingClub Business Loans report your account activity to credit bureaus?

LendingClub Business Loans reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.

LENDINGCLUB BUSINESS LOANS Disclosure: * All loans made by WebBank, Member FDIC. Actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 9.77% - 35.71%. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website.
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 49 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • 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 Prepayment Fee  
Origination Fee (%) 1.99% - 8.99%
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
  • U.S. Temporary Resident Visa Holders
Military Status
  • Non-Military
  • Veterans
Minimum Months in Business 12
Minimum Revenue $50,000
Verification Documents Required
  • Proof of Identity
  • Proof of Income
Funding Time Range (in days) Starting at 2
Approval Speed (Hours) 1
Credit Bureau Reporting
  • Equifax
  • Experian
Loan Amount $5K - $300K
APR (Fixed APR) 9.77% - 35.71%
Loan Term 12 - 60 months

LendingClub Business Loans Community Reviews

 

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