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Where does LendingClub do business?
LendingClub is a marketplace lender based in San Francisco, CA. Founded in 2007, LendingClub offers access to personal loans in 49 states (and Washington, DC).
What are the APRs offered via LendingClub?
LendingClub offers a fixed APR personal loan product that ranges from 6.95% up to 35.89% APR.
Does LendingClub charge an origination fee?
Yes, LendingClub charges a loan origination fee of 1% to 6% of the loan amount. LendingClub deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.
Does LendingClub charge a late fee?
Yes, LendingClub may charge borrowers a late payment fee of up to $15, which is triggered if you're 15 days late.
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 via LendingClub?
Loan amounts start at $1,000 and go up to $40,000.
What can a personal loan from LendingClub be used for?
Personal loans from LendingClub are typically used for special purchases, debt consolidation, home improvement projects, weddings, medical expenses & procedures, unexpected expenses or similar purposes.
What is the maximum loan term you can get with LendingClub?
LendingClub offers personal loans with terms ranging from 36 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 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.
LendingClub will consider borrowers regardless of their employment status if they can prove their ability to repay the loan requested.
Active duty servicemembers and their covered dependents are eligible to apply for a loan via LendingClub. Their rates fall within the limits of The Military Lending Act.Only U.S. citizens and permanent residents can apply for a loan.
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 a personal loan via LendingClub?
LendingClub will typically provide a credit approval decision in less than an hour and fund the loan within 3 days.
Does LendingClub report loan payments to credit bureaus?
LendingClub may report credit data to the following credit reporting agencies:
71 Stevenson St
San Francisco, CA 94105 USA
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Other Services by LendingClub
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
- U.S. Citizen
- U.S. Permanent Resident
- Employed Full-Time
- Employed Part-Time
- Active Duty Military
- Military Dependent
- 1099 Misc. Income
- Direct Deposit (W2, SSA, SSDI)
- Payroll Check or Prepaid Card
- Individual Applications
- Proof of Income
- Recent Pay Stubs
- Driver License (or other photo ID)
- Proof of citizenship/residence (Green Card)