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LendingClub Review |‌ Green Day Online

LendingClub personal loans are great for people with good credit who want to consolidate their debts or finance a large purchase.

Pros & Cons

Pros

  • Joint loan options are available
  • Direct payment to creditors for debt consolidation loans
  • Pre-qualification for Soft Credit
  • You can change the payment date.

Cons

  • Two repayment options are available to borrowers
  • An origination fee will be charged.
  • The loan cannot be used to repay personal loans.

LendingClub has the best options available for borrowers who are:

  • Fair credit (FICO between 689 & 630).
  • Do you need help managing your finances and building credit?
  • You may consolidate your debt to qualify for a lower interest rate.

LendingClub: A Quick Look

Affordability

  • Origination and late fees
  • No rate discount for autopayments.

Transparency

  • To pre-qualify, perform a soft credit check.
  • Information on timely payments to three credit agencies
  • This website lists rates available to lenders.
  • Robust FAQ pages can answer many of your questions.

Flexible loan options

  • In as little as one week, you can have your loan funded.
  • This allows borrowers the ability to change their due payment dates.
  • Available for terms of 3 to 5 years

Customer experience

  • Online application for loan or grant approval
  • Members Center offers assistance to borrowers with managing their credit and money.
  • A mobile app cannot be used to manage your loan.

Where LendingClub stands out

LendingClub offers assistance with debt consolidation.

LendingClub offers joint loan options. LendingClub offers joint loan options. Joint loan applications must have lower debt-to-income ratios (or DTI) than 35 %.

LendingClub allows you to check your rate online easily. The company will perform a hard credit check after a loan has been issued.

LendingClub’s Member Centre helps customers manage their credit and money. This section contains data like credit utilization and debt-to-income ratio.

Compare LoanClub with other loan companies

  • SoFi vs. LendingClub
  • LendingClub or Prosper

LendingClub’s failure

LendingClub doesn’t offer discounts. LendingClub loans come with late fees, origination fees, and fees. Lenders can use this feature to encourage timely payments.

Online lenders only offer short terms. There are two options: terms with lower interest rates or terms with a more down monthly payment.

Refinance is impossible. LendingClub does not allow borrowers to refinance personal loans.

LendingClub: All you need to know

LendingClub settled an $18 Million lawsuit in July 2021. LendingClub took money out of consumers’ accounts without their consent.

LendingClub responded by taking “No Hidden Fees” out of their marketing materials and updating the page on loan options to reflect the change.

LendingClub – Apply for a Loan

Rates for all other lenders

Green Day Online suggests pre-qualifying multiple lenders compare loan offers.

LendingClub – Apply

LendingClub allows you to apply online for personal loans.

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Jason Rathman