LendingClub Personal Loan
Borrow up to $60,000 at competitive fixed rates. Decisions and funding may happen in as little as 24 hours. No prepayment fees. Check your rate with no impact.
LendingClub’s personal loan is a flexible solution for those needing quick funding for a variety of needs, from debt consolidation to home improvement. With loans available from $1,000 up to $60,000 and fixed APRs ranging approximately from 6.53% to 35.99%, borrowers can select the amount that fits their goals. Loan term lengths can be 24 to 84 months. There are no prepayment penalties, and checking your potential rate has no effect on your credit score.
How to Apply: Step-By-Step
- Submit an online application in minutes with basic personal and financial details
- Review personalized offers instantly, including different terms and rates
- Choose the best loan offer for your situation
- Verify your information and provide additional documents if needed
- Upon approval, funds can be deposited within a day or sent directly to your creditors
Main Advantages
LendingClub loans are convenient for borrowers who value a speedy online process and want to consolidate higher-interest debt. The fixed monthly payment schedule enables easier budgeting, and automatic withdrawals reduce the risk of missed payments.
Additionally, borrowers can check their rate with no impact to their credit score. There are also no prepayment fees, providing flexibility to pay off early if desired.
A Few Disadvantages
The APR range can be high for those without good credit, making some loans expensive. Origination fees may also apply, depending on your credit profile and loan details.
Not all loan amounts, rates, and terms are available in every state. Certain uses (such as post-secondary education or investments) are not permitted.
Verdict
LendingClub’s personal loan offering stands out for its quick funding, flexible use, and transparent terms. This makes it an attractive option for those seeking to cover a range of personal expenses with a predictable payment plan. Consider checking your rate to see if you qualify for a competitive offer.