Want some help in improving your house so you can make it into your dream home? Need to pay for your education so you can be someone? Or maybe you need to pay off the debt you’ve collected on your credit card. Whatever your reason for needing some financial help may be, the best option you can go for is getting a personal loan. And when you think of a personal loan, the one thing that comes to mind is Lending Club personal loans.
You know Lending Club personal loans are the best you can get because Lending Club is the company that helped establish the business model of “marketplace” or “peer-to-peer” lending. What this model does is matches the profile of borrowers with those of investors who are interested and willing to provide them with the loan.
Why You Need Lending Club Personal Loans
If you’re unsure whether Lending Club personal loans are the best fit for you, the following should help clear your mind:
- If you have a good credit score, then you can easily get a personal loan from Lending Club. The minimum credit score accepted by the company is 600, while the average lies around 699.
- You should have a long credit history, with the minimum being 3 years. The average Lending Club borrower has a credit history of more than 16 years.
- Your income should be more than the national household median, which is $55,775. The average borrower looking for Lending Club personal loans usually has an income of about $76, 135.
- Your debt-to-income ratio should be low; the maximum ratio allowed by the company is 40%, while the average is 18.32%.
- You should go for Lending Club personal loans only if you can wait to get the loan amount. The company usually takes about a week to verify the loan applications and match the profiles of borrowers with investors.
Lending Club Personal Loans Rates & Terms
Think you are eligible for getting Lending Club personal loans? Then, you need a little more detail on their terms and rates. First, you can take Lending Club personal loans that range between $1,000 to $40,000, with a typical APR that can be between 5.99% and 35.89%. As mentioned above, the company will take about a week to process your application, so the funding time is up to one week. You will also have to pay an origination fee of 1% to 6% and will have to go through a soft credit check.