LendingClub
PaidMarketplace lender offering personal loans with co-borrower option
🤝Peer-to-Peer LendingAbout LendingClub
LendingClub is a well-known online lending marketplace offering personal loans from $1,000 to $40,000. The platform now operates as a full-service bank after acquiring Radius Bank, allowing it to offer competitive rates. LendingClub supports joint applications which can help borrowers qualify for better rates or higher amounts.
What's Great
- ✓Joint applications available to potentially qualify for better rates or higher amounts
- ✓Now operates as a full-service bank providing more competitive rates
- ✓Loan amounts starting as low as $1,000 for smaller borrowing needs
- ✓Direct creditor payment option for debt consolidation simplifies payoff
Watch Out For
- !Origination fees of 3-8% reduce the amount you actually receive
- !Maximum loan capped at $40,000 which limits larger borrowing needs
- !Funding can take several business days after approval
- !Higher APRs for borrowers with lower credit scores compared to bank alternatives
Common Use Cases
Couple applying jointly to qualify for a better personal loan rate than either could get alone
Borrower consolidating credit card debt with direct creditor payment feature
Individual needing a small personal loan under $5,000 for an unexpected expense
Pricing Model
Paid
Paid subscription required. Check the website for current pricing and free trials.
Category
Peer-to-Peer Lending
Borrow directly from individual investors through online platforms.
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