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LendingClub is a peer-to-peer lending company that provides you with the finance you need. Whether you want to embark on a home renovation project or pay an unexpected bill, the company has loans with personalized APRs and offers a wide range of customer service options. Here is everything you wanted to know about LendingClub.
LendingClub lets you borrow a loan that ranges from $1,000 to $40,000, and the company provides personalized APRs that range from around 7 percent to around 36 percent. LendingClub determine your personalized APR based on your previous financial history and current income. The minimum loan term is three years; the maximum term is five years.
In order to qualify for a loan from LendingClub, you need to be a U.S. citizen (LendingClub doesn’t offer customers loans in West Virginia and Iowa, however), over the age of 18 and have a steady income. You must also have a verifiable bank account.
If you are trying to rebuild your credit, LendingClub is an option you might want to consider. The company report loan repayments to all three of the main credit reference agencies in the U.S. If you make repayments on time, you could improve your creditworthiness.
LendingClub has various customer service options. You can contact a member of staff by phone or email. The company’s website also has an extensive help page with multiple topics.
Consumers online thought that the personalized APR rates were a good idea. Some customers, however, complained about the application process. They said it took a few days to set up their loan. Other consumers noted that LendingClub charged them a loan origination fee, which is 1-6 percent of the loan amount. However, many loan providers do this.
If you have a less-than-perfect credit score, LendingClub might be a good fit for you. You can apply for a loan and receive a personalized APR based on your previous financial history and current circumstances. If you encounter a problem with your loan, LendingClub has multiple customer service options.
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