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Need a Loan? Get a Low Interest Loan from Lending Club

July 21, 2009 | Personal Loans | 4 Comments

If you are looking to borrow money and have good credit, you may want to consider using Lending Club.  Lending Club is a social lending network where, if you have good credit, you can borrow money at a low interest rate compared to conventional sources.  Lending Club isn’t a bank, it’s network of individuals meeting to lend and borrow money, hence the term “social lending.”

Lending Club makes it easy for borrowers to secure funds at the low fixed rate by automating the repayment process.  Borrowers must have a bank account linked to their Lending Club account to transfer funds back and forth.   Loan repayments are made automatically by deducting the amount from your bank that is linked to your Lending Club account.

Lending Club allows you to borrow from $1,000 to $25,000 as an unsecured loan that can be used for any purpose such as debt consolidation loans, housing and home improvement loans, auto loans, home and small business loans, student loans, etc.

Lending Club operates entirely online at low operating costs to help borrowers and lenders connect. As a result Lending Club passes the savings onto their customers (borrowers and lenders) in the form of better interest rates for everyone.  Without expensive overhead that banks and credit card companies have; such as maintaining buildings, staff and ATMs, Lending Club is sustained by simply charging small origination or processing fees per transaction.

Below is a chart of what Lending Club interest rates start at compared to U.S. Bank NA, Wells Fargo Bank and Chase Bank:

lending-club

Lenders and Borrowers apply online with an approval process that takes a few minutes.  Borrowers choose how much money they want to borrow and will instantly learn how much interest rate they qualify for.  They then confirm the amount or choose a different amount at a different rate.  This is done all in real time, online and with no hidden costs or charges.

Lending Club is only available to United States residents.  To qualify borrowers need a FICO score of at least 660 with a debt-to-income ratio (excluding mortgage) below 25%.  Additionally, credit history must prove that you are a responsible borrower:

  • At least 1 year of credit history, showing no current delinquencies, recent bankruptcies (7 years), open tax liens, charge-offs or non-medical collections account in the past 12 months,
  • No more than 10 inquiries on your credit report in the last 6 months,
  • A revolving credit utilization of less than 100%, and
  • More than 3 accounts in your credit report, of which more than 2 are currently open.

 

Normally borrowers get fully funded within 2 weeks, but can take just a few days.  If after 2 weeks a borrower isn’t funded they have 2 choices; either accept partial funding or pass on the loan without any penalty.

Visit LendingClub.com now to get your low interest loan.

Related Article: Social Lending Networks are Booming

 

 

 

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4 Comments to “Need a Loan? Get a Low Interest Loan from Lending Club”

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    11:03 am on July 24th, 2009

    […] Lending Club P2P Loans July 24, 2009 | Investing | No Comments Last Tuesday I wrote a post about getting a low interest loan from Lending Club.  However, on the flip side you can be a lender and make a much higher […]

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    […] Need a Loan? Get a Low Interest Loan from Lending Club […]

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