Lending Club Review 2019: Read Before You Apply

Article Approved By Banking Expert

This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

Article Approved By Banking Expert

This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

Lending Club Review: ★★★★★

“Considered America’s largest online credit service with $44+ billion invested with 2.5+ million customers.”

Money makes the world go round. It’s a popular phrase that can sum up our existence sometimes. We know money doesn’t buy happiness–but a healthy bank account does wonders for our stress levels.

Because this is such a concern for so many people, big banks take advantage. As you’ll discover later in this Lending Club review, great strides have been made in how we access and utilize our money.  

What Is Lending Club?

Lending Club offers a new way of banking, utilizing peer to peer lending that completely transforms how people access and use their credit.

Established in 2007, Lending Club aims to connect borrowers and lenders in one simple marketplace, offering creative, innovative solutions to customers and investors. They do this well, as you’ll see more about later in this Lending Club review.

RELATED: Want 10% to 20%+ cash back? Check out our Paribus review.

Lending Club believes that experience drives business and have developed ethical, valuable opportunities for everyone. They stand firm in the belief that all individuals deserve a better financial future with easy access to low-cost opportunities. The fact that they look at the big picture of prospective lending Club review. 

Lending Club Benefits

As you’ll see later in this Lending Club review, they’ve revolutionized the borrower-lender experience.

How?By offering financial credit options in one, easy to use, marketplace, they’ve upgraded the banking experience by cutting out the middleman, connecting you with options fast.

Simplifying the borrower-lender relationship is what set them apart from the rest (but more on that later in this Lending Club review).

To apply, answer a few simple questions about yourself, that’s it. No more back and forth phone calls with the banks.

Some applications may have to provide extra information, which could extend processing time.

If approved, you will receive multiple credit options in a matter of minutes. Each offer details the loan amount, interest rate, APR, monthly payments and loan term.

Choose the best loan option that suits your needs and the money will be automatically deposited into your bank account, it’s that easy!

Will Lending Club affect my credit? Here’s the short answer…

Lending Club runs a soft credit check so it won’t affect your credit.

Only hard credit inquiries impact your credit score (like credit card apps). Aside from zero impact on your credit, they also offer lending options for everybody.

From personal loans and business loans to auto loans and patient-health opportunities. Lending Club provides a platform for lenders to find borrowers, both individuals and institutions.

Lending Club Offers

Instead of offering just a few fixed lending options like conventional banks, Lending Club has options for everybody. These are tailored to what you need, and they help make the process stress-free from start to finish.

Lending Club Personal Loans
  • Up to $40,000
  • Refinance & Consolidation Options (credit card & debt)
  • Home Improvement
  • Major or Unexpected Expenses

Lending Club Business Loans

  • From $5,000 to $300,000
  • Ideal For Large, One-Time Expenses
  • Fixed Monthly Payments
  • All Capital Up Front (1-5 Year Term)
  • No Prepayment Penalties

RELATED: Want free money? Learn how to get it in our Dosh review.

Why Lending Club?

We’d be remiss to leave out our reasons to choose Lending Club in a Lending Club review.

survey junkie reviewBenefits of Lending Club include ease of eligibility, full transparency and no collateral requirements.

Other eligibility criteria:

  • No recent bankruptcies or tax lines
  • Have been in business for +12 months
  • Have fair personal credit at a minimum
  • A minimum of $50,000 in annual sales

Benefits of Lending Club business loan:

  • Debt consolidation
  • Hiring new employees
  • Improvements and equipment
  • Location expansion
  • And much more

How can investors use Lending Club?
Whether it be Individual or Institution, Lending Club helps connect investors with their ideal borrowers. As apart of this Lending Club review, we’ve included what’s required and more below:

Lender Requirements:

  • State and financial eligibility
  • (Not offered in all states)
  • Identity verification
  • Must be 18 years of age or older

Lending Club account types:

  • Individual Accounts
  • Joint Accounts
  • Trust Accounts
  • Corporate Accounts
  • Custodial/Minor Accounts

Lending Club perks:

  • Individuals: investment or retirement
  • Institutions: banks, institutions or financial advisors
    • Flexible investment styles
    • Hands-on or automated
  • 401k Rollover and retirement accounts
  • Save time: complete control of strategies
  • Tools and information to assist

How does Lending Club work for investors?

  1. Create your Lending Club Portfolio
  2. Choose how much money you would like to invest (minimum $1,000 or 40 increments of $25)
  3. Determine your risk (lower risk=lower reward/ higher risk=higher reward)
  4. Set duration of investment (loan terms =3 or 5 years)

For borrows and lenders alike, Lending Club offers straightforward credit options in one place.

They offer a lot of different options and, above all, better customer service and more personalized loans.

Brian Roberts

Brian Roberts

Editor at CarefulCents
Featured in The Washington Post and published in Entrepreneur, Forbes, Business Insider, Time, Inc., CNBC and others.

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.