Lending Club is a retail lending company with one of the highest reputation standards in the United States. They are ideal for those who need loans to cover certain needs and pay off credit card debt. It focuses on serving customers with responsible payment records and good financial credit histories.
Founded in 2007, it is the largest online lender in the United States. The company has a high credit score and a long credit history. If you are interested in borrowing money and want to know how long a Lending Club loan takes or its advantages and disadvantages, here is everything you need to know.
How fast do you get money from Lending Club?
Lending Club is one of the most popular online lenders to individuals in the United States. But it earned this recognition thanks to the efficiency of its work. When someone is looking for a loan, they want to get it faster to pay off their debts. If you think of using this method, it is normal to ask yourself, “How fast do you get money from Lending Club?”
The company works in a matter of minutes. In as little as 24 hours, you will know if your loan has been approved and if so, you will receive the money in your bank account within two days. Depending on the case, each applicant has a specific waiting time; this period is indicated in your application.
When an applicant submits the request, Lending Club begins to work on the process of data verification, credit record review, and more. After sending the request, we recommend you to check the “to do list” frequently because if the company needs you to send more documentation, they will let you know through this section.
How to apply for a loan at Lending Club?
Lending Club loan applications are quick and easy to apply for. This is one of the great advantages that offers the most convenient for customers. The company provides between thousand and $40,000 to customers, who must have a minimum credit score of 600 points and a clean credit history for the last three years. The interested party must have an income -to -debt ratio of less than 40% for individual loans and 35% for joint requests.
If you wish to apply for a loan, meet the requirements, complete the application steps and wait for verification of the process. Complete these requirements:
Step One: Meet the following requirements
- Be over 18 years of age
- Be a U.S. citizen or have permanent residency with a long- term visa
- Have a verifiable bank account
If you meet these three conditions, you can apply for a loan online. Currently, the company accepts applications from any state in the United States.
Step Two: Guide to Applying for a Loan Online
After you meet the requirements, follow these instructions to formalize your application.
- Go to Lending Club’s official website and check your rate. You can see what type of financing you qualify for without affecting your credit score
- You will receive different offers; depending on the loan you qualify for, choose the one that suits you best
- After submitting your application, you must wait for the company to review your application. We recommend you log in from time to time to be aware of the response
Step three: Process for evaluating your application
When the company receives the application, it begins analyzing values. This is the procedure to follow:
- Information about your application
- Request information about you from the credit bureaus.
- Review your credit score
- Certify any information that helps predict how quickly you respond to your payments
To get the lowest rates, you must have:
- High credit scores
- The low percentage of debt compared to your monthly income
- A successful credit history
If Lending Club requests any additional documents during this process, you must enter “add a co-borrower” in your session under the joint application section.
Step Four: Receive the money in your bank account
Lending Club will deposit the amount to the associated bank account if the bank approves your information. It may take a couple of days for the money to be paid out, but the interest will accrue when the deposit is made.
After the loan is approved, you will be given a fixed monthly payment for a 36-month loan and another for a 60-month loan, with interest rates.
What are the pros and cons of borrowing from Lending Club?
Like any agency, Lending Club has pros and cons for its customers. Here are some that you should consider before making an application:
- You have long repayment terms, ranging from three to five years.
- They don’t have a hard credit inquiry to verify rates, so it doesn’t hurt your credit score.
- They require a low credit score with a minimum acceptance of 600 points.
- It has a long waiting line. If you need an immediate loan, this is not your alternative. The agency takes 24 hours to review and an estimated two days to deposit, and up to seven days for the money to arrive in your account.
- It has an origination fee; other companies do not have these fees.
- It has high fees for late payments.