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The Lending Club:
A Social Lending Network
www.rebuildcreditscores.com
A Social Lending Network
www.rebuildcreditscores.com
Getting a Lending Club Loan
To get a loan, borrowers must become a member of the website (no cost to
join) and create a listing to request a loan. You can get an unsecured
personal loan from $500 to $25,000 to help start a business, aid debt
settlement with credit cards or students loans, or for any other purpose.
The loans are funded by other members of Lendingclub.com and the entire
process happens online. Once a listing is created you will instantly receive
feedback as to what interest rate you qualify for, and you then confirm the
amount or pick a different amount at a different rate.
Lenders on Lending Club
Lending Club loans are funded by individuals and/or organizations. The
LendingClub Corporation is also a lender. Lenders can choose to either lend
directly to one or several borrowers. The lender browses through the various
loan listing and decides who to loan money to. Lenders can also get a
recommendation from lendingclub.com on whom to lend money to.
Credit Requirements
There are seven main types of loans, A, B, C, D, E, F and G. These letters
refer to the credit grades assigned to borrowers based on their credit scores.
"A" loans are from borrowers with the highest credit scores (deemed to be the
lowest credit risk).
Qualifying for a Lending Club Loan
Borrowers must be a US citizen or permanent resident, and at least 18 years
old with a valid bank account and a valid Social Security number. In order to
qualify your FICO score must be at least 640 with a debt-to-income ratio
(excluding mortgage) of no more than 30%. Your credit file should not contain
any current delinquencies, recent bankruptcies (7 years), open tax liens, and
charge-offs or collections account in the past 12 months.
Interest Rates
Lending Club's interest rates are determined by the borrower’s credit risk and
market conditions. Current interest rates start at approximately 7% and can
go as high as 18%. All borrowers are assessed a loan grade which takes into
account the borrower’s FICO score, debt-to-income ratio and loan amount.
All loans are 3-year installment loans with fixed interest rates and equal
installments. There are no penalties or charges if you decide to repay your
installment loan early.
Loan Fees
Borrowers pay a processing fee based on the loan grade (A-G) that ranges
from 0.75% to 2.00% of the loan amount. The fee is deducted from the loan
proceeds prior to depositing the loan into your bank account.
For more information visit: LendingClub.com
To get a loan, borrowers must become a member of the website (no cost to
join) and create a listing to request a loan. You can get an unsecured
personal loan from $500 to $25,000 to help start a business, aid debt
settlement with credit cards or students loans, or for any other purpose.
The loans are funded by other members of Lendingclub.com and the entire
process happens online. Once a listing is created you will instantly receive
feedback as to what interest rate you qualify for, and you then confirm the
amount or pick a different amount at a different rate.
Lenders on Lending Club
Lending Club loans are funded by individuals and/or organizations. The
LendingClub Corporation is also a lender. Lenders can choose to either lend
directly to one or several borrowers. The lender browses through the various
loan listing and decides who to loan money to. Lenders can also get a
recommendation from lendingclub.com on whom to lend money to.
Credit Requirements
There are seven main types of loans, A, B, C, D, E, F and G. These letters
refer to the credit grades assigned to borrowers based on their credit scores.
"A" loans are from borrowers with the highest credit scores (deemed to be the
lowest credit risk).
Qualifying for a Lending Club Loan
Borrowers must be a US citizen or permanent resident, and at least 18 years
old with a valid bank account and a valid Social Security number. In order to
qualify your FICO score must be at least 640 with a debt-to-income ratio
(excluding mortgage) of no more than 30%. Your credit file should not contain
any current delinquencies, recent bankruptcies (7 years), open tax liens, and
charge-offs or collections account in the past 12 months.
Interest Rates
Lending Club's interest rates are determined by the borrower’s credit risk and
market conditions. Current interest rates start at approximately 7% and can
go as high as 18%. All borrowers are assessed a loan grade which takes into
account the borrower’s FICO score, debt-to-income ratio and loan amount.
All loans are 3-year installment loans with fixed interest rates and equal
installments. There are no penalties or charges if you decide to repay your
installment loan early.
Loan Fees
Borrowers pay a processing fee based on the loan grade (A-G) that ranges
from 0.75% to 2.00% of the loan amount. The fee is deducted from the loan
proceeds prior to depositing the loan into your bank account.
For more information visit: LendingClub.com
Prosper
Prosper.com is a website where borrowers and lenders meet. It was created to
make consumer lending more financially and socially rewarding.
Zopa
Zopa is an online person to person lending site. The term Zopa stands for Zone of
Possible Agreement.
VirginMoney
Virgin Money structures formal loans between friends and family. It is a person to
person lending service that manages the personal loans you make with people
you know.
Globefunder
GlobeFunder is a consumer lending marketplace which provides borrowers with
personal and business loans.
Prosper.com is a website where borrowers and lenders meet. It was created to
make consumer lending more financially and socially rewarding.
Zopa
Zopa is an online person to person lending site. The term Zopa stands for Zone of
Possible Agreement.
VirginMoney
Virgin Money structures formal loans between friends and family. It is a person to
person lending service that manages the personal loans you make with people
you know.
Globefunder
GlobeFunder is a consumer lending marketplace which provides borrowers with
personal and business loans.
RELATED TOPICS
Social lending networks are becoming
increasingly popular with borrowers as
banks and other traditional lenders have
tightened their belts, making unsecured
loans more difficult to obtain.
Lending Club is an online social lending
network which brings together lenders and
borrowers to lend money among themselves
at competitive interest rates. Traditional
banks are bypassed giving borrowers lower
interest rates, and lenders higher returns on
their money.
increasingly popular with borrowers as
banks and other traditional lenders have
tightened their belts, making unsecured
loans more difficult to obtain.
Lending Club is an online social lending
network which brings together lenders and
borrowers to lend money among themselves
at competitive interest rates. Traditional
banks are bypassed giving borrowers lower
interest rates, and lenders higher returns on
their money.
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