Lending Club is a peer-to-peer (P2P) loan service that brings investors and small businesses together under one lending platform. It offers business and personal loans, auto refinancing as well as specially designed medical loans. In this article, we cover Lending Club reviews and pricing. Ready to get started? Visit its website.
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Summary of Lending Club Reviews
As of February 2019, there are no recent Lending Club reviews online. If you are a past or current Lending Club customer, leave a review to help other small business owners who are deciding whether or not to use the service.
Lending Club Pricing
Lending Club pricing for short-term business loans ranges from 9.77% to 35.71% ― total annualized rates ― depending on the borrower’s creditworthiness. There’s a one-time origination fee of 1.99% to 8.99% that’s only charged when the borrower receives the loan. The company also offers personal loans with a typical APR ranging from 6.95% to 35.89%.
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All personal and business loans through Lending Club are fixed-rate loans, so the monthly payment will never change.
Ready to get started with Lending Club? Visit its website.
Top Lending Club Alternatives
Repayment terms up to three years on funding up to $500,000
Traditional bank term loans available nationwide with low rates
Online term loans with repayment terms up to seven years
Bank term loans up to $200,000 with terms up to five years
Evaluating funding options with a free online lending marketplace
Top Lender Pick From FitSmallBusiness
Best P2P business loans: StreetShares vs Funding Circle vs Lending Club: There’s no doubt that P2P business lending is a valuable financial tool for small business owners. They are especially beneficial for young businesses that are growing quickly and want a good rate on a medium-term loan. In this article, we reviewed the providers of the best P2P working capital loans. We’ll lay out the rates, terms, and qualifications of the best P2P lenders in one place.
Lending Club Features
Check out the list below of some of Lending Club’s features:
- Fixed interest rates
- Fixed monthly payments
- No prepayment fees
- Online application
Lending Club FAQs
What Are the Qualifications for Lending Club’s Business Loans?
To qualify for Lending Club’s business loan, the borrower must be in business for at least 12 months, have at least $50,000 in annual sales, has no recent bankruptcies or tax liens, and own at least 20% of the business.
What’s the Difference Between an Origination Fee and an Application Fee?
An origination fee is only charged if you receive a loan. In contrast, most application fees are due when you apply and are not refundable even if the lender declined your application. Interested parties don’t need to pay an application or broker fee for a personal loan through Lending Club.