LendingClub: Best cosigner for quick loan

LendingClub: Best cosigner for quick loan

LendingClub is a fintech that provides quick loan and other financial services through a technology-driven platform in the United States.

If you need someone to join you to sign for a loan as a cosigner, LendingClub could be what you need. LendingClub is one of the few lenders that allow cosigners on quick loan. You can borrow between $1,000 to $40,000 with a three to five-year repayment term.

The platform offerings also allow you pay down high-interest debt, consolidate credit card balances—and save more than $1,000. With their single monthly payments, lower fixed interest rates, and no prepayment penalties, a quick loan from LendingClub Bank can help you simplify your finances and take control of your debt.

How to get a quick loan with LendingClub

LendingClub is definitely a good choice for borrowers with good credit score who are interested in shopping around for the best rate. But it’s also a good idea to request rates from other types of lenders who offer quick loans to get a more complete picture of your options.

How LendingClub Works

Apply in Minutes
Get customized loan options based on what you tell us.

Choose a Loan Offer
Select the rate, term, and payment options you like best.

Get Funded
Once your loan is funded, we’ll send the money straight to your bank account or pay your creditors directly.

Pros

  • Accepts borrowers with poor or fair credit
  • Allows cosigners
  • Being turned down doesn’t hurt your credit score

Cons

  • Origination fees from 3% to 6%
  • Charges late fees
  • Funding time can be longer compared to other lenders

LendingClub was one of the very first online quick loan and peer-to-peer lending. The company matches borrowers to investors who have money to lend, which could mean a lower interest rate for borrowers with good credit.

LendingClub quick loan: Interest rates and loan details

LendingClub provides fixed-rate loans from $1,000 to $40,000, with either a 3-year or 5-year repayment term. Origination fees range from 3% to 6%.

Fixed rates   

7.04% – 35.89% APR

Loan size       

$1,000 to $40,000

Loan terms    

3 or 5 years

Minimum credit score         

600

Time to get funds     

Usually takes about 2 days†

Income          

Verifiable income must support the ability to repay

Fees   

  • Origination fees of 3% to 6%
  • No prepayment penalty
  • $15 late fee, or 5% of the overdue monthly payment

Key benefits 

Being turned down does not hurt your credit score

How to qualify

In order to minimize to its barest minimum investors’ exposure to riskier loans, in May 2019 LendingClub stopped approving loan requests graded as “E.” As a result, the minimum credit score needed to get approved for a LendingClub quick loan increased to 660 (up from 600).

Repayment

You can decide to repay LendingClub quick loan over three years or five years. As is the case with most lenders, you’ll be offered a lower rate on loans with a repayment term of three years. Spreading your payments out over five years will make your monthly payments more manageable, but you’ll pay more interest charges.

LendingClub accepts automatic payments or payments by check or phone and a 15-day grace period is granted to borrowers to make payments with no penalty.

How to apply

You can apply for a LendingClub Quick Loan from HERE

To learn more about LendingClub, CLICK HERE

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