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Lending Club: Here are 10 things you should know about Lending Club
- What is Lending Club? They are a peer to peer (p2p) lending company that has been around since 2007 and funded tens of billions of loans. The loan amount allowed on this peer to peer site is between 2,000 and 40,000. You can use a personal loan for any number of things including student loan refinancing, home improvements, travel, and much more.
- The interest rates on Lending Club range from 6% up to 36% depending on the qualifications of the borrower. Lending club will do an underwriting of every loan and score the risk on an alphabetical scale. In that sense I like this p2p lender because most banks would not even offer options for people with bad credit so they offer options to a wide range of people.
- Length of the loan: The terms of the loans are typically 3-5 years and they offer some flexibility with no pre-payment penalty.
When applying for a loan with them, you will need to provide proof of verifiable income, your credit score and your reason for borrowing. They offer loans for both prime and subprime borrowers which is a bit different than most lenders.
If you get approved by Lending Club’s underwriters then your loan will become active on their listing page and people from around the US can start investing in the loan and get you funded. Then once you are funded you should get your money in a few days.
In terms of investing in a lending club loan, I’ve heard mostly good reviews from people. However I have also heard that you focus more on the lower risk borrowers and stay away from the super high interest rate loans. This can be a great way to start making your first passive income online.
Other peer to peer lending sites. There are lots of competitors in this niche including Sofi, Prosper, and many others. However, Lending Club is one of the most established and well known p2p lending sites. It is also the largest.
How does Lending Club make money? According to the Motley Fool, they charge the borrower a one time origination fee somewhere between 1%-5% of the loan and if you are investing in a p2p loan, you pay a 1% service fee on every payment the borrower makes.
There are also options for investing your 401K or IRA with Lending Club although some restrictions do apply.
Overall I would recommend Lending Club. They offer flexible funding at a pretty good interest rate considering a bank would almost never lend you cash. They do have a funding fee of 1-5% which you should be aware of but other than that their service is great and as far as peer to peer lending goes I would highly recommend them.
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