Ive had a couple loans with Lending Club. the application process was quick and easy and i got a better rate than a local bank
Have had several loans from LendingClub and great experiences with each one! Friendly, prompt, and easy with low interest rates enabled us to complete our financial plans successfully.
Lending Club is a better and more efficient way to reduce your debt. For example, say an individual has borrowed a $50,000 credit line and is paying 15% interest each month. Lending Club will lend the borrower $0 - $50,000 to honor the original debtor and instead, sign the borrower on a more affordable interest rate than 15%. The interest rate under Lending Club, on $50,000 loan, could be 10% less than banks and private lenders require.
Borrowers should be aware that Lending Club will pull your credit file from one of the 3 major credit bureaus. This helps them to determine your identity and credit worthiness.
Borrowers should be aware that Lending Club is qualified to use best debt collecting practices on default loans.
Borrowers should be aware that any default will lead to a negative credit rating and monthly reporting.
The lending club is supposedly the future of banking. I read about the lending club on Forbes and they made it seem as it was potentially going to take over the banking industry. The problem is that you still have to qualify for a loan and they seem to be ever harder to find a loan from than a bank. The rates are lower though by a few points, which adds up. Once you have one loan, it is harder to get a second loan so the problem with going with the lending club is that you have to make sure you can actually qualify for enough of a loan or you may be better off having more access to future funds through a bank.
I wasn't able to find a Lending Club loan that I qualified for.
Lending Club is a great way to get a loan that is cheaper than other places and it's also a great way to make more money on an investment than you might otherwise. Is Lending Club the future of finance? Maybe...will have to see what long-term default rates are and if fraud is a problem.
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