A Place for Lenders Too
As you can see, Lending Club is a good place to turn to for those in need of some cash for whatever financial reasons, but it is also a place for those looking to lend money can go to. As the name implies, it is a group of people that do peer-to-peer lending. So if you have some extra cash, you can put it into Lending Club and make money by helping others out with their financial needs. Here are some benefits of becoming an investor at Lending Club.
- Historical returns of up to 8.88%.
- Monthly cash-flow.
- Reinvest payments for bigger returns.
Lending Club Loan Rates and Amount
If you apply for a loan with Lending Club, you are given a grade ranging from A to G with a corresponding interest rate and other fees that they feel is what you qualify for. This is just an estimation of the rates that you would be eligible for as the final rate will be given once the evaluation process is complete. Here is a rundown of the interest rates for each grade:
- A: 5.32 – 7.98%
- B: 8.18 – 11.53%
- C: 12.29 – 14.65%
- D: 15.61 – 17.86%
- E: 18.25 – 20.99%
- F: 21.99 – 25.78%
- G: 26.77 – 28.99%
This is just to give you an idea of what to expect with Lending Club and is not an exact reference to the loans you will be given. This is the same with the amount of the loan as that would also depend on a person’s qualifications. A loan with Lending Club can be anywhere from $1,000-35,000 which is a good range to have. The loan amount you are approved of is also not final as you can opt to go with a lower loan amount, just not a higher one.
Lending Club Customer Support
Customer Support with Lending Club is not stellar, but it is not too bad either. They offer a toll-free telephone line open from 6am-5pm, 7 days a week Pacific time, usual email support and an FAQ section where you can search for basic concerns other people might already have had with Lending Club.
What's the Verdict on Lending Club?
Lending Club Review 2020 – Conclusion
Lending Club offers a good place to turn to for personal loan needs, as they offer low rates and loan amounts of up to $35,000. The application process is quick and easy so you can be done in just a matter of minutes. Keep in mind however, that if you are approved and take out a loan with Lending Club, they take a certain amount off the top of what they credit you with as their income so you do not get the full loan amount. But if you need emergency cash, Lending Club is a good place to turn to, so check them out today.