How to apply for a loan with LendingClub
Because LendingClub is a peer-to-peer lender, the application and funding process differs from other lenders.
To apply for a loan, click “Check Your Rate” on LendingClub’s personal loans page. The lender won’t check your credit at this point but will ask for some information to see if you qualify:
- The purpose of the loan.
- Loan amount.
- Whether you’re applying with someone else.
- Information about your co-borrower, if you have one.
- Your birthdate.
- Total annual income.
- Name, home address and email address.
Based on these details, LendingClub will provide a breakdown of the amount you can borrow and the APR, monthly payment, origination fee and loan term. Compare this offer to other lenders. You may be able to avoid the origination fee or get a much lower interest rate elsewhere.
If you decide to continue with the LendingClub offer, you’ll need to provide a few more details for an official application:
- Whether you rent or own your home.
- Phone number.
- Employment situation.
- Employer name and address.
- Social Security number.
LendingClub will then perform a soft credit check, which won’t impact your credit. A pool of investors will review your loan and decide whether they want to fund it. Before finalizing your loan, LendingClub, like all lenders, will do a hard credit check, which can adversely impact your credit score.
You typically will receive the funds within two days of approval. Once your loan is approved by investors, LendingClub will deposit the funds into your account, and interest will start accruing.
If you’ve had a change of heart, you can back out of your loan within five days of accepting the loan funds. You’ll need to contact the lender as soon as possible to cancel the loan application or disbursement. LendingClub will withdraw the funds from your account, although it won’t be able to recover money that’s already been paid to another source. You’ll be on the hook for repaying that portion of the loan. If you’ve missed the five-day window to return the loan, call the lender. Ask whether you can simply log in to your account and use the loan funds to pay off the loan balance.
But if you keep the loan and make consistent payments, you may be able to borrow again from LendingClub down the road. Eligible borrowers can have up to two loans outstanding from the lender for up to $50,000 total.
Customers can call LendingClub customer service at 888-596-3157. Representatives are available Monday through Friday from 5 a.m. to 5 p.m. PT and Saturday from 8 a.m. to 5 p.m. PT.