Lending Club Loan Program FAQ’S/p>
1. What is Lending Club?
Lending Club is an
on-line "peer-to-peer" lender specializing in unsecured consumer
Peer-to-peer lending involves connecting borrowers directly with
investors, with Lending Club providing the platform, underwriting and
servicing of the loans. Members can borrow money more easily and at a
better rate than what they get from a bank and or
invest in a portfolio of loans at higher rates
than those served by savings account or CDs.
2. Who is eligible to borrow through Lending Club?
You must be a U.S. resident, 18
years of age with a valid bank account, valid Soc. Security # and a
minimum credit score (FICO) of 660.
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3. What if an applicant has a FICO score under 660?
Only those applicants with minimum
credit score of 660 are considered.
On average, about 10% of loan applicants receive approval to be
4. Is the program available in all states?
At this time, the program is
available in 42 states.
States in which Lending Club is not currently available are Idaho,
Indiana, Iowa, Maine, Mississippi, Nebraska, North Dakota, and
Tennessee. Updates will be
forthcoming as more states are added.
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5. What amounts of money that can be borrowed through Lending
Loans can be as low as $1,000 with
a maximum of $35,000.
6. What are the terms available for an unsecured installment
Terms offered are a 36 month or a
60 month term.
7. What are the interest rates?
Currently, fixed interest rates
start at 6.78% up to 27.99%.
Rates vary based on credit qualifications. (Historically, rate changes
have been infrequent).
8. For what purpose can the borrowed funds be used for?
Funds can be used for anything
needed to finance a Pool/Spa project (new pool construction, repairs,
renovations, above ground, in-ground, equipment, spas, landscaping,
irrigation, outdoor kitchens, patio furniture, etc.)
9. How long does the loan approval process take?
With an on-line application
submittal, communication on approval for the funding process is almost
instantaneous. If an
approval is received, the applicant with be given several loan choices.
Once the applicant makes a loan selection, the funding process (the time
it takes for investors to provide funding for the loan) begins and lasts
up to two weeks. On average, loans are funded within 7 days. Once funds
are committed, they are deposited into the borrower's bank account
within one business day.