Applying for a LendingClub loan involves a simple online process. Applicants start by checking their rate, entering personal and financial information, and choosing whether to apply alone or with someone else. Basic details like income, loan amount, and Social Security Number are required. After providing the necessary information, LendingClub presents loan options based on your profile, allowing you to select the most suitable offer. The platform makes it convenient for users to apply for loans ranging from $1,000 to $40,000 with varying APRs and terms.
How to Apply for a LendingClub Loan
Click "Check Your Rate". Start by clicking the "Check Your Rate" button on the LendingClub website.
Enter Date Of Birth. Provide your birthdate to proceed.
Input Annual Income. Fill in your total annual income.
Enter Loan Amount. Specify the amount you wish to borrow.
Provide Personal Information. Enter your name, home address, and phone number.
Enter Email. Provide your email address.
Create A Password. Set up a password for your LendingClub account.
Enter SSN. Input your Social Security Number (SSN).
Choose Loan Offer. Select the most suitable loan offer based on your needs.
Conditions
Loan Term. The loan term ranges from 24 months to 60 months.
APR Range. The APR for LendingClub loans varies between 8.98% and 35.99%, depending on the borrower's creditworthiness.
Loan Amount. You can borrow amounts ranging from $1,000 to $40,000, depending on your financial profile and eligibility.
Requirements
Minimum Credit Score. A minimum FICO credit score of 600 is required, though having a score around 700 increases your chances.
Minimum Age. Applicants must be at least 18 years old.
Citizenship or Residency. The borrower must be a U.S. citizen or permanent resident.
Provable Income. A verifiable source of income is required to qualify for a loan.
Reasons for Rejection
Insufficient Income. If your annual income is below the required minimum, your application may be rejected due to an inability to meet the repayment obligations.
Lack Of Required Documentation. Failure to provide necessary documents, such as a copy of your paycheck stub, can result in your application being denied.
No Bank Account Or Credit Card. Not having a bank account or credit card as an alternative payment method can lead to rejection since it is a mandatory requirement.
Employment Verification Issues. Inaccurate or unverifiable employment information, such as discrepancies in your employer's details or job title, can cause your application to be rejected.
Age Restriction. Applicants under the age of 18 are not eligible for the program, and any application from individuals below this age will be automatically rejected.
The minimum credit score that is needed to approve the application is 600. The average credit point among borrowers is more than 700.
Does a loan from LendingClub hurt your credit?
An application submission won't affect your credit history in any way. Your credit history will suffer only if you are overdue for several loan repayments.
Do you need proof of income for LendingClub?
Yes, the company may ask you to provide proof of income. You can provide pay stubs or bank statements. The company can also contact your employer if necessary.
