LendingClub, a peer-to-peer lending service offers personal loans with low, fixed rates. If you are interested, continue reading the review to find out if LendingClub could benefit you.
If you happen to fly with United Airlines often, LendingClub offers a their customers up to 100k miles. You essentially earn 1 United MileagePlus mile with every $2 you spend.
LendingClub also acts as a matchmaker but checks your initial credit scores.
United Airlines 100k Miles Offer
LendingClub currently has a special offer that lets you earn 1 United MileagePlus miles for every $2 you borrow with them!
How To Earn The Miles:
- This offer is only available to new LendingClub customers
- New customers need to deposit a minimum of $2,500 in order to qualify
- You must already have a United Airlines MileagePlus account activated
- The offer is up to 100,000 miles only
LendingClub $3,000 Bonus
For a limited time, you can earn up to $3,000 in cash for a no-fee IRA account. Invest in at least $5,000 and you can get your fees waived for the first year.
|Transfer Amount||Cash Bonus|
|$50,000 – $99,999||$1,500|
|$25,000 – $49,999||$750|
|$10,000 – $24,999||$300|
|$5,000 – $9,999||$150|
|Loan Amount||Up to $40,000|
|Term Length||3 or 5 years|
|Origination Fee||1% to 6%|
|Late Fee||5% or $15|
|Minimum Gross Income||$79,145|
|Minimum Credit Score||700|
|Repayment Options||36-60 Monthly|
- Credit Score: 700
- Credit History: you need at least 5 years of credit
- Payments: positive payments
LendingClub Personal Loan Eligibility
To qualify for a LendingClub personal loan, all applicants must have:
- A minimum credit score of 700 or above
- At least 3 years of credit history
- An average minimal income should be about $79,145
- A low debt-to-income ratio less than 12%
Pros and Cons of a LendingClub Personal Loan
- You don’t need to own a home to apply.
- The application is simple and easy to follow.
- Initial credit check will not affect your credit score. However when your loan is approved, it will show up on the report.
- When approved, funding takes as little as three business days.
- You can get higher returns than other types of traditional fixed income investments.
- A personal loan from LendingClub can be used towards small business, debt consolidation, home improvement, medical bills and other special occasions.
- If you have excellent credit score, your APR can be as low as 6.95%.
- There are no prepayment penalties so you can pay your loans early.
- LendingClub reports your payments to major credit card bureaus to help rebuild your credit.
- Unfortunately, LendingClub is not available in all states. LendingClub is not available in Iowa.
- LendingClub actually doesn’t allow their funds to be used towards student loans, so students would not really be interested in them.
- You are only limited between either a 3 year term or 5 year term.
- There’s an origination fee from 1%-6% which is deducted from your funds.
- There’s a checking processing fee of $7, so it’s better to pay online.
How To Apply For a LendingClub Personal Loan
These are the requirements that you will need to qualify for a personal loan from LendingClub.
- You should not have more than 5 hard inquiries on your credit report in the last 5 months.
- You must have at least 2 revolving accounts open. This could be a normal credit card or a store credit card.
- You need a credit history of at least 3 years.
- Your credit score should be at least 700.
- You must not have a debt to income ratio of more than 12%, excluding mortgages.
- You must be employed and be able to verify your income.
Overall, LendingClub is the most ideal for borrowers that have a strong credit history.
Their initial credit score is slightly above average and you will need to make a stable income in order to apply for a personal loan.
United Airlines customers benefit greatly with their United Miles offer so those who travel a lot can even take out a personal loan for vacation purposes.
(Visit LendingClub for more details)
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|Discover Bank Online Savings||1.70% APY + $200 Cash||Review|
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