Lending Club is the largest peer-to-peer lending platform in the United States. It is America’s largest online marketplace connecting borrowers and investors, facilitating personal loans, business loans, and financing for elective medical procedures and K-12 education and tutoring. Borrowers access lower interest rate loans through a fast and easy online or mobile interface. Investors provide the capital to enable many of the loans in exchange for earning interest.
Maximum/minimum amount you can borrow: $1,000 to $40,000
APR range: 10.68% to 35.89%
Fees: Origination fees range from 2% to 6%. Late fees are $15 or 5% of your unpaid payment, whichever is greater. There is no prepayment penalty.
Minimum credit requirements: Not disclosed, reported to be 600. Your credit history, credit score, and other details will be evaluated to predict your risk when you apply. You’ll need a high credit score, low DTI, and a lengthy (and well-managed) credit history to qualify for the lowest rates.
Repayment terms: 36 or 60 months
Time to receive funds: As little as four days
Restrictions: Iowa residents are not eligible.