Note: According to the Better Business Bureau (BBB), LendingClub’s name and logo have been fraudulently used as part of loan scams, including the collection of security, insurance or other fees. This means you can pay off your loan early without incurring additional costs. LendingClub does not charge borrowers any prepayment penalties for paying off loans prior to the end of their loan term. Notably, however, LendingClub does provide borrowers a 15-day grace period for late payments. Borrowers who make late payments are charged a fee of 5% of the late payment amount or $15, whichever is greater. On average, borrowers are charged a 5% origination fee. The origination fee is based on the borrower’s credit rating and is subtracted from the loan amount at funding. LendingClub charges a one-time origination fee between 3% and 6% of the total loan amount.
The lender does not offer any rate discounts for borrowers who sign up to make automatic payments. The rate an applicant qualifies for is based on a number of factors, including credit history rating, desired loan amount and debt-to-income (DTI) ratio. LendingClub personal loans feature APRs between 9.57% to 35.99%, but the average APR offered to borrowers is 15.95%. This is in contrast to many competitors that offer a wide range of loan terms, often up to seven years or more. The average term for a LendingClub personal loan is 36 months. LendingClub borrowers can choose from loan terms of 36 or 60 months-or three or five years. Unlike some lenders, LendingClub loan minimums do not vary by state. LendingClub offers unsecured personal loans from $1,000 to $40,000, with the average loan being $15,800.
0 kommentar(er)
