Lending Club Review

By Kevin Mercadante

Overview

Through Lending Club, you can consolidate your debt and work towards achieving financial freedom. This service works by providing you with a personal loan with low interest rates and fixed monthly payments. You can use your loan to immediately pay off all of your debts and then you can simply pay off your personal loan which is generally much less expensive than credit cards and other types of debt. With this service, you do not have to wait for a service to negotiate with your creditors – simply get a personal loan and immediately pay off your debt to get creditors off your back.

Visit Lending Club

This company was founded in 2007 with the goal of creating a more transparent, customer-friendly, efficient and lower cost lending and debt consolidation service. You will receive a loan to pay off your debt that is funded by various investors, which makes it easier for you to get reasonable rates for your debt consolidation loan.

Minimum Debt AmountMaximum Debt AmountFees
$1,000$35,000Monthly fees

How it Works

Lending Club is different from debt consolidation services because instead of negotiating with creditors to lower your payments, you will immediately get a loan that you can use to pay off all of your debts. You will then simply need to pay off the loan you got from Lending Club. You can apply for a loan online and if your credit is good you will likely be approved. There is no need to wait for negotiations with your creditor and you can just pay your debts immediately. Lending Club generally offers lower payments and interest rates compared to other forms of debt so your payments will be much less than they would be if you opt not to consolidate your debt. You can complete an online application for a loan and if you are approved, it will be transferred directly into your bank account. You will then make monthly payments with fixed rates to Lending Club in order to pay back your loan.

Features

Lending Club does not offer credit counseling services, budget planners or financial calculators. However, Lending Club allows you to immediately pay off your creditors with a less expensive loan. The benefit is that your credit score and history will be improved much more quickly because some of your debts will be paid and making on-time monthly payments to Lending Club can help restore your credit further.

Accreditation

While Lending Club has not been accredited by any organization it has received many awards including #5 on Forbes’ list of America’s Most Promising Companies.

Fees

The fees will vary depending on the laws of your state, the amount of your loan and your credit history. Each personal loan from Lending Club has tailored fees based on your personal financial situation and history. These fees will be explained to you once you are approved for a loan.

Quality of Service

Lending Club has a professional customer support staff that is well-trained and ready to assist with any of your personal loan and debt consolidation-related questions. There is no credit counseling but you will receive all necessary information about your debt consolidation loan.

Address

71 Stevenson St., Suite 300

San Francisco, CA 94105

Visit Lending Club

 

  About Kevin Mercadante

 Kevin Mercadante is a freelance professional personal finance blogger,
 and the owner of his own personal finance blog, OutOfYourRut.com. He
 has extensive backgrounds in both accounting and the mortgage industry.
 Follow Kevin on Google+.

 

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