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Lending Club offers peer 2 peer loans through a network of investors. The lender is one of the oldest peer to peer lenders in the country and has provided millions of personal loans to consumers. Lending Club has helped many people get out of a financial hardship.

You must have a pretty good credit score in order to be approved for a loan with Lending Club. Your score needs to be above 600; however, most borrowers have a score closer to 700. The company wants you to have an established credit history, and the average income of borrowers is around $76,000. Excluding your mortgage, the debt to income ratio should be below 20%. With Lending Club, it can take up to a week to get the funds.

To apply, go on the Lending Club website and complete the application. Checking your rate will not impact your credit score. If you are approved for a loan, you will be presented with your offers. You can choose the interest rate, loan terms, and monthly payment amount. A grade will be assigned to your account based on your credit score and income. It will be presented to investors, and they can decide if they want to find your loan. Your loan will be funded if investors back 60% of the loan amount. If it is less than 60%, you can take the remaining amount and get a listing for a new loan.

With Lending Club, you must verify your identity and information about your bank account. Some documents may be required. Before final approval, a hard credit check will be pulled, so your credit will be impacted. After the loan is approved, the money will be directly deposited into your bank account within a week.

Lending Club allows you to pay off your loan at any time with no penalties. The interest rate ranges from 6% to 35%, and the term will be from 3-5 years. An origination fee will be charged up to 6% of the amount of the loan. If you pay by check, you will be charged $7, and if you are late with your payment, a late payment fee will be assessed.

Lending Club could be a good option for you. Lending Club is available in 48 states, and you can get a loan up to $40,000. The lowest interest rates are provided to those with the highest credit scores; therefore, if you are consolidating debt, make sure that your rate with Lending Club is better than your current rate.