Lending Club is legit for both investors and borrowers. This Lending Club review, unlike some others, will review the service from both sides of the deal. Make sure to read about my experience below before you invest or borrow with Lending Club.
Secondly, does Lending Club hurt your credit?
No, checking your rate and applying for a loan with LendingClub Bank won’t affect your credit score. It generates a soft credit inquiry to provide insight into your creditworthiness.
In respect to this, is consolidation a good idea?
Debt consolidation rolls multiple debts, typically high-interest debt such as credit card bills, into a single payment. Debt consolidation might be a good idea for you if you can get a lower interest rate. That will help you reduce your total debt and reorganize it so you can pay it off faster.
What credit score is needed to get a loan from LendingClub?
| Loan amount | $1,000 – $40,000 |
|---|---|
| APR | 7.04% – 35.89% |
| Minimum credit score | 600 |
| Time to receive funds | As soon as 4 days |
Does LendingClub verify income?
We use these to verify your income and sales. We may ask for copies of your recent tax returns or for tax forms, such as 1099s or Schedule K1s, to verify all of the details. IRS Form 4506-C. We use this form to request copies of your tax returns, W-2s, and 1099 forms directly from the IRS.