Does LendingClub offer mortgages? This question is about LendingClub

Does LendingClub offer mortgages?

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@WalletHub • 02/03/20 This answer was first published on 02/03/20. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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LendingClub does not offer mortgages. They offer four types of loans: general-purpose personal loans, auto refinancing loans, business loans, and medical patient financing. LendingClub doesn’t limit what their personal loans can be used for, but mortgage lenders don’t allow personal loans to be used for a down payment.

Plenty of major banks offer mortgages, including Chase, Citi, Bank of America and Wells Fargo. Some online lenders, such as SoFi and Quicken Loans, offer them as well. Or, you could get a mortgage from a local bank or credit union.

The best approach is to get pre-approved and compare multiple mortgage offers before settling on one. You can view the latest mortgage offers on WalletHub.

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How do personal loans affect your credit score?

Personal loans affect your credit score in the short-term and in the long-term. In the short-term, a personal loan may damage your score because it causes a hard credit inquiry and increases your debt load. But in the long-term, a personal loan can either help or hurt your credit, depending largely on whether or not you pay the bills on time. Ultimately, it’s up to you how much impact the personal loan will have.

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