Gino Rodriguez, Writer
@gino_rodriguez
A loan from LendingClub will temporarily hurt your credit score because the company will do a hard inquiry to evaluate your credit history before you receive your loan. However, just checking your rate and applying for a loan from LendingClub will generate a soft inquiry that won’t affect your credit score.
If you get approved for the loan, your overall debt load will increase, which may hurt your credit score, but the negative effects don't have to last long. In the long run, a loan from LendingClub will help your credit score if you pay the monthly bills on time, as doing so adds positive information to your credit reports. This should offset any initial decrease in your credit score after you take out the loan.
To predict how your credit score will be affected, check out the free credit score simulator on WalletHub.
People also ask
How do I check for LendingClub pre-approval?
To check for LendingClub pre-approval, go to LendingClub’s website, enter your desired loan amount and the purpose of the loan, and fill in some personal information like your name, address and income. It’s quick and easy to check for pre-approval with LendingClub, and doing so has no effect on your credit score.
LendingClub also sends out pre-approved offers by mail. Receiving a pre-approved offer means LendingClub thinks you would be a good candidate for...
read full answer by WalletHub, Financial CompanyWhat are my LendingClub approval odds?
An applicant’s LendingClub approval odds are highest when they have a credit score of at least 660, at least 36 months of credit history, and a steady income. They should also have a debt-to-income ratio of less than 40%, not including mortgages or the loan amount they’re requesting. In addition, it’s best to have at least two open revolving credit accounts and no more than 5 credit inquiries in the past 6 months (not counting...
read full answer by Adam McCann, Financial WriterWhat credit score do you need for a LendingClub personal loan?
Applicants need a credit score of 600 - 640 to get a personal loan from LendingClub, according to multiple third-party sources. That means the LendingClub personal loan credit score requirement is in the bad to fair credit range. To put this in perspective, most other lenders' credit score requirements for personal loans range between 585 and 700.
Keep in mind that just having a 600 - 640 credit score is not enough to qualify...
read full answer by Rick Bormin, Personal Loans ModeratorDid we answer your question?
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