It is not very difficult to get a personal loan from LendingClub because they offer personal loans for people with credit scores as low as 600-640+. Other LendingClub personal loan requirements include being at least 18 years old, having an SSN, and having enough income to afford monthly loan payments.
LendingClub Personal Loan Requirements
Minimum Credit Score: 600-640+ credit score
Age: 18+ years old
Residency: U.S. citizen, permanent resident, or long-term visa holder living in the U.S.
Identification Type: SSN
Once you make sure you've met all the requirements for a LendingClubpersonal loan, you should have a good chance of approval. However, the exact interest rate you receive will depend on factors such as your credit score, income, and debt.
You can use WalletHub's free pre-qualification tool to see if you're likely to get approved and what rates you could get. Plus, it won't hurt your credit.
The minimum credit score for personal loan approval is 580, depending on the lender. That means it is possible to get an unsecured personal loan with a bad credit score, though such a loan will likely have an origination fee.
For your reference, WalletHub researched some of the most popular lenders to find out more about their specific loan requirements.
Major personal loan requirements include being at least 18 years old, having a bank account, having a good credit history, and having enough income or assets to afford monthly loan payments. Specific personal loan requirements vary by lender, however. Avant requires a credit score of 600 or higher, for example, while Prosper sets the bar at 640 and SoFi asks for 680. Most lenders don’t disclose annual income requirements, but two exceptions are LendingPoint ($20,000+)...
To get a personal loan from a bank, first check your credit score, then compare available offers to find the best rates, fees and payoff periods. After that, check for pre-qualification, submit an application either online or in person and wait for a decision. The steps may not sound all that complex, but preparing to get a loan can be time consuming.
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