Yes, LendingClub is a direct lender, which means they handle the full loan process, from application to funding and beyond, instead of simply matching you with another lender. Direct lenders are the only ones that handle your information, so it’s more secure, and they make the loan process faster by removing middlemen.
In the end, your loan comes directly from LendingClub, not through a partnering bank or credit union. Getting a loan from a direct lender may get you better rates than from an indirect lender, as well.
You can get LendingClub personal loan pre-approval through WalletHub’s free personal loan pre-approval tool. This will allow you to see your odds of approval for a personal loan with LendingClub, as well as your potential interest rates, and the process will have no impact on your credit score.
Enter your desired loan amount and select the reason for borrowing.
Click “Get Started.”
Select your employment status, then enter your annual income.
Select whether you rent or own your home and click “Continue.”
Create a WalletHub account if you haven’t already.
Receive your pre-approval status.
It’s important to note that WalletHub’s personal loan pre-approval tool doesn’t just check for pre-approval with LendingClub. It also checks with multiple other personal loan providers at the same time, so you can see your options.
To check for pre-approval directly with LendingClub, go to its website and click on Check Your Rate. Then, enter your address, date of birth, driver’s license or other identifying documents, and other information. After that, click Next, and receive your pre-approval status after a few moments.
Keep in mind that if you are pre-approved for a personal loan, you’re not guaranteed to be approved when you submit an application. Your approval odds will be very high, though.
Yes, LendingClub personal loans are legit because LendingClub is registered to do business in the states it services, which is a legal requirement to be a legitimate lender. Another reason why LendingClub personal loans are legit is that the lender has a rating of A- from the Better Business Bureau. The company also is accredited with the Bureau.… read full answer
Why LendingClub Personal Loans Are Legit
LendingClub is registered as a business in the states it services.
LendingClub has a Better Business Bureau rating of A-.
LendingClub has been around since 2006.
LendingClub has an average user rating of 4.5/5 on WalletHub.
LendingClub personal loans have a rating of 3.5/5 from WalletHub's editors.
LendingClub has a secure website, which you can tell by the fact that the URL has "https" in front of it.
While LendingClub personal loans are legit, they may or not be the best choice for you. It's important to compare the terms and requirements of LendingClub personal loans against your other options before submitting an application.
Yes, LendingClub does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
LendingClub's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the … read full answercredit score simulator on WalletHub.
It's worth noting that some people may be uncertain about whether LendingClub does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when you officially apply.
If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include NetCredit, Integra Credit and NetCredit.
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