Is LendingClub a good way to pay off debt? This question is about LendingClub

Using LendingClub is a good way to pay off debt if you have a credit score of 600 - 640+ and you want to borrow $1,000 - $40,000. LendingClub also offers direct payments to your creditors, a relatively low minimum APR and long repayment periods. Why Using LendingClub is a Good Way to Pay Off Debt You can borrow up to $40,000. The company has APRs starting at 7.04%. LendingClub sends payments directly to up to 12 of your creditors. LendingClub has been a BBB-accredited business since 2008. LendingClub has an A- BBB rating. The company has an average user rating of 4.5/5 on WalletHub. WalletHub’s editors gave LendingClub’s personal loans a 3.5/5 rating. For example, let’s say that you owe a total of $10,000 to three creditors, and those debts all have interest rates above 20%. If you consolidated those debts with a LendingClub personal loan, you could get an interest rate as low as 7.04% and LendingClub would pay off your three creditors. You would then repay LendingClub, and you could save a lot of time and money in the process. For more information, check out the full LendingClub personal loan review on WalletHub. Then, you can estimate your potential rates with our free pre-qualification tool.

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Is LendingClub a good way to pay off debt?

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This question is about LendingClub

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Grace Enfield, Content Writer

@grace_enfield • 06/03/22 This answer was first published on 06/03/22. 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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Using LendingClub is a good way to pay off debt if you have a credit score of 600 - 640+ and you want to borrow $1,000 - $40,000. LendingClub also offers direct payments to your creditors, a relatively low minimum APR and long repayment periods.

Why Using LendingClub is a Good Way to Pay Off Debt

You can borrow up to $40,000.
The company has APRs starting at 7.04%.
LendingClub sends payments directly to up to 12 of your creditors.
LendingClub has been a BBB-accredited business since 2008.
LendingClub has an A- BBB rating.
The company has an average user rating of 4.5/5 on WalletHub.
WalletHub’s editors gave LendingClub’s personal loans a 3.5/5 rating.

For example, let’s say that you owe a total of $10,000 to three creditors, and those debts all have interest rates above 20%. If you consolidated those debts with a LendingClub personal loan, you could get an interest rate as low as 7.04% and LendingClub would pay off your three creditors. You would then repay LendingClub, and you could save a lot of time and money in the process.

For more information, check out the full LendingClub personal loan review on WalletHub. Then, you can estimate your potential rates with our free pre-qualification tool.

Answer Question

Is LendingClub legit?

Yes, LendingClub personal loans are legit because LendingClub is a legitimate online lender 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.

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Does LendingClub hurt your credit?

A loan from LendingClub will temporarily hurt your credit score because the company will perform a hard pull of your credit history before you receive your loan, which may drop your score by about 5 to 10 points. However, just checking your rate and applying for a loan from LendingClub Bank won’t affect your credit score.… read full answer

If you do get approved for the loan, it will add to your overall debt load, which may hurt your credit score. The negative effects don't have to last long, though. Over time, a loan from LendingClub will help your credit score if you pay the monthly bills by the due date, 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.

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Is Prosper legit?

Yes, Prosper personal loans are legit because Prosper is registered to do business in the states it services, which is a legal requirement to be a legitimate lender. Another reason why Prosper personal loans are legitimate is that the lender has an A+ rating from the Better Business Bureau and it is BBB accredited.… read full answer

Why Prosper Personal Loans Are Legit

Prosper is registered as a business in the states it services.

Prosper has a Better Business Bureau rating of A+.

Prosper has been around since 2005.

Prosper has an average user rating of 2.6/5 on WalletHub.

Prosper personal loans have a rating of 3.7/5 from WalletHub's editors.

Prosper has a secure website, which you can tell by the fact that the URL has "https" in front of it.

While Prosper personal loans are legit, they may or not be the best choice for you. It's important to compare the terms and requirements of Prosper personal loans against your other options before submitting an application.

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