LendingClub requires a minimum credit score of 600 for LendingClub’s “standard” loans, according to the company’s annual report. The report also states that borrowers with lower credit scores may be approved for “custom” loans, which generally have the same sizes and lengths. Applicants can be approved for a custom loan if LendingClub is able to verify their income and that income is high enough to offset their credit score (no specific dollar amount given). According to numerous third-party sources, it may be possible to qualify for one of these loans with a credit score as low as 600 - 640.
Applicants for a LendingClub personal loan will be judged based on more than just their credit score and income, however. LendingClub also considers an individual’s existing debt load, recent credit inquiries and more.
The best way to find out your chances of approval is to check for pre-qualification. Not only will this give you an idea of whether you’re likely to be approved, but it will also give you an estimate of your potential rates and fees. Pre-qualification will not affect your credit score, but actually submitting an application afterward will. You can use WalletHub’s free pre-qualification tool to check your status with LendingClub and a number of other lenders.
Keep in mind that in order to get LendingClub’s cheapest rates, you’ll likely need an excellent credit score. People who just barely qualify are likely to get rates closer to LendingClub’s maximum.
It’s also good to note that LendingClub offers auto refinancing loans, too. According to third-party sources, LendingClub might accept credit scores as low as 510 for these loans.
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