Adam McCann, Financial Writer
LendingClub offers debt consolidation loans of $1,000 to $40,000 for 36 or 60 months, with APRs ranging from 8.05% - 35.89% and an origination fee of 1% to 6% of the loan amount. Because they offer ample funding, relatively long payoff periods, and the potential for low rates and fees, LendingClub is a decent choice for debt consolidation.
Still, it’s important to note that while LendingClub has a “debt consolidation loans” page on their website, these loans aren’t any different from the general personal loans that LendingClub offers. The site is just highlighting that debt consolidation is one common purpose for a personal loan. There are a few more details you should consider before applying for a LendingClub debt consolidation loan, too.
LendingClub Debt Consolidation Loan Details
- Amounts available: $1,000 to $40,000
- Payoff period: 36 or 60 months
- APR: 8.05% - 35.89%
- Origination fee: 1% to 6%
- Late fee: 5% of the payment amount or $15, whichever is more
- Credit score required: 660+ (some applicants with high income may qualify with lower scores)
- Other requirements: 18+ years old; U.S. citizen, permanent resident or immigration-visa holder; SSN, bank account
- Approval and funding timeline: 7 business days or fewer, usually (as soon as 4 in many cases)
If you’d like to check your chances of getting approved for a LendingClub debt consolidation loan, you can use WalletHub’s free pre-qualification tool. This will give you a good sense of your approval odds with LendingClub and a number of other lenders, along with an estimate of what rates you’d qualify for.
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