To check for LendingClub pre-approval, go to LendingClub’s website, enter your desired loan amount and the purpose of the loan, and fill in some personal information like your name, address and income. It’s quick and easy to check for pre-approval with LendingClub, and doing so has no effect on your credit score.
LendingClub also sends out pre-approved offers by mail. Receiving a pre-approved offer means LendingClub thinks you would be a good candidate for a loan, and you have a high chance of approval. If you’d like to submit an application and have it flagged as pre-approved, you can click the “Respond to a mail offer” button on LendingClub’s website. Then, simply enter the “personal funding code” from your mail offer, and you’ll be able to proceed to an application.
Keep in mind that while pre-approval for a LendingClub loan does not affect your credit standing, actually applying for a loan will trigger a hard inquiry into your credit history, which will drop your score by 5 to 10 points temporarily. Since there’s no harm in pre-approval, it’s a good way to help you make a decision on whether or not applying is worth it. Just follow the few simple steps to get pre-approved online and you’ll be able to see your status in minutes.
How to Check for LendingClub Pre-Approval Online:
- Visit the LendingClub page for personal loans, auto refinance loans or business loans.
- Enter a loan amount and loan purpose (or state of residence in the case of auto loans).
- Click the button that says, “Check my rate” or “Get a quote.”
- Enter some basic personal information like your date of birth, income, name, address and email.
- Create a password for a LendingClub account.
- Click the button to submit your request and see your potential rates.
It’s also good to note that you can check your LendingClub pre-approval status through WalletHub’s free personal loan pre-qualification tool. You’ll be able to see your approval odds and potential rates with multiple other lenders, too.
By the way, “pre-approval” and “pre-qualification” are usually used interchangeably when it comes to personal loans. Most lenders that let you estimate your odds and rates call that process pre-qualification, but many people are more familiar with the term pre-approval from their experience with credit cards.
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