Adam McCann, Financial Writer
@adam_mcan
Yes, LendingClub does allow a second loan, but no more than that until one is paid off. LendingClub’s website says that borrowers may only have up to two active LendingClub personal loans at once. Businesses that apply for LendingClub’s business loans also can get a second loan (but not more than two). And an individual or guarantor for a loan cannot have more than three LendingClub products open in total. For example, a person could have their name on two LendingClub personal loans and one business loan, or two business loans and one personal loan.
It’s important to note that LendingClub will not approve a second loan for everyone. Naturally, the next application will include another hard pull of the applicant’s credit report and a look at their income and other financial factors. In addition, there are several other requirements that an applicant must meet in order to get a second loan from LendingClub.
Requirements for a Second LendingClub Personal Loan:
- No more than two other LendingClub products open: can have a maximum of 2 personal loans and 3 LendingClub products in general.
- No more than $50,000 in outstanding balances between the two personal loans.
- 3 - 12 months of consecutive on-time payments on the first loan.
When it comes to business loans, LendingClub doesn’t mention a payment requirement. But you can’t have more than $300,000 in outstanding balances between the two business loans. LendingClub also states that you may be denied based on an evaluation of your current credit and overall financial profile.
People also ask
Can you refinance a LendingClub personal loan?
Yes, you can refinance a LendingClub personal loan using either a new personal loan or a balance transfer credit card from a different lender. By paying off your remaining LendingClub balance with a new, lower-interest loan or credit card, you will shift what you owe to the new lender and save money on finance charges.
How to Refinance a Loan from LendingClub With a New Loan
- Check your credit score. Checking your credit helps you...
Does LendingClub offer business loans?
LendingClub offers business loans ranging from $5,000 to $500,000 with interest rates of 4.99% to 29.99%. But not all businesses are eligible for LendingClub business loans. The business must have been open for at least 12 months and have at least $50,000 in annual sales, among other requirements.
Business loans from LendingClub are a good choice for eligible companies because of their fast approval times, potential for large loan amounts, and decently low costs....
read full answer by WalletHub, Financial CompanyHow many personal loans can you have at once?
You can have 1-3 personal loans from the same lender at the same time, in most cases, depending on the lender. But there is no limit to how many personal loans you can have at once in total across multiple lenders. The number of loans you can have is really only limited by your income relative to your expenses, including existing debt obligations.
Every loan application you submit will also temporarily lower your credit...
read full answer by Adam McCann, Financial WriterDid we answer your question?
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