Adam McCann, Financial Writer
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.
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