Does LendingClub allow a second 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. ... read full answer

How to Refinance a Loan from LendingClub With a New Loan

1. Check your credit score. Checking your credit helps you see if you’re able to get approved with the score you have or if you need to spend some time improving it. You can check your credit score for free on WalletHub.
2. Get pre-qualified (if possible). Pre-qualifying shows you which lenders may approve you and what rates may be available to you. You can pre-qualify with multiple lenders for free on WalletHub.
3. Apply for the new loan. You can apply for the loan online, in person or over the phone. You’ll need to give the lender some personal information when you apply, like your name, address and date of birth. The lender will also need some financial information, like your employment status and income.
4. Wait for funds. You should get your loan within a few business days of being approved. The lender will either write you a paper check or do a bank transfer.
5. Pay off the old loan. Once you receive the money, you’ll need to pay off the old loan.
6. Repay the new loan. After the old loan is paid off, you’ll then need to repay the new loan. This could take a few months or years to do.

Refinancing a Loan from LendingClub With a Balance Transfer

The biggest difference between using a balance transfer credit card and a personal loan for refinancing is that many cards offer 0% introductory APRs. If you can pay off your loan before the introductory period ends, you won’t have to pay interest.

To learn more, check out WalletHub’s balance transfer guide.

Final Thoughts

You should refinance a personal loan from LendingClub if it saves you money. Ideally, your new loan or credit card should have a lower APR than your old loan. You can qualify for a lower APR if your credit score and overall financial situation are better than when you got the first loan.

Finally, it’s worth noting that LendingClub does not offer personal loan refinancing services for its own loans. In other words, you can’t use a LendingClub loan to pay off another LendingClub loan and get a lower interest rate in the process.

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. It takes an average of 7 business days to get approved and funded. LendingClub’s rates seem very reasonable compared to other business loan offers, which may anywhere from 2% to 100%+. And LendingClub’s funding should be more than adequate, considering that the average business loan market-wide is usually between $100,000 and $150,000.... read full answer

Still, there are other factors to consider before concluding whether a LendingClub business loan is a good fit for you and your company.

LendingClub Business Loans - Key Facts:

• Amount available: $5,000 to $500,000
• Interest rate: 4.99% to 29.99% (fixed APR)
• Origination fee: 3.49% - 7.99%
• Payoff timeline: 6 months to 5 years
• Early payoff fee: $0
• Requirements: 12+ months in business, $50k+ in annual sales, no recent bankruptcies/tax liens. Applicants must own 20%+ of the business and have fair credit or better personally.
• Approval/funding timeline: 7 business days or less
• Monthly payment: $227 to $1,781 (for each $10,000 borrowed)

If you’re interested in a LendingClub business loan but aren’t sure whether you’ll be approved or get good rates, you can pre-qualify on LendingClub’s website. Just fill in a few pieces of information and click the blue “Get a quote” button. This process will not affect your credit score, but it will give you an idea of your approval odds and potential costs if approved.

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.... read full answer

Every loan application you submit will also temporarily lower your credit score, due to a hard inquiry on your credit report, potentially making it harder to get approved for the next loan you decide apply for. So the more loans you have open, the more difficult it will become to open any more.

Assuming you have good enough credit and income to get more than one personal loan, it’s helpful to know just how many of them different lenders will allow you to have at once. WalletHub reached out to some of the most popular personal loan providers to find out their policies.

How Many Personal Loans You Can Have at Once From One Lender:

All lenders also said there’s no maximum number of loans from other issuers that would prevent you from being considered for one of their loans. But naturally, the amount of debt you owe to those creditors will factor heavily into the decision. The more loans you have, the larger your existing debts will be and the more your income will be strained. At some point, you will clearly not have the capability to take on another loan and will be denied. For some people, this could be after a single loan. For others, it could be multiple loans.

Every time you apply for a loan, the lender will look at your credit history with a hard inquiry. That will cause a temporary dip in your credit score that can affect your credit standing for up to 12 months. So it’s really best to only apply for one personal loan each year maximum. If you want to apply for more, you may. But an applicant’s credit score is one of the factors most important to approval, so your odds will decrease.

Lastly, even if you can take out multiple loans, make sure you’re willing and able to manage them all responsibly. Missing payments can hurt your credit standing.