Gino Rodriguez, Writer
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No, LendingClub does not offer secured loans. LendingClub only offers unsecured loans, which do not require you to put something up as collateral, such as a car, home or money in a savings account. Since unsecured loans are riskier for LendingClub, rates tend to be higher compared to secured loans.
The upside to an unsecured loan is that you don’t run the risk of losing an asset if you fail to make the payments. However, LendingClub reports payment information to the major credit bureaus every month, so if you fail to pay the bills on time, it can damage your credit score.
For more information, visit WalletHub’s LendingClub personal loan review page.
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