Is LendingClub a secured loan provider? This question is about LendingClub

Is LendingClub a secured loan provider?

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This question is about LendingClub

Gino Rodriguez, Writer

@gino_rodriguez • 02/24/23 This answer was first published on 02/24/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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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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How do I check for LendingClub pre-approval?

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...

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What are my LendingClub approval odds?

An applicant’s LendingClub approval odds are highest when they have a credit score of at least 660, at least 36 months of credit history, and a steady income. They should also have a debt-to-income ratio of less than 40%, not including mortgages or the loan amount they’re requesting. In addition, it’s best to have at least two open revolving credit accounts and no more than 5 credit inquiries in the past 6 months (not counting...

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What credit score do you need for a LendingClub personal loan?

Applicants need a credit score of 600 - 640 to get a personal loan from LendingClub, according to multiple third-party sources. That means the LendingClub personal loan credit score requirement is in the bad to fair credit range. To put this in perspective, most other lenders' credit score requirements for personal loans range between 585 and 700.

Keep in mind that just having a 600 - 640 credit score is not enough to qualify...

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