LendingClub is a leading peer-to-peer lending portal and is a good place for both investors and borrowers. The company started in 2007, and since then, it has built a reputation of being a trusted medium to connect verified investors to borrowers in need.
LendingClub loans and their purpose
LendingClub offers personal loans to borrowers who may need it for different purposes. It works on the same principle as a standard loan wherein you may borrow money and pay back with interest at a fixed monthly rate.
There are plenty of reasons for you get a personal loan. Some reasons for which you may get any of the following loans from LendingClub are as follows:
- Credit card refinances
Credit card dues may get very difficult to pay off if you are not financially disciplined. If the due date for payment is over and you are not able to arrange for a medium to pay off the loans, then LendingClub comes to your rescue.
- Home improvement project
A home improvement or a repair may leave a dent in your pocket. You may not always have ready expenses to manage a big home improvement project, but with a loan from LendingClub, you surely may fulfill your dream of living in a house that you have always wanted!
- A major unexpected financial emergency
We are all used to swiping our credit cards in times of a major financial need. However, with a loan from LendingClub, you may cover these expenses at a much better rate.
- Debt consolidation
The annual percentage rate (APR) varies when you pay off your credit card bills. With LendingClub, you may pay off the loans at a decided rate, fixed while procuring the loan.
- Other purposes
You may also apply for personal loans if you have a major purchase coming up, for a vacation, for car financing, for your wedding expenses, or even for buying a home.
Other loans offered by LendingClub
- Business loans
You may get a loan for any amount between $5,000 and $300,000 at an affordable interest rate. The quote will depend upon your details, e.g., age, credit score, salary, as well as the purpose and amount. You may apply for a loan in case of an inventory purchase, emergency repairs, etc.
LendingClub also provides loans for auto refinancing as well as patient solutions. All you need to do is go on their portal and fill in your details to get the most suitable APR for yourself and then apply for a loan with affordable fixed interest rates.