Top LendingClub Alternatives and Overview

Many people borrow money using online services to fulfilling their dreams. But most online money lending services have high-interest rates, and some may not provide loans to people based on their different credit scores. All people deserve to be in a better financial state than what they are currently experiencing. But since most of the services do not offer loans to them, it is difficult for them to achieve what they want financially. LendingClub is an online service that helps users to get credits at affordable interest and a flexible repayment period. They also claim that their website is secure from all kinds of cyber fraud attempts.

How to apply for loans

LendingClub has three simple steps for applying for loans, and the requirements are very minimal. Users just need to submit the required documents and verification proofs to get their credit scores following which they are eligible for applying for loans. It also allows users to invest in the platform, like depositing money to gain interest in it. Basically, it acts as a small-scale banking institution that focuses more on lending and providing interest to deposits.

It ensures to reinvent the process of investing and credits that let the customers lead a better life. They have built a marketplace where the cost is low, and the underlying opportunities are high.

Loan application process

The application process is relatively simple, considering the other financial institutions. Users who wish to avail loans are asked a few questions regarding their repayment capabilities and then about their identity proofs. They are also asked to provide some kind of citizen verification method so that LendinClub can make sure that the request is not a spam request or hoax.

Based on the submitted details, they provide users with loans. Each user is presented with a different lending plan based on their capacity to repay the loan. The period for repayment is also relaxed for people who need more time to settle the dues.

Choosing the offer

After getting the eligibility for obtaining the loan from LendingClub, users are directed to select the suitable loan option from the list provided to them. They can choose based on the term for repayment, the interest rate that they are charged and the payment option with which they would like to receive the loan amount.

The flexible options are suited for each user since they are personalized recommendations based on the information provided by the user during the first step of the application process.

Getting funds easily

If the investors that the user mentioned while submitting thew details match during the verification process, it becomes easy for the platform and the loanee. The loan amount could be sent directly to their bank account, and details could be shared with them quickly. Otherwise, the users can manually pay the credits using the facilities provided by LendingClub.

By providing fast and affordable loans to the masses, LendingClub has helped to improve the lives of many American citizens and enabled them to be more financially stable and prosperous. They have fulfilled their entrepreneurial dreams and started earning better.

Company Name: Lending Club

Founded in: 2006