Low Interest Personal Loans For Excellent Credit
Try Lending Club Online Applications
and find out how easy it is for borrowers and investors to make lending simple. It is a really cool process known as peer-to-peer lending and the entire process is done online. This helps reduce overhead and costs that are passed on with lower rates for borrowers.
Lending Club is a premier peer-to-peer lending company offering low interest personal loans for excellent credit borrowers. Specifically it includes those who have solid credit scores of 660 or more. This modern lending company was founded in 2006. This company’s simple application process, low interest rates, and range of loan options have made it “the world’s largest online lending marketplace.”
With fewer underwriting and operating costs, Lending Club is able to provide low rate personal loans to borrowers. They also have small business loans, business lines of credit, and auto refinancing at better rates than traditional brick and mortar lenders. This makes it an attractive option for today’s borrowers. Keep reading to see if Lending Club is right for you.
Why Use A Lending Club Low Interest Personal Loan?
There are a number of reasons to use a low interest rate personal loan from lending club.
1. Debt or Credit Card Consolidation
2. Kitchen or Bath Remodels
3. Home Improvements
4. Pay Off Bills
5. Medical Expenses
6. Business Startup
7. Auto or Motorcycle Purchases
9. College Expenses
10. Moving Expenses
These are just a few of the great ways people utilize a low interest personal loan from Lending Club.
Can I get approved?
You must be a U.S citizen and be at least 18 years old. Other requirements, include:
• You Need a Solid Income – There are really no specific minimum income requirements. But, just for a general reference the Avg. annual income for a Lending Club borrower is around $76K.
• Decent Debt-to-Income Ratio – Lending Club borrowers have whats known as a debt to income ratio of only about 18 percent. This means the average monthly debt of all borrowers only equals 18 percent of their gross monthly income. However, don’t let this figure spook you. Lending Club allows borrowers to have a DTI ratio of up to 40 percent.
What are the fees?
Lending Club charges a loan origination fee ranging from 1-6 percent of the loan amount. This really depends on your credit worthiness. This fee is subtracted from the total loan amount. Therefore, if you’re approved for a $20,000 loan and receive an origination fee of 3.5 percent, you’ll only receive $19,300.
You’ll also be charged $7 each time you make a payment by check, if you choose to do so. However, setting up an automatic ACH debit from your bank account is a completely free option. It is also a really great way to just automate the payment process.
When talking about late fees, it is either $15 or five percent of the monthly installment amount. However, Lending Club provides a 15 day grace period. There are also no fees for paying off your loan early. Combined with its low interest rates, Lending Club’s low fee structure makes it one of the least costly options available for low interest personal loans.
How do I apply?
Applying for a Lending Club personal loan is easy as 1-2-3. Simply enter in some basic info on the online application form, including your estimated credit rating, yearly income, how much you want to borrow, and what you plan on using the money for. Lending Club will then perform a “soft” credit check, so your credit won’t be affected one bit. That’s all there is to it.
If you have good credit and want a low interest personal loan in as little as a few days, fill out the quick and easy online application today!
To apply now you can get started at www.LendingClub.com