Lending Club is a famous peer-to-peer online lending platform with successful investors and borrowers to testify for its services. We will analyze both perspectives and present a clear picture of whether Lending Club is truly worth an investment. \n\n\n\n
The investors have certain criteria to meet depending upon their residence. To become eligible for investing through the Lending Club, your income must be $70K or higher in some states. You also require $1K to open an account and $5.5K for a retirement account. \n\n\n\n
The Lending Club allows investors to take on the challenge manually or opt for automated assistance to streamline several operations. The online lending platform also allows you to invest in notes which minimizes the risk while letting you invest in individual loans. At a time, you can invest 200 loans with fractional interest with $5K as the total investment. \n\n\n\n
Notes are different from the traditional certificate of deposits offered by banks. After a certain period, you’ll receive the original sum you invested in notes with the interest amount. However, you’ll have to reinvest to keep the investment going. \n\n\n\n
To successfully trade notes, you need Folio Investing through the platform, as this associated platform handles the notes trading. There are no charges for buying notes, but a 1% fee on selling each. \n\n\n\n
Lending Club is an excellent platform for borrowers, especially if they want a reliable alternative to banks. With lower interest rates and an online review process, borrowers can securely apply for loans and pay them on time. Your information will remain safe with the platform, which promises not to sell it to third-party businesses. \n\n\n\n
Although the lending criteria of the Lending Club aren’t openly announced anywhere, there are some estimations around it. It’s mostly observed that you need several years of credit history and at least a credit score of 600. Many small business owners have had great success with the Lending Club’s loans. \n\n\n\n
Personal, medical, and business loans are available for borrowers through the Lending Club. The platform also offers options for auto refinancing loans. However, borrowers must follow some guidelines and criteria. \n\n\n\n
The major issue borrowers faced with traditional loans were penalties on early payments. However, with the Lending Club, there are no such prepayment penalties. Hence, you can enjoy a debt-free life whenever you want. \n\n\n\n
With the Lending Club, you can have two active loans (personal) at a time. However, you must have a piece of great timely payment evidence on the first one to be considered for the second loan. The platform makes payments easier by deducting them from your bank account after email notifications. \n\n\n\n
The Lending Club is a great platform for people who don’t have a credit score with banks. Additionally, people looking for debt consolidation can use this platform well, as there are no prepayment penalties. To succeed as an investor, you must have an incredible knowledge of the notes and know which one you can invest in to earn maximum returns. \n","protected":false},"excerpt":{"rendered":"
Lending Club is a famous peer-to-peer online lending platform with successful investors and borrowers to testify for its services. We will analyze both perspectives and present a clear picture of whether Lending Club is truly worth an investment. Lending Club for Investors The investors have certain criteria to meet depending upon their residence. To become eligible […]\n","protected":false},"author":1,"featured_media":132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/dev.707lender.co\/wp-json\/wp\/v2\/posts\/131"}],"collection":[{"href":"https:\/\/dev.707lender.co\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.707lender.co\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.707lender.co\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.707lender.co\/wp-json\/wp\/v2\/comments?post=131"}],"version-history":[{"count":0,"href":"https:\/\/dev.707lender.co\/wp-json\/wp\/v2\/posts\/131\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dev.707lender.co\/wp-json\/wp\/v2\/media\/132"}],"wp:attachment":[{"href":"https:\/\/dev.707lender.co\/wp-json\/wp\/v2\/media?parent=131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.707lender.co\/wp-json\/wp\/v2\/categories?post=131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.707lender.co\/wp-json\/wp\/v2\/tags?post=131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}