Best Reviews TopConsumerReviews.com Bad Credit Loans Best Reviews
Best Reviews
      October 22, 2020

Home  >  Bad Credit Loans  >  Lending Club Review

Best Bad

Credit Loans

  1. OneMain Financial
  2. LendingClub
  3. LendingTree
  4. Avant
  5. Personal Loans
  6. Bad Credit Loans

Your Information Is Secure
Personal Loan Tips Newsletter

Compare Products

  • Select any 2 companies in our reviews to compare them head-to-head!

Latest Reviews

Auto Loans

Babysitters

Christmas Cards

Credit Counseling

DUI Lawyers

Fruit Clubs

Home Brew Beer Supplies

Homeschool Supplies

Music Publishing

Senior Care

 

Individual Reviews

Upstart

OneMain Financial

Lending Club

Lending Tree

Avant

Personal Loans

Bad Credit Loans

 

Our professional reviewers evaluate products and services independently, but Top Consumer Reviews may earn money when you click on the links on our pages. Learn more.

Better Business Bureau Reliability Seal

Lending Club Review

Best Personal Loans

To help you find the Bad Credit Loans, TopConsumerReviews.com provides you with an in-depth Lending Club Review.

To see ALL of our reviews for the Bad Credit Loans, please Click Here

If you have poor credit, where's the best place to get a bad credit loan? With so much economic turmoil, there's never been a time where bad credit loans have been more in demand. No matter what caused your credit score to be below 600 - the typical threshold for a "bad" credit rating - you're far from alone.

Out of approximately 230 million Americans who qualify for a credit score, almost 70 million have poor credit. Some of the most common reasons for low credit scores are expected financial hardships (like job loss or medical expenses), not using credit responsibly, or simply being unaware of the factors that contribute to having a healthy credit history.

Continue reading below reviews

Best Reviews

2020

Bad Credit Loan Reviews

3.5 stars
LendingClub

LENDINGCLUB

Visit Site

Loan:

From $1,000 to $40,000

LendingClub works quite differently from most sources of personal loans: instead of being funded by a bank or other institution, the money comes from investors! Because of this, you should expect your funding to take several days to become available, as investors may take a few days to decide to back your bad credit loan. But, with more than 3 million customers and over $50 billion dollars borrowed through LendingClub, it's easy to see that people are getting the money they need through this provider.

Loan requirements

This service is available to residents of the United States, with the exception of Iowa. You'll also have to be a US citizen or permanent resident (or have a "valid, long-term visa"), be at least 18 years old, and have a verifiable bank account.

No impact to credit score

Applying for a loan through LendingClub doesn't impact your credit score, because only a "soft pull" is done to verify your information. Start by choosing a loan purpose and amount (ranging from $1,000 to $40,000). From there, you'll have to specify if you are applying by yourself or if you want to add a co-applicant. (Why would you want to do the latter? With LendingClub, you're more likely to get a bad credit loan if you include a co-applicant who has a higher credit score.)

Roll the dice

That could be important - because the jury's out as far as what minimum credit score you'll need to get a loan through LendingClub. While there's no specific information given on their site, third-party sources have different information. One says you can get funding with a score as low as 600, while another says you should expect to be declined if you aren't at least at 660. The good news is that it won't affect your credit score to roll the dice and see if you qualify; you may want to play with applying alone vs. with a co-applicant, to see if you get funding at all or if you can get better rates with a cosigner.

Best Bad Credit Loans

Origination fee

Interest on loans funded through LendingClub are all fixed-rate and range from 6.95% to 35.89% - and, as you'd expect, those higher rates are usually applied to bad credit loans. You can also expect a one-time origination fee of 1-6% of the total loan amount, and again, the higher range of the fee applies to people with lower credit ratings. That origination fee is deducted from the total amount of your loan - so if you borrow $6,000 and have an origination fee of $300, the total deposited to your account will only be $5,700. Keep that in mind as you select the loan amount you're applying for; if you have an exact dollar amount needed for a particular purpose, you'll come up short if you don't factor in the fees.

No prepayment penalties

There are no prepayment penalties with any loans obtained through LendingClub, so you can make extra payments or pay in full whenever you want without additional charges.

High customer ratings

On the whole, customers say very encouraging things about the process of borrowing through LendingClub. Over more than 55,000 independently-verified reviews on their site, the company earns a rating of nearly 5/5 stars. On the other hand, since our last evaluation of LendingClub, their rating with the BBB went from an "A" to "No Rating". This may be due to a 2018 settlement with the FTC; we encourage you to read the details on the BBB listing for LendingClub if you'd like further information.

Good resource

LendingClub could be a good resource for getting a bad credit loan, specifically because they don't rely on traditional banks and other financial institutions to get you the money you need. Just be aware that if your credit is extremely low, you may not qualify without a co-applicant, and that your funding may take longer than some of LendingClub's competitors.

Visit Site

Continued from above

Unfortunately, getting a loan when you have bad credit can be a paradox: in order to qualify for the best loans, you need a good credit history. But, to establish a good credit history, you often need to have demonstrated that you are responsible with credit - by making on-time payments, not overutilizing the credit you've been extended, and so on. On the other hand, without a loan to pay off debts and handle current financial demands, you could find yourself even deeper in the hole as calls from collection agencies start coming in and the pressure mounts.

Does this sound familiar? If so, take a deep breath and recognize that there's hope - because there are providers out there who offer loans to people with bad credit. And no, you won't have to sign away your life to qualify, though you should be aware that the terms will probably not be as favorable as those offered to people with high credit scores. That's only fair, as the lenders are taking on more risk when they give money to people with a less-than-sterling track record.

How can you tell which lender to use for your bad credit loan? That's an excellent question to ask. After all, you want to be sure that any loan you accept is going to help you get back on your feet financially, with terms you can actually meet. Here are several criteria that can help you choose the right lending partner for your situation:

  • Reputation. With something as major as a loan, you want a provider that has already established itself as being trustworthy, reliable, and fair. What do other people say about their experiences borrowing from this lender? Has the company been rated by the BBB?
  • Transparency. Shady lenders hide everything in the fine print, like high interest rates and penalties for early repayment. You want to choose a lender that makes their terms as clear as possible before you sign on the dotted line. While the terms of your particular bad credit loan will probably be determined during your application process, the most transparent lenders will provide estimates of their fees and average APR, to give you an idea before you start providing your personal details.
  • Usability. Applying for a bad credit loan could be a little nerve-wracking, and a hard-to-use website doesn't make things easier. Choose a lender that makes it as simple and fast as possible to complete your application and receive your funds.

TopConsumerReviews.com has reviewed and ranked the best bad credit loan providers available today. We hope this information helps you to quickly get the money you need, with terms that are fair and affordable, so that you can get back on your feet financially!

Bajaj Finance Profit Slumps as It Nearly Triples Provisions for Bad Loans

Bajaj Finance Ltd. profit fell the most in 12 years after Asia's biggest shadow financier for consumer goods braced for the fallout of the coronavirus pandemic in India by almost tripling the amount ...

Published:  Wed, 21 Oct 2020 02:50:21 GMT



Here are some mortgage refinancing options, even for people with bad credit

"Regardless of credit, it's still worthwhile looking into refinancing as an exercise to save money over time," said Lauren Anastasio, a certified financial planner at SoFi, an online personal finance ...

Published:  Fri, 16 Oct 2020 16:10:00 GMT



Are Personal Loans Bad?

For consumers, personal loans can bring mixed blessings. A personal loan can help you finance a large purchase or consolidate credit card debt into a single fixed monthly payment. Many people, when ...

Published:  Thu, 15 Oct 2020 12:40:00 GMT



Turkish Banks Pause Plan to Offload Bad Loans in Recovery Bet

Turkish banks suspended a plan to create an asset-management firm to take over their problematic debt in a bet that they'd be better off recovering some of the loans themselves rather than unloading ...

Published:  Tue, 20 Oct 2020 03:34:00 GMT



Banks Provisions for Bad Loans Decline

The total nonaccrual loans to total loans ratio was 1.11% in 3Q, up from 0.92% in 2Q. --JPM's net charge-off rate for total retained loans was 0.49%, down from 2Q's 0.64%. --"While we could see an ...

Published:  Tue, 13 Oct 2020 07:05:00 GMT



Homebuyers with bad credit increasingly locked out of the market

Potential homebuyers with lower credit scores and high debt-to-income ratios aren't seeing the benefits of a low mortgage rate environment.

Published:  Fri, 16 Oct 2020 08:10:00 GMT



Thinking of stealing money from the feds? First, meet Jeff Grant, an ex-con who committed loan fraud

Thinking about stealing the government loan money you received in pandemic help? Before you do, listen to Jeff Grant's story. After his opioid addiction, his theft of U.S. loan funds, and a federal ...

Published:  Tue, 20 Oct 2020 01:50:00 GMT



Share Us!   

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure