TopConsumerReviews.com is a world-leading consumer product review site. We provide detailed reviews and ratings for thousands of products and services.

 

LendingClub Review

We recommend

 

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.

 

LENDINGCLUB

LendingClub is known as a peer-to-peer lending company. They match borrowers looking for loans between $5,000 to $300,000 with offers from several different lenders. LendingClub has one of the lowest rates available for business loans, starting at 6.95% and going up to 35.89%. LendingClub has an A rating with the Better Business Bureau and has helped facilitate more than $16 billion in loans.

LendingClub has several requirements for those wishing to take out a business loan:

  • At least $75,000 in annual sales
  • 2+ years in business
  • Own at least 20% of the business
  • No recent bankruptcies or tax liens
  • Fair or better personal credit

As with most lenders, the best LendingClub business loan rates are available to those with excellent credit and an established business history.

Applying for a loan is simple:

  • Enter the amount you want to borrow, the purpose of the loan (debt consolidation, equipment purchase, and so on), and your business' information (for example, address, years in operation, number of employees, and structure, such as LLC, sole proprietorship, and so on)
  • LendingClub will verify your business' identity and creditworthiness
  • After verification occurs, your loan and loan terms will be available for you to select from
  • Select your loan
  • LendingClub authenticates your bank account
  • You receive your funds

The size of your loan and your business history can have an effect on the turnaround time of your loan, but many customers receive their loans within a week or less. LendingClub's Client Advisors are also available Monday through Friday from 6am-5pm Pacific Time, to answer any questions you may have about the lending process. Your loan request will be listed on the LendingClub website for up to two weeks, or until lenders are willing to fully fund your request.

Taking out a business loan typically comes with fees beyond the interest paid on the loan itself. At LendingClub you should expect to pay an origination fee from 1% to 6% of the loan amount, depending on your loan and loan terms. For example, if your business loan is $100,000, your origination fee would be somewhere between $990 and $6,990.

If you need a business loan to grow your company, LendingClub offers highly competitive rates and an uncomplicated application process, backed by years of successful lending to numerous businesses around the country.

Visit Site >


Business Loans

To help you find the Best Business Loans, TopConsumerReviews.com provides you with an in-depth LendingClub Review.

With all the difficulties in today's economy, many people are choosing to open their own business instead of working for a traditional employer. Whether you're just starting your business, expanding your already-established business, or even hanging out a shingle as an online company, it's likely that at some point you'll need a business loan to successfully meet your customer's needs and your business goals.

In the past, small business owners relied heavily on traditional brick-and-mortar banks in order to finance their business loans. Often that meant that borrowers had to rely on their own reputation and relationship with their local bank. Getting the lowest possible interest rate was also more challenging, since there were few lending options from which to choose.

Fortunately, business owners today can choose among many lenders to find the best terms and interest rates available. In addition to the old local options, small business borrowers now have much more and better choices through various lenders on the Internet that specialize in small business loans.

There are many factors that you should consider before selecting a lender for your business loan. Some of these include:

  • Loan size and rate. How much will you be allowed to borrow? What interest rates do they typically offer on loans of that size?
  • Loan application process. When applying for your business loan, can it be completed online? Is the lending process easy and straightforward?
  • Requirements for business history. Can a brand-new business take out a loan, or is there a minimum time that the business must have been in operation in order to qualify? What other verification and/or collateral is required to secure the loan?
  • BBB rating. Does the lender have an established history of good business practices?

TopConsumerReviews.com has reviewed and ranked the best Business Loan programs available today. We hope this information helps you find the best loan for your small business at an affordable rate!



Business Loans In The News

Over 300 small-business loans a day aren't happening because of the shutdown

The chairwoman of the House Committee on Small Business is calling on President Trump to restart small-business lending as the government shutdown is about to become the longest ever. The Small Busine...

Published:  Fri, 11 Jan 2019 16:03:00 GMT



The Federal Government Shutdown Is Blocking Almost $200 Million in Small Business Loans Per Day

The backlog of small business loans held up by the federal government shutdown is getting bigger by the day. The Small Business Administration halted its program supporting 7(a) loans for working capi...

Published:  Mon, 14 Jan 2019 08:07:00 GMT



Employers are offering to help pay off workers' student loans

"Even employees with no student loan debt tell us they are proud of the pioneering ... Plus, he said, many of today's business leaders graduated at a time when it was easier to pay for college with a ...

Published:  Tue, 15 Jan 2019 19:00:00 GMT



Dimon says JP Morgan 'won't be stupid' with loans as end of business cycle nears

Dimon cites Warren Buffett in saying that sometimes it's better for a company's salespeople to play golf rather than make new loans. The questions come after J.P. Morgan posted quarterly profit ...

Published:  Tue, 15 Jan 2019 13:03:00 GMT



Will banks be cautious in 2019 Small businesses thinking of getting loans may want to act now

Still, given the economic uncertainty and market volatility, small businesses looking for loans may want to act sooner than later. All of this has had a big impact on small business lending. Although ...

Published:  Tue, 15 Jan 2019 10:22:00 GMT



5 key reasons why successful SMEs take business loans

Oxley's $950m hotel divestment could see 4.7% gross yield: analyst SPH profits down 6.3% to $57.9m in Q1 China says its trade surplus last year was $351.76 billion - the lowest since 2013 M'sian chain ...

Published:  Tue, 15 Jan 2019 15:31:00 GMT



Jamie Dimon just issued a stark warning to shadow banks saddled with billions in leveraged loans

Sign up here for our weekly "Wall Street Insider" newsletter, a behind-the-scenes look at the stories dominating banking, business, and big deals. There's about $1.6 trillion in leveraged loans outsta...

Published:  Tue, 15 Jan 2019 10:45:00 GMT




We recommend

 

- View Full Site -