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LendingClub vs LifeLoans

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LENDINGCLUB

LendingClub is a recognized leader in the social lending market. They do an excellent job of bringing together lenders and those wanting a loan between $1,000 to $40,000. The benefit of choosing LendingClub is that without a bank in the mix, borrowers are able to get a lower rate on their personal loans. LendingClub currently holds a strong Better Business Bureau rating of A and helps facilitate thousands of loans for happy customers each month.

The current loan rates at LendingClub range between 6.16% and 35.89% APR. The best APR is available to borrowers with excellent credit. Applying for a loan is simple:

  • Enter the amount you want to borrow, the purpose of the loan, and your credit score range
  • Next you'll be asked to input your name, address, income, and date of birth
  • LendingClub will verify your 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 credit worthiness impacts the turnaround time of the process. At any point you can speak to a LendingClub customer service representative to assist. 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.

Like any peer-to-peer lending company, a fee is assessed in order to cover costs. At LendingClub you can anticipate a one-time processing fee that ranges from 1% to 6% of the loan amount, depending on your loan and loan terms. For a $1,000 loan that equates to a fee starting around $11.

If you're looking for a personal loan, LendingClub offers an excellent lending process and affordable rates, from a reputable company that you can feel confident with. LendingClub earns our highest rating.

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LIFELOANS

Offering personal loans ranging from $100 to $35,000, LifeLoans says they can "get the cash you need fast". To get started, the site asks you to enter your desired loan amount, your monthly income, your credit score, and your zip code. From there, you are taken to a page that asks for much more specific personal information, including your address and zip code. From there, the site says they will pass along your details to up to 6 lending partners in their network, who will contact you directly. And, if you don't qualify for a traditional personal loan, the disclaimer also explains that you may be referred to lenders offering "payday loans", which typically have much higher interest rates than personal loans.

Of course, in this age of identity theft, it's important to confirm that your information will be safe before entrusting it to a website. Is LifeLoans a trustworthy source of personal loans?

LifeLoans is a member of the Online Lenders Alliance, which expects its members to uphold standards of integrity and honesty in the lending process. But, unlike most of the other personal loan services in our review, LifeLoans maintains no reputation with the Better Business Bureau.

In fact, we were unable to find a single review from a LifeLoans customer - positive or negative. We also couldn't find a phone number to call with questions, or an email address to contact them with. Residents of Connecticut, New Hampshire, Washington, and Vermont are not eligible to submit a request for a loan through this site.

Overall, we weren't impressed with what LifeLoans offers with respect to personal loans. If you're looking for transparency and an established track record of helping customers get the money they need, we suggest you consider one of the higher-ranked lenders in our review first.

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Personal Loans

To help you find the Best Personal Loans, TopConsumerReviews.com provides you with an in-depth comparison of LendingClub and LifeLoans.

Are you in need of some cash? Historically, borrowers have had limited options for a personal loan. You could ask a family member, a friend, or find a personal finance company that offered fixed-rate loans, typically at exobrtantly high interest rates.

Today, however, finding a personal loan brings several more options to the table. While you can still ask a family member, or get a high-rate loan from a finance company, you can also consider using a social lending network. These networks, also called peer-to-peer loans, generally have much lower overhead and as a result can offer much lower interest rates. They're facilitated by professional companies familiar with this type of lending, to simplify things for all parties.

No matter where you borrow money from, before you get your next personal loan you should consider the following:

  • BBB rating. Does the lending company have a solid history of doing good business with its customers?
  • Loan size and rate. How much will the lending company offer? What interest rate do they charge their customers?
  • Loan application process. When applying for your personal loan, can it be completed online? Is the lending process easy and straightforward?

TopConsumerReviews.com has reviewed and ranked the best online personal loan providers available today. We hope this information helps you find the best loan at an affordable rate that meets your needs!



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