Money Under 30

Lending Club Review

Are you ready to take part in a financial revolution? If so, consider checking out Lending Club today.

What Is Lending Club?

Lending Club is one of the nation’s leading social (a.k.a. peer-to-peer) lending sites. Lending Club is a place where regular people like you and me can lend money to other regular people who need a loan. Lending Club takes banks out of the lending equation. Given the state of the world’s banks today, that may be the best idea in a long time!

Getting started with Lending Club is simple. You can either lend money to others and earn a healthy return on your cash (often 10% or more), or you can get personal loans of up to $25,000 at rates as low as 7.88%. Learn more…

Lending with Lending Club

It’s easy (and free) to set up a lender account at Lending Club. Just provide some basic information and link your checking account electronically. When you decided to invest in some loans, you can electronically transfer money to Lending Club. Then, you select which loans you want to fund. The riskier the loan, the higher the interest rate. Ideally, you’ll want to spread your investment across several loans. Then, Lending Club takes care of the rest! Every month your borrowers pay their loans, the principal plus interest goes back into your account to cash out or lend again. Sign up as a Lending Club lender now »

Borrowing with Lending Club

To get a loan from Lending Club, you’ll need a FICO score of at least 660 and meet other criteria. Submitting a loan application is free. When you post your loan application, lenders will “bid” on your loan. Attract enough interested lenders, and you’ll see your interest rate begin to go down. If you loan is fully funded, you’ll have the option of accepting the interest rate and getting the funds transferred to your bank account. Submit a borrower application at Lending Club now »