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Key Features of Personal and Business Loans from LendingClub

Key Features of Personal and Business Loans from LendingClub

Traditional loans require people to jump through several rigid hoops, at the end of which they may or may not be able to gain access to a sum. Institutions like the LendingClub, which is a full-spectrum fintech marketplace bank, make it easier for one to reach their financial goals. LendingClub was established in 2007 and helps its four million-plus members access a range of financial products and pay less when borrowing.

LendingClub loan offerings for individuals and businesses

Personal loans
Personal loans are one of the most popular offerings from LendingClub. No collateral is required, and the interest rates are lower than most credit cards. These rates are beneficial for people trying to pay off higher-interest credit card debts and improve their credit scores. Here are some important details about personal loans each borrower must remember:

Factors to consider when looking at a personal loan from LendingClub
There are several fees involved when a borrower avails a personal loan through LendingClub. These costs include:

Origination fees
A one-time origination charge is levied by the fintech company. This fee ranges between 3% to 6% of the total loan amount and is charged based on a borrower’s credit rating. The origination fee is also subtracted from the loan amount during the disbursal process.

APR
Borrowers will be subject to APR rates between 6.34% to 35.89%. This rate depends on factors like the required loan amount, credit history rating, and debt-to-income (DTI) ratio. One must note that LendingCLub does not provide rate discounts even when people sign up for automatic payments.

Loan amounts and Loan terms
LendingClub sanctions unsecured personal loans to borrowers that range between $1,000 to $40,000. The average loan disbursed through the lending club is around $15,800. Furthermore, the state a person lives in does not determine the loan minimums. When a person takes a loan from the financing company, they can choose between a term of 36 or 60 months. This will also determine the interest that needs to be paid by the borrower. The lending term is different from other financial institutions, which offer longer terms.

Prepayment charges
Several borrowers tend to pay off the remainder of a loan before the final payment date. Unlike other lending companies, LendingClub does not charge any penalties for clearing loans taken with them. Therefore, a borrower can rest assured that they pay off their loan early without additional charges.

The benefits of a personal loan
Customers who opt for loans from LendingClub can enjoy certain features like receiving money in as little as 24 hours after the loan is approved. The lender also offers fixed rates and fixed monthly payments. Furthermore, LendingClub does not charge application or prepayment fees and caters to automatic payment withdrawals.

Personal loan qualifying factors
If you avail a loan through LendingClub, like with most creditors, you will require to qualify for a personal loan. People who apply for LendingClub loans with co-borrowers may be eligible for a better loan rate. Co-borrowers may also help them qualify for a bigger loan disbursal amount. Other qualifying factors include:

The person must be a citizen of the country at least 18 years of age with a verifiable bank account.
Information provided by credit bureaus and credit scores should range from fair to good. More creditworthy applicants may get between APR rates and higher loan limits.
Single applicants must have a DTI ratio of less than 40%, and joint applicants must have a DTI ratio of 35%.

LendingClub business loans
For people who want to start a new business or grow an existing one, LendingClub offers attractive business lending options. A few of their business offerings include:

Fast, Flexible Small Business Loans
The fintech company has partnered with the nonprofit Accion Opportunity Fund to connect small businesses with loans from $5,000 to $500,000. The terms of these loans are also transparent and come with personalized service.

Small Business Administration (SBA)
LendingClub offers small business clients SBA 7(a) and 504 loan products. SBA 7(a) loans range between $400,000 to $5 million. An SBA 504 loan ranges between $750,000 to $15 million or more and pairs a senior bank loan with a debenture.

Equipment Financing
Businesses often require equipment to function effectively. In such cases, one can get flexible loan options from LendingClub to finance the purchase of essential use equipment. The target transaction size is between $1 million and $10 million, with available terms between 24 to 84 months.

Commercial Real Estate
Commercial real estate financing can help borrowers who want to invest in a relevant real estate avenue for acquisition, refinancing, or construction. These loans generally size up to $10 million.

Attractive features of LendingClub
The company has developed a few  features for customers who opt for their services. These include:

Online account management
As a borrower, one can log in to the digital lender’s website to track their loan details, application status, and autopay information. The website is optimized and is compatible for use on mobiles. Furthermore, customers who avail of LendingClub’s banking products can use the app to manage their accounts.

Flexible repayment dates
The fintech company allows customers to temporarily or permanently change their payment due date. The change is possible via the user’s online account or phone. Temporary changes to payment due dates should be made over the phone or by email at least three days before the upcoming due date. However, only borrowers with a current account in good standing can avail of flexible repayment dates.

Other borrowing services
Apart from personal and business loans, interested persons can avail of other loans through LendingClub. These are:

Auto Loan Refinancing
These loans are designed for those who want to clear off an existing car loan and refinance into a new one. Refinancing the auto loan may help save money by securing a lower interest rate. Furthermore, a refinanced loan may also give you the flexibility to adjust the loan tenure and free up funds for other financial requirements.

Patient Solutions
Many individuals might require treatment of some sort but cannot secure funds for the same. Here’s where LendingClub Patient Solutions comes in. The service is for those who want to make their treatment more affordable via treatment plans without affecting their credit score.

Previous Read

Top 4 Car Insurance Companies for Seniors

Car insurance is mandatory for all drivers, and while senior citizens may not get behind the wheel as often as they used to, auto insurance for them too is a mandate. Insurance companies offer special discounts, tailored policies, and perks for senior drivers who might not want to use their car often. Mature drivers can compare and choose best priced car insurance plans from insurance companies that offer them. Best car insurance for seniors  These four companies offer the best combination of affordable premiums, senior-specific discounts, and exclusive policies to save money on car insurance. Nationwide® Nationwide® car insurance rates are 21% lower than the national average for drivers over 60. For a cheaper premium, the insurance company pays for all liabilities related to bodily injury, personal injury, property damage, uninsured/underinsured motorist protection, treatments, and comprehensive collision coverage. Nationwide® also ensures quality customer service, a grievance-free claims handling process, and ranks among the top vendors for customer loyalty. One of the company's key highlights is the SmartMiles program beneficial for senior drivers with limited mileage after retirement. The yearly car insurance premiums are calculated based on the total number of miles driven with SmartMiles. This policy, available in 40 states, is suitable for seniors who commute less than 12,000 miles per year and can still afford to pay for car insurance after retirement. Overall, the estimated savings with Nationwide® can go upwards of $400 each year, given seniors meet all the driving criteria specified by the company. GEICO Due to competitively lower rates, GEICO ranks among the popular picks in best car insurance for seniors. Drivers between the ages of 65 and 85 can benefit exclusively from additional discounts. One of the key highlights of the policy is the guaranteed renewal program. Policyholders aged 50 and above qualify for the renewal program and may avail of the Prime Time contract features. For this contract, the company specifies that policyholders cannot have any operators/drivers below 25 for the insured vehicle. They should not have been involved in violations or accidents in the three years prior to application with GEICO. But this contract is currently available in only 30 states. Policies also cover accident forgiveness and feature innovative usage-based insurance for good drivers with a clean driving record. GEICO offers exclusive discounts for careful driving habits, retired government & military personnel, and owners with multiple vehicles using the same policy. State Farm® State Farm® is a more lenient option for commuters who may not have a clean driving record. Key highlights of the insurance include a usage-based policy and decent rates for drivers with DUI (driving under the influence) violations. Senior drivers with prior speeding records or driving offenses can also benefit from better rates for insurance premiums. Policyholders earn exclusive discounts and rewards with the company’s patented Drive Safe & Save™ program. Download the app and let the company actively monitor driving and overall performance. Those who match the criteria can save up to 30% on auto insurance rates for the year. Senior drivers with good credit enjoy excellent policy renewal scores and pay 22%-24% less insurance premiums than the national average. State Farm® operates in all 50 states, making it one of the best car insurance for seniors. Allstate® Seniors can save a lot on the best-priced car insurance policies with Allstate®. The company is the fourth largest auto insurance provider in the business. Allstate® also ranks among the best for customer service and claims handling processes. One of the key highlights is the pay-per-mile insurance policy that allows seniors to get affordable rates as per the number of miles driven in a year. The Drivewise® program monitors daily driving habits and provides the insurance company with on-time updates. Also, seniors with the best driving score and a good driving record can avail of low premiums. Allstate® offers addons, including accident forgiveness that prevents a premium increase and features loan or lease gap insurance. It also has an exclusive app that lets all policyholders review their profile, make payments, and monitor insurance status on the go. How to choose from the best car insurance for seniors Since most insurance companies offer various senior discounts and special deals to lower the premium rates, it can be challenging to make a choice. So here we've listed a few things you can consider to make the right choice and get competitive rates. Update driver status online After retirement, seniors should update their status from regular commuters to driving only for leisure. Insurance companies offer unique low-mileage plans or pay-per-mile policies for seniors who drive a limited number of miles in any given year. This detail can be updated while requesting quotes online. Learn defensive driving Some states, by mandate, require seniors to learn defensive driving. Drivers over the age of 50 can benefit from lowered premium rates and enjoy exclusive discounts on the quotes for qualifying for this eligibility criterion. Seniors can consider courses offered by AAA and AARP and spend no more than $20 for the short refresher course. Maintain a proper driving record The number of traffic violations and even accidents determines how much of an insurance risk seniors pose. Having a clean record with minimal infractions increases the chances of getting affordable premiums. Those who have multiple priors should alternatively consider applying to insurance companies that offer policies for average drivers. Compare multiple insurance companies Seniors must compare premium rates and check available discounts across top insurance providers in the country. It may so happen that a company may offer reasonable rates but no special discounts for seniors. Understand that insurance quotes are subject to changes deemed fit and necessary by the insurance provider. Please check and read all contract terms before giving any consent.

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9 Ways to Get Lower Mortgage Interest Rates

Whether you are planning to buy a home or make improvements to an existing home, property-related expenses can be huge. As most people don't have that kind of cash at their disposal, banks and credit unions offer mortgages to finance the expense. The mortgage rate is an important factor to consider as a lower rate can dramatically reduce the total amount you spend. So here are a few ways to get low-interest mortgage loans: Improve your credit score From a lender’s perspective, the credit score of the borrower is directly proportional to their ability to pay the mortgage on time. In general, the higher the borrower's credit score, the lower the interest rate the lender assigns. If you want the best interest rates, your credit score must be 740 or above. If your score is not there yet, make sure you do everything you can to improve your credit score before applying for a mortgage. This could include paying all bills on time and clearing outstanding balances. Maintain employment and financial records Lenders consider borrowers with long and consistent work history more reliable. If you have at least two years of employment and a steady or growing income, especially from the same employer, you’re more likely to get a lower interest rate. So, gather all your employment and financial information, such as W2 forms and federal tax returns from the past two years, and start building a sound record. Also, maintain a record or proof of all the bonuses and commissions you receive. Borrowers who are self-employed or whose income comes from multiple part-time gigs may have a hard time scoring a low-interest mortgage loan. Make a hefty down payment A bigger down payment (usually 20% or above) reassures the lender that the borrower is capable of paying back the mortgage, so they may offer a lower interest rate. Besides, other advantages of a big down payment are: having more equity in your house from the beginning and a lower principal amount to pay back later on. Further, as the total amount you pay in interest over the course of the loan is calculated on the principal, you will end up paying less interest overall. Don’t focus on advertised rates When shopping for a lender, you’ll notice many banks and other lenders highlighting their current mortgage rates on their websites. If you choose a lender solely based on these advertised rates, you might be making the wrong choice. That is because these rates typically represent an “ideal borrower”—one who has an excellent credit score and low or no debt and is willing to make a huge down payment. If you do not fit the description, the rate offered will be higher than the one advertised, and you won’t secure a low-interest mortgage loan. Compare rates A great way to ensure that you are getting the best deal on your mortgage is to apply for an estimate with at least three lenders. Among numerous lenders competing to attract borrowers, it is likely that one lender offers a more favorable rate than the others. In fact, even a difference of 0.25% in interest rates could mean you will pay thousands of dollars less over the life of the loan. So, it is crucial to compare rates. Search for banks, credit unions, and other lenders online and apply to get loan estimates. Apply for a short-term loan Every lender wants their money back as soon as possible. So, if you take a 10-year or 15-year mortgage instead of a 30-year one, your interest rate will likely be lower. Financial experts recommend choosing a term shorter than 30 years to get a low-interest mortgage loan. However, if you select a shorter term, you will have to make larger monthly payments to pay off the principal amount in a short period. Consider this option if your requirements and financial circumstances allow you to opt for a shorter-term mortgage. Lock your rate Sometimes the closing process takes a while, i.e., you may have to wait several weeks after applying for a mortgage till you are approved for the loan. The interest rate can change during this period, so you must consider locking your rate, which prevents the lender from increasing it due to changes in the market. However, a downside to this lock is that you may miss out on a better rate if current market rates fall further. So, speak with your lender about rate locks with a float-down provision, which gives you a one-time opportunity to lower your locked-in rate to current market rates. The float-down feature comes with a fee, however, it might be worth it to secure a low-interest mortgage loan. Try negotiating the rate Here is an unusual piece of advice: don’t be afraid to negotiate interest rates with the lender, no matter who they are—banks, credit unions, or other entities. As numerous lenders are competing for your attention, if one of them wants to negotiate based on other lenders offering you better rates, then this might get you a low-interest mortgage loan. The lender can lower the rate to match the other offer or even beat it. If the lender is not willing to reduce the rates further, ask them for other discounts or incentives that can make the deal more reasonable for you. Avoid no-cost mortgage In a no-cost mortgage, borrowers do not have to pay closing costs, which are the fees that banks and other lenders charge when you close or finalize the purchase. The closing cost can be a huge amount—usually 3% of the price of your home. While not paying it may seem like a great option initially, lenders usually cover closing costs by increasing the loan amount and/or charging a slightly higher interest rate. So, if you are specifically looking for a lower interest rate, it might be best to avoid a mortgage with no cost.

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