I'm now on my second loan through Lending Club. I first responded to a recommendation on Credit Karma and was instantly approved for a small unsecured loan for CC consolidation. Their application process is seamless and the loan proceeds are deposited directly into your bank account. I setup automatic payment during the application and it was withdrawn as expected every month. After establishing a positive payment history with them, I was invited to apply for a new loan which I did. The rate was very reasonable considering my credit file and it was again a very simple process.
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I was approved for the loan without hesitation on Lending Clubs part. However, I should have read the fine print more cleary. It was my first personal loan and I have learned a valuable lession from taking this loan out. On $10,000 the "Origination Fee" was $500, meaning in addition to the interest I am being charged, $500 came off the top. I would not have paid $500 in interest on the few cards I paid off had I not taken the loan. I had never heard of this fee and as I mentioned, in addition to the $500 fee, I am still paying lending club interest on the loan. I would never do this again.
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**Annual Percentage Rates, terms of loan, and monthly payments presented are estimated and were created based on analysis of information provided by the consumer and available rate information from lenders. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender’s range might be 2% to 12%) and only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, vehicle information, credit usage and history. All loans are subject to credit review and approval. Additionally, model year, loan-to-value, minimum loan balance mileage, income, debt, etc. restrictions may apply. When evaluating offers, please review the lender’s Terms and Conditions for additional details.