is the lending club a legitimate loan company

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  • Is LendingClub a scam or legit?

  • When it comes to LendingClub, there are two very strong opinions: it鈥檚 either a scam or it鈥檚 legitimate. So which is it? In this LendingClub review, we鈥檒l take an in-depth look at the company and try to answer that question.

  • What is LendingClub and how does it work?

  • Obviously, LendingClub loans have caught on because it鈥檚 the largest online lender for personal loans in the United States, with more than $35.9-billion in loans since the company was founded in 2007. LendingClub accounted for $8.987 billion in loans in 2017.

  • Is LendingClub good for fair credit?

  • LendingClub鈥檚 personal loans are a fit for fair-credit borrowers looking to consolidate debt or finance large purchases. Though not the lowest-cost loan out there, LendingClub offers borrowers flexible payments, and it’s transparent about rates and fees.

  • How long do LendingClub loans last?

  • There鈥檚 a monthly repayment schedule that stretches over three to five years (36-60 monthly payments). LendingClub loans are generally pursued by borrowers with good-to-excellent credit (scores average 700) and a low debt-to-income ratio (the average is 12%).

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