Need a Flexible Unsecured Loan? Checkout Lending Club

Getting an unsecured personal loan from a bank is becoming increasingly difficult as banks cut back on their lending to meet new capital requirements from various state and local regulators. Banks are adding new fees to personal loans, raising interest rates and raising credit requirements for borrowers.

Most consumers can get some sort of loan for a car, a house or other major purchase, but if you’re just in need of money to consolidate debt or to make another purchase, you will likely have a much more difficult time getting a loan. Fortunately, there’s a new option for borrowers looking to get a flexible unsecured loan—Lending Club.

Lending Club allows borrowers to get unsecured personal loans at competitive rates without putting restrictions on what the money can be used for. Borrowers can use the money they get to consolidate debt, pay off credit cards, purchase vehicles, pay for college, make a major purchase, pay for business expenses or business expansion, or just about any reason that you could think of that you might need a loan for.

The company offers unsecured personal loans with interest rates ranging between 7% and 20% depending on your credit score. The loans that Lending Club offers amortize fully over a period of three years. There’s also a standard origination fee between 1% and 4% depending on your credit score.

In order to qualify for a flexible unsecured loan on Lending Club, you will need a credit score of at least 660 and have no recent delinquencies and no recent bankruptcies. If you’re not sure if you’ll qualify for a loan, just head to Lending Club’s website, apply for a loan, and they’ll let you know if you meet their requirements.

Lending Club’s interest rates are competitive compared to some of the other options available. Most banks are charging between 15% and 25% for an unsecured loan. If you take money out on a credit card or a store credit card, you could be paying as much as 30% or higher. Lending Club is a great option for those looking to cut the interest rate they are paying on their debt, but Lending Club loans can be taken out for just about any reason.

If you are interested in getting a flexible unsecured loan from Lending Club, head on over to Lending Club’s website and apply for a loan. After entering in some information, your loan will be go through a lending period, lasting generally between 4 and 14 days. After that, the funds will be deposited into your account. Starting a month after your initial deposit, you’ll make 36 equal payments via electronic transfer and then your loan will be fully repaid.