How to Get a 3-Year or 5-Year Personal Loan on Lending Club

It’s the holiday season and Christmas hasn’t gotten any cheaper this year. If you’ve found yourself in a situation where you need some extra cash this holiday season, Lending Club might have an answer for you.

Lending Club, a California-based lender, offers fixed-rate three year and five year personal loans to borrowers for just about any reason. If you want to consolidate debt, make a major purchase, do home improvements, get funding for your business, go back to school or pay for Christmas gifts, you can get a Lending Club loan.

The loans offered by Lending Club offer fixed interest rates, so that you won’t get stuck in minimum balance purgatory where you’ll be in debt forever. The interest rates (starting at 7%) are also much lower than what you would get from a credit card or a personal loan from a bank because the loans are funded by individual investors rather than by a bank.

In order to qualify for a Lending Club loan, you’ll need a credit score of at least 660 a history of being able to pay back loans. Lending Club also lists the following requirements on their website: “at least 3 years of credit history, showing no current delinquencies, recent bankruptcies (7 years), open tax liens, charge-offs or non-medical collections account in the past 12 months, no more than 10 inquiries on your credit report in the last 6 months, a revolving credit utilization of less than 100%, and more than 3 accounts in your credit report, of which more than 2 are currently open.”

Borrowers from the following states cannot currently get a loan on Lending Club: Iowa, Idaho, Indiana, Maine, Mississippi, North Dakota, Nebraska, and Tennessee. Borrowers from the other 42 states can get a loan from Lending Club. Lending Club does not accept loans from borrowers outside the United States.

If you’re interested in a Lending Club loan, visit Lending Club’s website.