Sofi Vs LendingClub Personal Loans: Which Is Best For You?

Using LendingClub could also be a better idea if you’re taking out a loan to consolidate debt. That’s because paying your creditors directly via a balance transfer loan with LendingClub could help lower your rate and monthly payment. In terms of its fee structure and the interest rates offered on deposit, it’s a stand out among other top online banking options. LendingClub doesn’t offer home xcritical rezension mortgage loans, home equity loans, HELOCs or refinance loans.

LendingClub customer service and reviews

Although SoFi doesn’t let you apply with a co-signer, it does accept joint applications with co-borrowers. Adding a co-borrower could improve your chances of qualifying if you’re having trouble meeting SoFi’s credit score requirement of at least 680 on your own. LendingClub offers online chat support and a phone line that operates with extended hours during the week and on xcritical rezension weekends. Some online banks don’t have ways to deposit cash into your account, but LendingClub lets you deposit cash at its own ATMs and at certain ATMs in the MoneyPass or NYCE networks. When it comes to late fees, both lenders charge borrowers $15 or 5% of the payment amount, whichever is greater. The fee is applied when your payment is more than 15 days late.

Fortunately, you don’t have to guess which lender would offer you the more affordable loan. Both SoFi and LendingClub offer the option of prequalifying for a personal loan online, so you can check your loan offers without impacting your credit. Formerly a peer-to-peer lender, LendingClub now functions as a traditional lender.

LightStream loan terms are also more extensive than those available through LendingClub, with terms available between two and 12 years, depending on the loan purpose. Like other competitors, LightStream does not charge origination fees or prepayment penalties. If you have bad credit or no credit, you may qualify for a loan or better terms by bringing on a joint borrower.

When you call customer service, they tell you they’ll escalate the case. We’re missing out on interest on like $3000 because I can’t deposit these checks!! Also, they don’t give you any other way to deposit checks that are made out to both you and your husband — he can’t sign it over to me.

With an interest rate of 33%, for example, you would be paying for nearly the entire loan amount over again in three years. If you qualify for one of the lower rates, it could offer savings compared to other options. Shopping around can help you find the best possible rate based on your financial situation. You need $100 to open a LendingClub High-Yield Savings account, and there are no monthly fees. The savings rate is competitive with some of the best high-yield online savings xcritical cheating rates; it has an APY of 5.00% on all balances. Our partners cannot pay us to guarantee favorable reviews of their products or services.

Today’s personal loan rates for July 22, 2024: Rates seem to be trending up

You won’t find auto purchase loans or credit cards here, and there are no student loan or student loan refinancing options either. LendingClub offers its High-Yield Savings account, which currently delivers a 5.00% APY on all balances. That puts it on par with other leading high-yield savings accounts and the best online savings accounts.

Like LendingClub, Upgrade allows you to check your interest rate and loan terms without impacting your credit score. Both SoFi and LendingClub are online lending platforms that offer unsecured personal loans to qualifying consumers. LendingClub may offer better interest rates to creditworthy borrowers, but SoFi stands out for its large loan amounts, lack of fees and various customer perks.

If you decide to get a CD with LendingClub, beware of early withdrawal fees. If you take your money out of the CD before the term is up, a penalty applies. The penalty will be an amount equal to the amount of simple interest earned to date on the amount withdrawn.

We collect over 50 data points from each lender and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary. While a rate below 10% may be competitive for some borrowers, those who qualify for rates of 30% or higher might find a better deal using a credit card than a LendingClub personal loan.

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.
Prosper has a less stringent debt-to-income (DTI) ratio requirement than LendingClub.
All interest rates are current and include discounts as applicable as of August 5, 2024.
If you qualify for one of the lower rates, it could offer savings compared to other options.

Daily personal loan rates for June 26, 2024: Rates trending upward

There are no monthly service fees or minimum balance requirement for this account. You can get a free ATM card to access your savings account with no ATM fees. A $100 minimum deposit is required to open a high-yield savings account. Like many of the best checking accounts, LendingClub also offers early direct deposit. But once you complete a full application for a LendingClub loan, you’ll trigger a hard credit inquiry. Although this causes your credit score to dip temporarily, taking on a new loan diversifies your credit mix and your score will typically rebound in a few months.

LendingClub Personal Loans Review 2024

However, it’s always important to consider any legal actions filed against a bank prior to opening an account. LendingClub Rewards Checking has no monthly fee and no minimum balance requirement after the $100 to open an account. To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.

Our editors are committed to bringing you unbiased ratings and information. We use data-driven methodologies to evaluate financial products and companies, so all are measured equally. You can read more about our editorial guidelines and the banking methodology for the ratings below. You can get loan approval immediately and funds within a few days. However, if you’re worried about approval, LendingClub’s pre-qualification option lets you input credit details without facing a hard inquiry on your credit report. Blueprint is an independent, advertising-supported comparison service focused on helping readers make smarter decisions.

However, applicants are required to provide proof of income during the application process. What’s more, applicants must have a DTI ratio of less than 40% for single applicants and 35% for joint applicants. This means that a borrower’s total monthly debt obligations cannot add up to any more than 40% of her monthly gross income. LendingClub is best for borrowers who have fair credit and need a small loan amount. However, LendingClub loans do come at a price—especially for less creditworthy borrowers. Prospective borrowers who are willing to apply with a co-borrower may be able to qualify for a higher loan amount and more competitive rates.

What’s more, SoFi does not charge any origination fees or late fees. SoFi’s loan terms (two to seven years) are also more extensive. Personal loan applications are approved or declined based on a number of factors. Meeting the requirements below won’t guarantee approval, but they can help you decide if a personal loan is the right fit for you. LendingClub and Prosper both offer personal loans with similar APRs, loan amounts and loan terms.