Lending Club Micro Loans Rates

February 29, 2020February 29, 2020 sandep

Lending Club Micro Loan Interest Rates

One of the first things to consider when getting a micro loan from the lending club is their interest rate. The interest rate is one of the key factors that will determine how much you have to payback to the lending club. Lending clubs interest rates range from 6.5% and goes upto 35% depending on your financial situation i.e your credit ratings etc.

Lending Club Micro Loan Interest Rates

Interest rates effective from Jan 31 2019. Interest rates are subject to change so please check with lender before getting the loan

Lending Clubs Borrowing Charges

Origination Fee

When borrowing money from lending club you will be charged an establishment fees / origination fees. This fee will be a percentage of your total loan and can range from 5% to 6%, this fee will be deducted from your loan amount before it gets transferred to your bank account.

For example, if you receive a $6,000 36-month loan at an interest rate of 6.99% with a 3.5% origination fee of $210.00, you’ll receive a loan amount of $5,790.00 and will make 36 monthly payments of approximately $185.24 at an 9.41% APR.

Other Fees

Lending Club's Other Fees

Lending club has charges for late and unsuccessful payments. They also have a set charge for check processing fees. Charges listed as below :

Unsuccessful Payment Fee : $15
Late Payment Fee : $15
Check processing Fee : $7

Note all fees are listed in USD, if unsure please visit their website before getting the loan.

“Loans From Lending Club”

Getting Micro loans from Lending Club is simple and quick but you have to be careful of how much you borrowing and at what interest rates. Also don’t forget about the Fees as this will be added to your loan amount. Only borrow what you can payback.