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Lending Club: Take a Closer Look at the Medical Loans on Offer

Lending Club is, as the name suggests, a lending company. Since 2007, it has become one of the more popular and reputable destinations for those seeking an online personal loan.

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    It's also one of the pioneering companies for peer-to-peer borrowing. Lending Club financial services operate by matching borrowers with investors willing to fund. Lending Club loans tend to go to clients with good credit scores and long credit histories. They offer loans for various purposes - refinancing a home and car, repaying credit cards, and more. Considering that the cost of medical care in America is growing, taking out a personal loan for these purposes is more common than ever. So, today, we'll focus the most on Lending Club medical loans.

    What Loans does Lending Club Offer?

    The company boasts facilitating over $50 billion since its founding. They also enjoy an excellent reputation, which they owe to their meticulous choice of borrowers and investors. Each borrower gets graded, and your grade will determine your interest rates and investors. From this year, they also offer debt consolidation and joint loans. You may repay your credit cards, and enjoy many different loans, too. However, we're focusing on medical borrowing. Here are the types of medical services they will help you cover.

    Lending Club Plastic Surgery Loans

    Most medical care providers won't cover the costs of plastic surgeries unless they're justified by a condition. So, online personal loans are the best route for those seeking such a procedure. Lending Club plastic surgery loans go up to $40,000, and you will get approved if you have decent credit. They won't ask for your medical records, either.

    Lending Club Dental Loans

    If your dental professional recommends a treatment or a device you can't afford, you are in luck. The dental loans offered with this company will be enough to cover your needs. They will cover anything from braces to implants, with no interest for a specified period.

    Lending Club Bariatric Financing

    Bariatric, or weight loss, surgery, doesn't tend to get approved by traditional banks. If hospitals offer private medical loans, they come with steep balloon payments. So, when looking at bariatric financing options, peer-to-peer financing is a logical choice.

    Lending Club Fertility Financing

    Lending Club offers payment plans to make fertility medication and procedures more affordable. Their fertility financing comes with low monthly payments, fixed rates, and no required upfront payments.

    Lending Club Vision Care Loan

    After getting diagnosed with eye problems, you may get glasses, treatment, or ocular surgery. Still, the expenses which follow may be too much to finance on your own. So, vision loans can help you see again, as well as maintain regular check-ups.

    Lending Club Hearing Aid Loan

    As we determined, medical expenses tend not to be fully covered by insurance. After checking with your insurance provider, a hearing aid loan may be your best bet. Also, if you're partially covered, it allows you to borrow as little as $1000, helping you make the full payment.

    Lending Club Hair Restoration Loan

    Hair restoration financing may be deadly for your wallet, but the Patient Solutions Program helps with that. They offer competitive rates and lower costs than traditional banks.

    Lending Club Veterinary Loan

    Pet loans require some eligibility criteria, and they're not common at traditional banks. However, this company allows its customers to care about their pets, too.

    Lending Club Refinancing Options

    You’ll also find refinancing options for home and car loans. The latter is more prominent, according to the Lending Club reviews. The club allows two loan terms and rates without hard credit checks. This approach means that you're more likely to get accepted than with a bank. Besides, they don't ask for a minimum monthly income to approve your refinancing. There are still several requirements to meet for refinancing your vehicle.

    • The borrower must have a credit score of at least 510
    • The car must be younger than ten years
    • The car's odometer must have less than 120,00 miles
    • The vehicle must be for personal use, and it can't be an RV, commercial vehicle, or a motorcycle
    • The loan should have a balance of $5,000 - $55,000 left
    • The loan must be older than a month and have more than two years of payments remaining

    Lending Club Customer Service

    The company has headquarters in San Francisco. To get Lending Club loan customer service, you may use the following methods:

    • Customer care numbers - different for each type of service they offer.
    • Official website
    • Letter to the Corporate Office
    • Email
    • Social media - Facebook, Instagram, LinkedIn, Twitter, and Youtube

    If you decide to contact them, you should also know their operation hours. They work from Monday to Friday between 5 am and 5 pm, Pacific time. You may also contact them on Saturdays between 8 am and 5 pm in the same timezone.

    Lending Club Fees

    One of the best features of peer-to-peer lending services is its competitive fees. Today’s choice is one of the best companies for prospective lenders, with no prepayment fee. You will pay the following:

    • Originations fees between 1% and 6%, depending on the score and lender
    • Check processing fee of $7
    • Late payment fee after the 15-day grace period is 5%

    Lending Club Pros and Cons

    After taking a detailed look, we made a list of pros and cons to clarify the glaring advantages and disadvantages of this company.

    Pros

    • Long terms of the loan - the repayment may be up to five years long
    • Soft pull - no hard credit inquiries
    • Low credit score requirement - a minimum acceptance of below 600
    • No prepayment penalty - if you're able to repay your loan early, you may do so
    • Fixed rates - the rate doesn't change through the duration of the repayment
    • Transparency - the company will let you know about all the fees you need to pay before you commit to anything

    Cons

    • Origination fee - comes with the interest rate
    • Longer waiting period - it may take up to 7 days for the money to become available

    How to Apply for Lending Club Loans?

    As it tends to be with online companies, applying is straightforward. To apply for Lending Club loans, you must have a minimum credit score of 600, and provide a credit history of at least three years. Also, you must have less than 40% debt-to-income ratio. The Lending Club loan application will ask the following:

    • Reason for borrowing
    • Loan amount
    • Personal information
    • Verifiable income

     You may apply on their official website.

    Applying to Lending Club with Bad Credit

    Sometimes, medical loans for bad credit borrowers seem impossible. Still, this company is a peer-to-peer service, and their grading system will allow investors to determine whether they want to lend.  Remember, though, that Lending Club loans for bad credit will influence your interest rate. As we mentioned, the company requires a credit score of 600 to apply. However, if you have bad credit, you may qualify for a joint loan with a borrower who has a better rating.

    Conclusion about Lending Club Services

    For many people, especially those seeking medical loans, this company is a great choice. It's best for those with excellent credit, high income, and low debt. Even if these criteria don't apply to you, you should still consider Lending Club loans if you're looking for a joint application. On the other hand, Lending Club medical loans, or any other borrowings, may not be the best option for those with bad credit and those looking to borrow quickly. In that case, you should look for alternatives.

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