I was kinda looking at personal loans to fix up a house to sell it soon and not rack up the credit card debt. I get the mailers from best egg and lending club seems like daily. I checked Penfed and the rate was 12.99%. My local bank there starting rates are not even competitive. I don't quilify for Navy. I went ahead and checked Lending Club and the rate was 6.34% but had the fee of $400. To me it sounds like a good deal but I didn't know how easy they are to deal wtih. Any ideas or comments are appriciated.
If you search on "Lending Club" in this board, you should be able to find several relevant posts such as this thread.
I've used them and had no issue. I paid it off early and there was no prepay penalty. They were easy to deal with.
I've had a great experience with LC. I have a $40k personal loan with them since Dec 2021 for debt consolidation and reports as an installment loan on your CR. TU pulled at that time was ~724. The application process was very smooth. I'll be paying off the loan early (no pre-payment which is nice) and hopefully re-fi for a lower rate if possible. The downside is the origination fee. Happy to answer any questions if you have them.
|Original Loan Amount:||$40,000|
|Loan term:||60 months|
Thanks everyone for your input. I just didn't want to pull the trigger and miss something in the fine print and regret it.