Myinstantoffer – Lending Club is the best place if you are planning to apply for a quick low-interest loan. Lending Club is one of the best lending companies that give a peer-to-peer service in the United States. Borrowers can get loans here in low-interest rate and quicker than any other place. Now we will discuss all the problems faced by the borrowers while applying for a loan to Lending Club.
Problems Faced by Lending Club Borrowers
Here are some problems that are faced by borrowers while applying for loans. After going through these problems, it will be easier for you to apply and get a loan of the low-interest rate with coming across any problem.
The interest rate for a few borrowers might be a little high while apply for a loan on Lending Club. You generally have to pay 7% interest rate for a loan of $10000. But in case of some people, this interest rate may go up to 14%. But there are various ways present for them to lower their interest rate. These are some ways given below through which borrowers can san thousands of their dollars:
- The better your credit score is, the lower is your possible interest rate.
- You should apply for the amount you required only. Because higher amount may cause you a higher rate of interest.
- The borrower should apply for a loan for 3 years instead of 5 years.
A large Number of Applications are Rejected
Another complaint that is frequently made by borrowers while applying for a loan is that many loan applications get rejected. In order to make sure that your loan application gets approved, you must have a reliable job with a decent income. A borrower is also required to have an interest rate of more than 660.
Unavailability of Loans in a few States
All Americans can get a loan from Lending club except people of Iowa and West Virginia. If you are a resident of any of these states, it will tough to get your loan approved by Lending Club. this is a complaint very frequently made by residents of these two states when they apply for a loan.
Is Lending Club Safe?
“Is Lending Club safe?” is the most frequently asked question by people who want to get a loan. Lending Club is a secure and safe platform to get the best loan. It offers a very low rate of interest to the borrowers and has a reliable service record. It is the best place to go to get a loan of best interest.
All complaints and problems that are faced by borrowers with Lending Club are mentioned already. After going through all this information, it must be admitted that Lending Club is the best option to get a loan easily at low interest.
For More Information:
Still, if you come across any more problem while applying to Lending club, please do not worry. www.lendingclub.com is there to help you out of any such problem. Visit this site for detailed information and reach Customer Service Representative at 888-596-3157.