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Personal Loans FAQ

Q:  How do I get a loan?

||  A:  The application for a loan via LendingClub is online. Click here to get started!  Applying is fast, easy and confidential – simply enter the information requested.  You can check your rate in just minutes with no impact to your credit score. After you complete the online application form, you will go through LendingClub’s verification process.  When that is complete, your loan proceeds are automatically deposited into your bank account!

Q:  What is the difference between a secured and unsecured loan?

||  A:  Secured loans have something of value tied to them for the lender to use as collateral. In the event that you do not repay a secured loan, that item is repossessed by the lender. This gives the lender a way to get their money back in a worst-case scenario. Common secured loans are mortgages and auto loans.

Q:  Who will service my loan if I borrow through this program? Who can answer my questions?

||  A:  LendingClub will service your loan, therefore you would manage your account through a LendingClub website and contact them directly with any questions. We have a dedicated LendingClub customer service desk for our customers. If you have questions during your application process, please contact this special customer service team toll free at 1-844-816-3921.

Q:  Will checking my rate impact my credit score?

||  A:  No, checking your rate won’t impact to your credit score because it’s what is known as a soft inquiry. It’s a preliminary inquiry to understand your creditworthiness. Learn more about credit scores on the home loan FAQ page.

Q:  Who can borrow through LendingClub?

||  A:  To borrow through LendingClub, you must be a U.S. citizen or permanent resident, or be in the United States on a valid long term visa; and be at least 18 years old with a verifiable bank account.

Q:  How much can I apply for?

||  A:  Unsecured Personal Loans through LendingClub range from $1,000 to $40,000.

You can have up to two active personal loans through LendingClub at the same time.  We consider a variety of factors to determine if you qualify for a second loan and we’ll send you an invitation when you’re eligible.

* If your loan is partially funded and you reapply for the balance during the eligible 30-day period, this is considered a single loan for purposes of this policy.

Q:  What is Annual Percentage Rate (APR)?

||  A:  An Annual Percentage Rate (APR) enables you to easily compare the cost of credit as you evaluate multiple loan offers. At LendingClub, the APR includes the yearly interest rate and an origination fee, which varies depending on the grade of the loan. The origination fee is deducted from the proceeds of your loan amount, whereas the interest rate is included in your monthly payments during the term of your loan.

Q:  What rates are available on personal loans?

||  A:  Rates on loans available through LendingClub range from 5.99% APR to 35.89% APR. The exact rate for each customer is set based on the experience of facilitating billions of dollars in loans for consumers. The interest rate is intended to compensate the investors for the use of their funds AND to cover losses for loans that may not get paid back. In general, the lower the risk of non-payment appears to be, the lower the rate that can be offered.

To qualify for the lowest rate, applicants must have excellent credit, including a high credit score, low percentage of total outstanding debt versus income, a long history of credit with significant successful credit lines, and other factors. The website contains detailed information on how rates are set.

Q:  What is the difference between an interest rate and an APR?

||  A:  The interest rate of a loan is the amount of money you are charged over time for borrowing money.  Interest is applied to the outstanding principal on your loan at regular intervals. This does not include the origination fee, or any other fees charged by your lender.  The APR is a rate intended to include like originations fees, so you can more easily compare loan offers from different lenders who may have different fees for their loans.

Q:  Is it safe to borrow money through LendingClub?

||  A:  Hundreds of thousands of borrowers have obtained billions of dollars in loans through LendingClub since we opened for business in 2007. We’re 100% committed to providing outstanding products and customer service, and protecting the safety and security of your personal information. Our security measures comply with federal law and are designed to meet or exceed rigorous industry standards for financial institutions, and we’re proud of the A+ rating we’ve earned from the Better Business Bureau.

Q:  Who qualifies for a loan through LendingClub?

||  A:  In evaluating applications, a number of factors are considered, including information you provide on your loan application, information provided about you by credit bureaus, your credit score, and other information that predicts the likelihood that you’ll make on time payments until your loan is fully repaid. To qualify for the lowest rate, applicants must have excellent credit, including a high credit score, low percentage of total outstanding debt versus income, a long history of credit with significant successful credit lines, and other factors. Learn more about how loan rates are set with LendingClub.

Q:  Can I make a payment on the loan at any Heritage Bank locations?

||  A:  No, all payments must be made directly through LendingClub. Once you are a LendingClub customer, payments are automatically deducted from any bank account, and you’ll receive an email reminder a few days beforehand so you can make sure the money is there. You also have the option of choosing other payment methods and/or paying by check if you prefer.

Q:  What if I’m late in making a payment?

||  A:  We give all borrowers a 15-day grace period to make payments with no penalty. If we haven’t received payment by that time, we may charge a late fee, and depending on how late your payment is, we’ll report this to credit bureaus and may work with collection agencies to recover the loan proceeds owed to investors.

Q:  Which creditors can I pay directly?

||  A:  You can make direct payments to thousands of creditors and financial institutions for several kinds of debt, including credit cards and term loans. You provide your creditors’ names, account numbers, and the amount you want to pay each of them in your To-Do List. Once your loan is approved, they will be paid directly for you.