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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 a verification process. If your loan is approved and fully funded, 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 can be 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. You can manage your account online at the LendingClub website and contact their member support team with questions and help with your account.  They 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 your credit score because it’s what is known as a soft inquiry. It’s a preliminary inquiry to understand your creditworthiness that is visible only to you.  If you end up getting a loan issued through LendingClub, a hard credit inquiry will appear that could impact your credit score.

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.  A variety of factors are considered to determine if you qualify for a second loan. You will receive an invitation when you’re eligible.

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. APRs for loans through LendingClub include the yearly interest rate and an origination fee, which varies depending the loan.

Q:  What rates are available on personal loans?

||  A:  Rates on loans available through LendingClub range from 6.95% to 35.89%. Your rate depends on credit score, loan amount, loan term, and credit usage & history.  The origination fee ranges from 1% to 6%; the average origination fee is 5.2% (as of 12/5/18 YTD) 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 LendingClub 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. It does not include the origination fee.  The APR includes the origination fee, so you can more easily compare the total cost of your loan to 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 they opened for business in 2007. LendingClub is committed to providing access to outstanding products and customer service, and protecting the safety of your personal information. Their security measures comply with federal law and are designed to meet or exceed rigorous industry standards for financial institutions.

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 rates are set for loans on the LendingClub platform.

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

||  A:  No, all payments must be made directly through LendingClub. Once you are a LendingClub customer, payments are automatically deducted from your 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:  LendingClub gives all borrowers a 15-day grace period to make payments with no penalty. If they 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:  If you are eligible, some of your loan proceeds can be sent directly to hundreds of creditors and financial institutions for several kinds of debt, including credit cards and term loans. During the process, you provide your creditors’ names, account numbers, and the amount you want to pay each of them. If your loan is approved, they will be paid directly for you.


All loans made by WebBank, Member FDIC. Your actual rate depends on your credit score, loan amount, loan term, and credit usage & history. There is no down payment and there is never a prepayment penalty. An Origination Fee will be charged in connection with your loan through LendingClub. The Origination Fee is deducted from your loan amount prior to funding. Closing of your loan is contingent upon your agreement with all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.

*Checking your rate generates a soft credit inquiry, which is only visible to you. A hard credit inquiry that may affect your credit score only appears when your loan is issued.