LendingClub has different specifications for personal loans and small business loans.

If you are looking to obtain a personal loan through LendingClub’s platform, you could receive a loan amount ranging from $1,000 to $40,000. APRs for loans through LendingClub vary from between 6.95% and 35.89%. You should also know that no prepayment penalties apply. So, if you decide to pay the loan off early, you won’t incur any penalties or fees for doing so. However, loan origination fees may apply to the tune of 1–6% of the total loan amount.

LendingClub also gives you the option of availing a small business loan, if you’re looking to fund your existing commercial operations. There is no fixed loan amount range that LendingClub advertises for its small business loans, as it tries to tailor a loan to your needs and repayment abilities. Business loans have a repayment term of between six months and five years, and they carry interest rates in the range of 9.77% to 35.98%.

Below is the stipulated criteria to receive a personal loan through LendingClub:
•A United States citizen or permanent resident, or living in the U.S. on a valid, long-term visa
•At least 18 years old
•The holder of a verifiable bank account

At this time, the company does not accept loan applications from residents of Iowa, Guam, or Puerto Rico.

For business loans, the loan applicant should meet the below conditions:
•Owned the business for at least 1 year
•Currently be at least a 20% owner of the business
•Be at least 18 years of age
•Be a United States citizen or permanent resident, or living in the U.S. on a valid, long-term visa
•Have a valid bank account and email address

The applying business must:
•Have made at least $50,000 in sales last year
•Operate primarily in the United States

The company warns that business financing cannot be used for financial investing, lending, gambling, adult businesses, illegal activities; nor can it provided at this time to non-profits, religious organizations, or political organizations. Furthermore, LendingClub does not currently accept applications from businesses in Iowa, Guam or Puerto Rico.

For those looking for start-up capital to launch a new business, LendingClub recommends using a personal loan for business purposes.

The application process is quick and easy, whether you’re applying for a personal or business loan. Simply go to the company’s website and see if you qualify for a loan. Checking to see if you qualify has no effect on your personal credit score. If you do qualify, then sort through the various offers that will be presented to you and pick the one that works best for you. Complete the online loan application, submit all the required information and documentation and then wait to hear back from LendingClub. The whole application, approval, and funding process typically takes around 7 business days.

Quick note: LendingClub does not require any collateral for personal loans or for small business loans less than $100,000. However, for business loans or lines above $100,000, it requires a blanket lien on business assets. It does not require any personal real estate, vehicles, or other personal assets as collateral.

Once your loan is approved and back by investors, the loan proceeds will be deposited into your bank account within four business days for personal loans (small business loans will also usually have a similar time-frame for receiving the loan amount in your bank account).

LendingClub can be contacted via their toll-free number at 888-596-3157:
Monday – Friday: 5am – 5pm PT
Saturday: 8am – 5pm PT

The company’s mailing address is 595 Market Street, Suite 200, San Francisco, California 94105.