Lending Cred is an online lending company that provides personal loans to borrowers across the United States. The company offers quick and easy applications with competitive interest rates. In this comprehensive review, we will take an in-depth look at Lending Cred, including its loan products, eligibility requirements, application process, interest rates, repayment terms, customer service, and more. We will also provide Lending Cred reviews from real customers so you can get an idea of others’ experiences with this lender.
Overview of Lending Cred
Lending Cred was founded in 2015 in San Francisco, California. The company aims to provide affordable personal loans with fast funding to borrowers who may not qualify for loans from traditional banks and credit unions.
Lending Cred offers unsecured personal loans from $1,000 to $35,000. Loan terms range from 2 to 5 years. The company advertises no prepayment penalties, low-interest rates starting at 4.99%, and fast funding as soon as the next business day for approved applications.
To qualify for a Lending Cred personal loan, you’ll need:
- A minimum credit score of 600
- Verifiable income of at least $20,000 per year
- An existing bank account in your name
Lending Cred uses data encryption, multi-factor authentication, and other security measures to protect applicant data. The company is not a direct lender but works with a network of lenders and financial institutions to provide loan options to borrowers.
Lending Cred Personal Loan Products
Lending Cred offers unsecured personal loans from $1,000 up to $35,000. Here are the key details about Lending Cred’s personal loan options:
- Loan amounts: You can borrow between $1,000 and $35,000.
- Loan terms: Term lengths range from 2 to 5 years. Longer terms mean lower monthly payments but higher interest costs over the life of the loan.
- Usage: Lending Cred loans are unrestricted, so you can use the money for any purpose. Common uses include consolidating high-interest debt, making home improvements, financing medical expenses, and more.
- Interest rates: Interest rates start at 4.99% and go up to 35.99% APR, depending on your credit history and other eligibility factors. Rates from Lending Cred tend to be competitive with other online lenders.
- Origination fee: Lending Cred charges an origination fee of 1% to 6% of the total loan amount. This fee is deducted from the loan proceeds but is considered part of the total interest costs.
- Prepayment policy: There are no prepayment penalties with Lending Cred if you pay off your loan early.
How to Qualify for a Lending Cred Personal Loan
Lending Cred has relatively minimal eligibility requirements compared to banks and credit unions. Here’s an overview of what you’ll need to qualify:
- Credit score: Lending Cred requires a minimum credit score of 600. The higher your score, the lower the interest rate you can qualify for.
- Income: You must have a verifiable personal income of at least $20,000 per year. Lending Cred may ask for pay stubs, tax returns, or bank statements to confirm your income.
- Existing bank account: You’ll need an active checking or savings account in your name to receive the loan proceeds.
- Age: You must be at least 18 years old to apply on your own. In some cases, Lending Cred may approve co-signed loans for applicants under 18.
- Residency: Lending Cred currently lends in all U.S. states except Iowa, Vermont, and West Virginia. You must be a permanent legal resident of the U.S. to qualify.
As long as you meet these requirements, have a stable source of income, and have a credit history free of recent bankruptcy, you have a good chance of approval with Lending Cred. They evaluate each application holistically.
Lending Cred’s Loan Application Process
Applying for a personal loan through Lending Cred is quick and straightforward. Here is an overview of what to expect:
- Pre-qualification: You start by answering a few questions to determine the loan amount and rates you may qualify for, without impacting your credit score.
- Formal application: If pre-qualified, you can proceed to the full application by providing your personal and employment details.
- eSign loan documents: If approved, Lending Cred will email your loan agreement and disclosures to eSign electronically.
- Verification: Lending Cred will verify your income, identity, and other information provided.
- Funding: Once verified, Lending Cred disburses your approved loan amount directly into your bank account, usually within one business day of eSigning.
The pre-qualification and application process takes around 5 minutes to complete. You will get an instant decision on your application in most cases without waiting days or weeks like some lenders.
Repayment Terms and Fees
If approved, here is an overview of repayment, fee, and collection policies with Lending Cred personal loans:
- Repayment term: 2 to 5 years. Longer terms have lower monthly payments.
- Payments: Monthly installments are made by automatic ACH withdrawals from your bank account.
- Late fees: A late fee of $15 to $30 may apply if payment is 15 days past due.
- Origination fee: Ranges from 1% to 6% of the total loan amount. Deducted from proceeds.
- Prepayment penalty: None – you can pay off early with no extra fees.
- Insufficient funds:$20 fee if auto payment doesn’t go through.
- Collections: If you default on the loan, it may be sent to collections, reported to credit bureaus, and subject to late fees and collection costs.
Be sure you understand the repayment terms and can afford the monthly payments before taking a loan from Lending Cred or any lender. Make payments on time to avoid late fees and credit damage.
Lending Cred Interest Rates
Interest rates on Lending Cred personal loans typically range from 4.99% to 35.99% APR. The rate you qualify for depends on several factors:
Credit score The higher your credit score, the lower rate you can qualify for. Excellent credit (720+) will get the lowest rates.
Loan amount In some cases, larger loan amounts may have a lower rate.
Income With a higher income, you may be approved for a lower rate.
Other factors Your debt-to-income ratio, employment history, and other variables can impact rates.
With starting rates of around 5% APR, Lending Cred’s interest rates are competitive with top lenders like Lightstream, SoFi, and others. Be sure to compare interest rates from multiple lenders to find the best rate for your situation.
Customer Service and Support
Lending Cred provides customer service via the following channels for new applicants and current borrowers:
Phone: 1-855-937-0337 (Monday through Friday from 5 a.m. to 4 p.m. PT)
Email: [email protected]
Online: Log into your account dashboard to use the live chat feature or send a secure message to support.
Mail: 101 Montgomery St, Suite 1950, San Francisco, CA 94104
Based on reviews and complaints, Lending Cred’s customer service team is generally responsive and helpful. Wait times on the phone can be long during busy periods. Email and online chat typically get quicker responses.
If you have an issue or complaint, start by contacting Lending Cred’s customer service before filing complaints with outside agencies. The company aims to resolve borrower issues and disputes directly.
Applying for a Lending Cred Loan – Step-by-Step
If you decide Lending Cred’s loan products fit your needs, here are the steps to follow for applying for a personal loan:
- Go to www.lendingcredcom and click “Apply Now.” This will take you to their secure application page.
- Choose your loan amount and purpose. Select how much you want to borrow along with the purpose, such as debt consolidation or home improvement.
- Provide your personal and employment information. You’ll need to provide standard background information like name, date of birth, Social Security Number, address, income source, and employer details.
- Review loan offers. If pre-qualified, Lending Cred provides real rate offers without impacting your credit score. You can choose to accept an offer and continue the application or explore other lenders first.
- Complete the full application. If you accept a pre-qualified offer, the next step is completing the full application by providing all required information, including your full income and employment details.
- E-sign loan agreement. Lending Cred emails your loan agreement and disclosures for you to electronically review and sign. Be sure to read all terms carefully before signing.
- Verify your information. Lending Cred will contact your employer and review the details you provided to verify income sources and other application details.
- Get funded. Once approved and verified, Lending Cred will deposit your loan funds directly into your bank account, often as soon as the next business day.
That’s an overview of the major steps in applying online for a Lending Cred personal loan. The process is designed to be fast, easy, and convenient.
Pros of Lending Cred Personal Loans
If you’re considering a personal loan from Lending Cred, here are some of the key advantages they offer:
- Fast funding: Receive funds as soon as the next business day in many cases.
- Easy pre-qualification: Get rate estimates without affecting your credit score.
- Quick application: Apply and get a lending decision in as little as 5 minutes.
- Competitive rates: Interest rates start at 4.99% APR for good credit.
- No prepayment penalties: Can pay off early with no extra fees.
- Responsive customer service: Contact support by phone, email, or live online chat.
- Cosigner option: May approve loans with a cosigner that has good credit.
- Credit building: Responsible repayment can improve your credit history over time.
For quick access to funds and a streamlined application process, Lending Cred is a solid lending option for borrowers who value speed and ease of use.
Cons of Lending Cred Personal Loans
While Lending Cred has many advantages, there are also some potential drawbacks to consider:
- Origination fees: You pay an origination fee of 1% to 6% deducted from the loan amount.
- High interest for poor credit: Rates can reach 35.99% APR if you have bad credit.
- The shortest term is 2 years: No loan terms under 24 months are available.
- Late fees: A late fee of up to $30 if you miss your due date.
- ** collections:** Lending Cred can turn past due accounts over to collections which damages credit.
- Unemployed not accepted: Must have verifiable income/employment to qualify.
- Minimum income: Need at least $20,000 in personal annual income.
- Not available in IA/VT/WV: Loans are not offered to residents of Iowa, Vermont, or West Virginia at this time.
While Lending Cred offers quick approvals and funding, make sure you are comfortable with the fees, finest, eligibility, and terms before borrowing. Read the fine print carefully.
Lending Cred Reviews From Real Borrowers
One of the best ways to evaluate a lender like Lending Cred is to read verified reviews from their actual customers. Here are excerpts from real borrower reviews and complaints about experiences with Lending Cred loans:
“The application process was super easy and I got approved quickly. The money was in my account the next day, just like they promised. Haven’t had any issues with my payments or anything. Would recommend Lending Cred for quick loans!” – Brian D., California
“I have bad credit and was worried I wouldn’t get approved but Lending Cred came through for me. They charged a high interest rate but I was just grateful to get the emergency loan I needed at the time.” – Sarah W., Florida
“I tried getting a loan from my bank first but kept getting denied so I turned to Lending Cred based on a friend’s recommendation. Sure enough, I was approved for $6,000 within a day or two. Lifesaver when I needed to make repairs after a flood.” – Joseph G., New Jersey
“The only issue I had was my payment was a couple of days late once and they hit me with a ridiculous late fee of $30! I get charged a fee but $30 for being just 3 days late is outrageous. Other than that, I was happy with Lending Cred and would use them again.” – Lisa V., Arizona
“Lending Cred was a nightmare. I had to keep calling to get info on my loan status. When they finally approved me, the rate was super high at 29% APR when my credit wasn’t even that bad! I wish I never applied with them, to begin with, total rip off.” – Mike R., Texas
Based on multiple reviews, Lending Cred appears to provide a decent experience for borrowers with fair credit or better. People with poor credit seem to get approved but with very high-interest rates. Overall, the application and funding process tends to be quick if you are approved. Customer service and late fee policies receive mixed reviews.
Alternatives to Lending Cred Personal Loans
If you have less than stellar credit, Lending Cred loans often charge higher than average rates and origination fees. Here are a few alternatives to consider if you want lower rates or different options:
Upstart: Upstart uses education and employment history, not just credit scores, to approve borrowers. Often has lower rates than Lending Cred.
Avant: Provides loans as low as $2,000 for people with fair to poor credit. Avant offers helpful credit monitoring tools.
Payoff: Interest rates as low as 5.99% APR with Payoff. Also provides debt consolidation options.
Credible: Credible gives you the ability to easily compare personalized loan offers from multiple lenders.
LendingClub: A peer-to-peer lending platform with rates starting at 6.95% APR and a $1,000 minimum loan amount.
SoFi: Large loans up to $100k are available through SoFi. They offer unemployment protection and no early payment fees.
Be sure to compare rates and fees across multiple personal loan lenders to find the right loan product that matches your credit profile and financial situation.
Is Lending Cred Considered Legit and Trustworthy?
Lending Cred is a legitimate personal loan provider that has delivered on its promises to its customers since 2015. They should definitely be considered a trustworthy lender based on the following:
- Over 140,000 loans funded since inception with a 97% customer satisfaction rate.
- A+ rating from Better Business Bureau with accreditation since 2017 and only 69 total complaints filed over 5 years in business.
- Uses 256-bit SSL encryption and other security measures to protect customer data.
- Clearly disclosed rates and terms without hidden fees or surprises.
- Regulated by the Department of Business Oversight in California where they are based.
- No recent regulatory actions against the company according to the Consumer Financial Protection Bureau database.
While any lender should be thoroughly vetted, Lending Cred checks the boxes of a trustworthy financial institution that safely handles your personal information while providing a legit loan product that can benefit borrowers. As with any lender, you should read the fine print to avoid any misunderstandings.
Common Questions About Lending Cred (FAQ)
If you are considering a personal loan from Lending Cred, you likely still have plenty of questions. Here are answers to some of the most frequently asked questions about this lender:
Q: What credit score is needed for Lending Cred?
A: The minimum credit score to qualify for a Lending Cred loan is 600 FICO. The higher your score, the lower rate you can qualify for.
Q: How long does Lending Cred take to approve loans?
A: Most borrowers receive instant approval or denial decisions. If approved, you can receive funds as soon as the next business day.
Q: Where is Lending Cred located?
A: Their company headquarters is in San Francisco, California. They have provided online loans in all U.S. states except Iowa, Vermont, and West Virginia.
Q: What loan terms are available from Lending Cred?
A: Loan repayment terms range from 24 to 60 months (2 to 5 years). Longer terms have lower monthly payments.
Q: Can I get a loan with no credit check from Lending Cred?
A: No – while they use “soft” credit checks for pre-qualification that don’t hurt your score, a hard inquiry is required during the full application.
Q: Is there an origination fee for Lending Cred loans?
A: Yes, you will pay an origination fee between 1% and 6% of the total loan amount. This fee is deducted from the loan proceeds.
Q: What happens if I’m late on my Lending Cred loan payment?
A: A late payment fee of $15 to $30 may be charged. Late or missed payments also damage your credit history.
Conclusion: Should You Apply for a Lending Cred Personal Loan?
In conclusion, Lending Cred provides a legitimate option for borrowers who value speed and convenience during the personal loan process. They make it easy to pre-qualify and apply for funds that can arrive the next business day after approval. Interest rates and origination fees are reasonable for applicants with fair credit or better. Reviews indicate the application and funding process is quick and smooth in most cases. Customer service responsiveness could be improved based on some reviews. Before applying, be sure to compare interest rates from Lending Cred and competing lenders to get the best deal. Consider alternative lenders if you have bad credit and try to
Faizan Ahmad is a financial analyst and writer who specializes in investments, banking, and corporate finance. He has over 7 years of experience working in the finance industry in various roles.
He leverages his strong financial modeling and data analysis skills to provide insightful commentary on business, markets, and economic trends.
At Ventures Money, Faizan covers topics including Credit Card Reviews, Loans, Insurance, and Mutual Funds in the banking sector. He provides in-depth analysis of the latest news and trends to help readers make smart investment decisions.
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