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Personal installment loans
LendingClub
LendingClub offers fixed-rate installment loans online—common for card consolidation when the new APR is truly lower.
Typical amount
$1,000–$60,000
APR range
6.53%–35.99%
Term
24–84 months
Fees
Origination fee may apply
Overview
LendingClub is straightforward installment credit: fixed APR (per offer), level payments, defined term. Consolidation works only if you stop running balances back up on the cards you pay off.
How it works
Rate check, then full application with hard pull. Select a term, e-sign, and receive bank transfer. Direct pay to creditors may be available for consolidation.
APR and fees
Origination fees reduce cash disbursed but appear in APR. Compare total dollars against Discover or SoFi, not monthly payment alone.
Eligibility
Credit, income, and inquiries feed underwriting. Wide APR band means declines or high pricing for stressed files.
Who it fits
Good fit: Consolidating double-digit card APR into a lower fixed rate you can afford on a bad month. Skip if: you will keep charging the cards.
Pros and cons
Pros
- Clear installment structure
- Wide amount and term range
Cons
- Origination fees common
- Hard inquiry required
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Common questions
Still peer-to-peer?
Loans are issued through LendingClub Bank today—not retail investor funding.
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