Lending Club Business Loans: Get the Help You Need
Lending Club is one such company that will help you resolve your troubles as soon as possible. Because Lending club is known for providing you with quick access to a desired amount and with that this company will help you experience very flexible repayment term periods. Usually, most loans through Lending Club come with a percentage APR of 9.8% and when you compare this number to other lenders who focus on good creditors, it looks pretty good. One type of loan that you can get from them is known by Lending Club business loans. And here we will learn more about it.
Before we head over to Lending Club business loans, we should look more into the good side of Lending Club. As a company, Lending Club is best suitable for those borrowers who wish to look forward to refinance. Because Lending Club business loans allow you to borrow an amount up to $300,000. Similarly, at times businesses require fast cash to resolve their issues. And so if you are in such a need, Lending Club small business loans can provide you your funding in a period between two days to a week.
Lending Club Business Loans
Lending Club business loans comes with simple rules. As a borrower of Lending Club business loans, you should have a minimum credit score of about 600 on average. This puts you in the range of a good credit score holder. The loans do come with collaterals. But that collateral applies to all those loans that are equal to or above the range of $100,000. The collateral will only seize some amount of your business assets.
When it comes to APRs, Lending Club business loans have their own range. Your APR range will be n between 9.8% to 35.7%. Traditional banks might give you an APR range that is lower than this. However, when you compare Lending Club to other online lenders, the APR becomes pretty decent. Along with that, regardless of the APR, Lending Club helps you with fast service. Your online application process will only take about 5 to 10 minutes of your time. You can get prequalified with a quote that will not affect your credit score. The time of receiving your loan is usually made quicker. However, if you order for a larger sum it can take extra time. Lastly, Lending Club business loans will not charge you any prepayment penalty to pay your Lending Club loan early.