Asked by: Xabin Velliscapersonal finance personal loans
Will Lending Club hurt my credit?
Last Updated: 22nd March, 2020
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People also ask, is Lending Club a good idea?
LendingClub has become one of the more reputable destinations for online personal loans, usually an ideal method to borrow for a special need or credit card debt consolidation. It helped to originate peer-to-peer marketplace lending, which matches borrowers with investors who are willing to fund the loans.
Also, is Lending Club hard to get approved? Hard pull/soft pull: Checking rates to see how much a LendingClub loan will cost you only requires a soft pull. The soft pull will not impact your credit history. However, a hard pull is required to complete the full application. The hard inquiry may appear on your credit report and can impact your credit score.
Likewise, what is the lending club scandal?
Lending Club, which went public in 2014, has seen more than 80% of its market value wiped away since. The company saw an exodus of investors and a fall in revenue after a fraud scandal and the resignation of its chief executive, Renaud Laplanche, in May 2016.
What credit score do you need for lending club?
Accessible to most borrowers: LendingClub requires a minimum credit score of 600 to qualify.