How would you instead like to get a personal loan for home improvement at low interest rate (possibly below 8%!) with an easy online application and quick approval turn around? You can actually get exactly that through the acclaimed and award-winning online loan service called Lending Club.
Maybe you don’t have any equity built up in your home or maybe you simply want an unsecured loan for some home improvements. You could go to a bank and look into their home improvement financing options, but a lot of banks are tightening their belts and simply not loaning money out the way they use to. If you did actually get approved for a home improvement loan from your local bank you might expect to pay an interest rate of anywhere between 11% up to over 18%, depending upon the lending institution.
Lending Club gives out loans for any amount between $1,000 to $25,000 and you will have a fixed rate for as low as 6.78% currently. All the loans are three year installment loan and your interest rate will ultimately be set based on a number of different factors in your credit report.
Lending Club turns the loan process into what it should be: people helping people. The site joins together people who want to loan money with people who want to borrow money, but it does so in a clever way to minimize risk to lenders and to give borrowers money fairly quickly and at a lower rate that almost any bank out there. It’s also very secure and your identity is always protected. You can borrow money for home improvements or just about anything else you want. They give out all sorts of personal loans including debt consolidation loans, home improvement loans, apartment rental loans and even education loans.
To get these low rate loans, you need to have a pretty decent credit score. If you’re not sure what your credit score is or you think you may not qualify you may want to read about how to get a home improvement loan when you have poor credit. Borrowing money is really easy with Lending Club. You just need to follow these four simple steps:
1. Join Lending Club for free! You just click on the “Continue” button on the “Borrow” side and you can setup free a username and password to join the site and find out more information about exactly what you qualify for.
2. Once you’ve joined you’ll want to poke around and check out the details of what they offer. When you want to fill out a loan application, you simply click on the “Borrow” tab and then click on the “Get a Loan” link near the top of the page. All you do now is fill out the loan application online. It asks for some basic financial information and verifies your identification and a valid bank account.
3. Once Lending Club approves your application your anonymous information will be given a letter grade from A to G and will able to be browsed by lenders. All your personal information is completely confidential and secure. When a lender wants to let you borrow money he or she will simply choose to fund it in increments as small as $25. You’ll probably end up having lots of lenders, but don’t worry, you still will pay back the loan with just one payment to LendingClub per month. Once your entire loan amount has been funded you’ll get your money in a day or so via electronic transfer!
4. You have your money, so go fix up your dream home! In the mean time LendingClub will automatically withdraw your payments from your validated bank account every month on the exact same day, so you won’t get caught by surprise or have to worry about sending in your payments late. It’s all done automatically for your convenience!
How can they offer loan rates so much lower than banks? They’re a company that deals exclusively with online transactions, so they don’t have a lot of overhead caused by slow paperwork (it’s all computerized!) or paying for parking spaces and store front rent (they just need a website). It’s a streamlined loan process in which everyone wins!
So if you’re looking for a low rate home improvement loan with reasonable terms then you’ve got nothing to lose by joining Lending Club for free and checking it out!
Hey, thanks for the heads up! I just signed up to LendingClub last week cause I needed money for a new AC unit. Within five days I had the loan and the rate is lower than I could have got at a bank. So far so good! Thanks again!