Personal loans through LendingClub usually take less time and involve less paperwork than a home equity loan or HELOC. You won't need a home appraisal for a personal loan, and, if needed, you can use the money for more than just home improvements.
After you check your rate, here's what's next:
Choose your offer.
You'll receive multiple loan offers if you qualify. Each one shows the loan amount, interest rate, APR, monthly payment, and loan term (either 36 or 60 months).
Complete the application and verify your information.
We ask for your Social Security number, as well as information about your income and employment. If we need any additional documents, we'll let you know in your To-Do List. Then, hold tight while we review your application.
Get your money.
Once your loan is approved and backed by investors, your money will be automatically deposited into your bank account.
Once your loan is approved, your money is automatically deposited directly into your bank account. This means you get to decide exactly how to use the funds, from choosing your contractor to selecting the materials for your improvement project. Depending on your bank, it may take a few days for the funds to appear in your account after your loan is issued.
For the majority of people in 2018, funds were received in as few as four days. The entire process is usually faster than a home equity loan or HELOC. You can keep things moving along by checking your To Do List to make sure we have all the information and documents we need.