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 you can use the money for more than just home projects if you want to.
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.
The entire process typically takes about 7 days. In some cases, it may take a little longer, particularly if you need to send us additional information or documents.
Your loan funds are automatically deposited right into your bank account. This means you get to decide exactly how to use the money, from choosing the contractor who's right for you to upgrading the landscaping on your project. Depending on your bank, it may take a few days for the funds to appear in your account after your loan is issued.
The entire process is usually faster than a home equity loan or HELOC; it typically takes about 7 days. In some cases, it may take longer, depending on what we need from you. You can complete the entire process from the comfort of your home, or even on your phone!
You can keep things moving by checking your To-Do List to make sure we have all the information and documents we need.
Once your loan is approved and backed by investors, your money is automatically deposited directly into your bank account. Depending on your bank, this step can take a few more days.