Personal loan calculator
*Projected savings are based on your self-reported information about existing obligations and the APR selected by you for a new loan. Actual savings depend on the specific terms of your existing obligations and the APR for which you qualify on a loan through Lending Club. Your APR will depend on your credit score, loan amount, loan term, credit usage and history. 8.06% is the average rate for borrowers who received the best grade on the Lending Club platform from January 1, 2017 to March 31, 2017.
What Is an Annual Percentage Rate (APR)?
At Lending Club, the Annual Percentage Rate (APR) includes your yearly interest plus the origination fee. An APR enables you to easily compare the cost of credit as you evaluate multiple loan offers.
What Is the difference between a credit card and a personal loan?
Credit cards are one of the most expensive forms of financing. You're obligated to make a minimum monthly payment, but pay monthly interest based on the average daily balance during the month. If you just pay the minimum monthly payment, you can be in debt for years to come and be paying thousands in interest charges.
Personal loans often have lower interest rates than credit cards. They give you a lump sum of cash that you can use immediately to pay off your debt. You then make fixed monthly payments over a specific period of time. Your monthly loan payments will include principal and interest.
Are there any additional fees I should consider?
Make sure you understand any additional fees you could pay when evaluating the total cost of a loan, especially any prepayment penalties when paying off your loan early. At Lending Club, there are no prepayment penalties. You can pay off your loan, or make an additional payment, at anytime and get rid of future interest payments.