What credit score is needed for lending club?

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asked Oct 18, 2019 in Credit by stromdell (620 points)
What credit score is needed for lending club?

1 Answer

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answered Oct 19, 2019 by Adf289 (58,200 points)
The minimum credit score to get approved for a lending club loan is 600 without a cosigner.

If you have a credit score of under 600 then you can usually get approved for a joint loan with a cosigner who has a 600 or above credit score.

The higher your credit score the better chance you have at getting approved for a loan through lending club or any other loan companies.

I got approved for my lending club loan when I had a credit score of 650 but I didn't try for a lending club loan with a lower credit score but it is possible.

If your credit score is below the 600 mark then you need a cosigner to help you get the lending club loan approved.

If you want to build your credit score up higher you can use a secured credit card where you put a deposit up and then the deposit becomes your credit line and then you pay the credit card bill each month when you use the credit card and it will raise your credit score up.

Then you can get a regular credit card once you build your credit score up and you get your deposit back.

Then when your credit score gets high enough you can easily get approved for other loans besides lending club.

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