These days, if you require a loan for the purchase of an automobile or looking to refinance a loan you already have, a “peer-to-peer” or “marketplace” lender like Lending Club may be just the thing for you. Offering loans to individuals with a less than perfect credit score, these lenders are more than willing to help you. While you may not get an interest rate as low as you would from a banking institution or credit union you have been with for 30 years, their rates are competitive, and most offer up to 60 months to repay the loan.
Why LendingClub Auto Refinance?
Founded in 2007, Lending Club has facilitated more than 50 billion dollars in loans and is considered a “Pioneer” in this industry. Lending Club matches borrowers with investors who will give them the best loan available for their needs. Whether you are in need of refinancing an auto loan, personal loan, or business loan, Lending Club can help. Loan amounts range from $1,000 to $40,000, and you do not have to have a perfect credit score to qualify, although a minimum credit score of 600 is required to secure a loan. Loans can be obtained with a lower rating, but it requires a co-signer with a higher than average credit score, and that person must live with you.
A perfect credit score is challenging to achieve and even more challenging to maintain. Keeping your finances in order is not as easy as it sounds. Sometimes, life happens, and suddenly you find yourself unable to pay your obligations on time. Whatever the case may be, companies like Lending Club have made it easier to secure financing to those who do not have access to benefits like others with perfect credit do. Lending Club also understands that even once they can secure a loan for you, hardships such as loss of an income can happen. If you find yourself struggling with making payments, Lending Club offers a hardship plan whereby you only have to make a payment equal to the interest of the loan for up to three months.