LendingClub offers business loans ranging from $5,000 to $300,000. Repayment terms range from 1 to 5 years. endingClub also ofers Auto-Refinancing and other lending products.
LendingClub operates in all states except Iowa, Idaho, North Dakota, Rhode Island and Maine.
The entire application process is done online and it can take just a few minutes from completion to receiving offers. LendingClub does not require appraisals, business plans or a title insurance. Loans under $100,000 don’t even require collateral. However, LendingClub does look for businesses with at least 2 years in business, a minimum of $75,000 in annual sales and the borrower must own at least 20% of the company and have a credit score of at least 660.