To apply for a LendingClub refinance loan, follow these steps:
1. Check Your Rate
To see your personalized rates from LendingClub, navigate to LendingClub’s auto refinancing page, select your state from the dropdown menu and click on “Check Your Rate.”
Next, indicate what your refinancing goal is based on the options given—such as wanting to lower your car payment or interest rate—and provide your personal information as well as details about your vehicle and current loan.
LendingClub will then run a soft credit check, and if you’re eligible, you’ll get an immediate loan offer that’s good for 30 days.
2. Fill Out the Application
If you decide to proceed with LendingClub, you’ll need to fill out a full application, which you can do in just a few minutes on the company’s website. Approval typically takes between 24 and 72 hours after you’ve submitted the required information.
Keep in mind that LendingClub will perform a hard credit check when you submit an application. This could cause a slight but temporary drop in your credit score.
3. Manage Your Payments
If you’re approved, you can expect the loan to be funded in as little as two days, though it might take longer in some cases. LendingClub will pay off your previous lender, and you’ll then begin making payments to LendingClub. Be sure to continue making your payments in the meantime until the process is complete.
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