We believe borrowing should be transparent and simple. Businesses receive customized offers based on their financial strength, the creditworthiness of the business and the guarantor, and the requested amount. Business lines of credit through LendingClub include the following terms:
- No fees to open a Line of Credit
- No annual fees
- Interest rates of the Wall Street Journal Prime Rate plus 2.75%- 18.35%.
- Draw fees of 1-2% per draw amount. The draw fee is added to the amount you must repay when you make the draw.
For example, a business took a draw for $10,000 with a draw fee of 2%. The total amount borrowed will be the $10,000 plus the 2% draw fee ($200) for a total of $10,200.
- You may pay off your line early without any prepayment fees or penalties.
- Other fees apply if you pay by check, and you may be charged a fee on late payments.
We give you access to the lowest rate we're able to, based on our understanding of your business. Unfortunately, we can’t negotiate rates. However, you can lower the total cost of borrowing by making additional payments.