Once you receive your loan amount right after almost a month of submitting your application the Lending Club will on its own start deducting your monthly installments for pay back charging the APR rate on it.
This will continue until the entire amount of the loan has been returned to the Lending Club and if you are worried that the time is too long till you will be free from worry of this loan these two tips can help you in this regard:
- You can choose to make extra payment if your bank limit does not get affected
- If you have the means you can pay the whole amount of loan earlier
If you choose to opt for any of the options above you will not be charged an extra fee in fact this will decrease the interest rate on the entire amount of the loan you have borrowed from The Lending Club.
You can pay back the entire loan amount in 3 easy steps which are:
- Sign in to the official site of the Lending Club using your access details
- Navigate to the Manage Payments section or page
- Tap on the button for Pay Off Loan
- Hurrah! You are done.