Now that you understand you’re technically getting a loan from Opportunity Fund (in partnership with LendingClub), let’s talk about how the application process works.
You’ll start your application on LendingClub’s website by filling in a form that asks for your email address, how much money you want, and why you want a loan.
At that point, you’ll have to fill out a relatively brief application on Opportunity Fund’s site that will ask for more details about you, your business, and your finances.
At the end of the application—which should only take a few minutes—LendingClub will decide if you qualify. If you do, it will show you loan offers, which might have different terms or rates. You can choose the loan offer that sounds best to you.
Now, this initial application is really a prequalification process. Once you qualify, you have to upload documentation to finish your application. Opportunity Fund will give you a list of the exact documents you need to upload, but you can expect the usual:
- Bank statements
- Business tax returns
- Proof of income
- Proof of your identity
- Proof of your business’s identity and address
Once you submit everything, Opportunity Fund will review your application. You should get an answer in a few days (at most). Assuming everything checks out, you’ll get funds deposited into your bank account within one to three days.
If any of that sounds confusing, don’t worry—Opportunity Fund will assign you a dedicated client advisor to help you through your loan application process.
Note that LendingClub doesn’t specify how long it takes to get approved or funded. It just says that you can get funding “fast.” Based on our knowledge of online lenders, we suspect that means you get approved and funded within a few days―but probably not the same day.
But before you rush out to apply, let's talk about LendingClub's customer reviews.