Coastal Credit Union vs LendingClub

Coastal Credit Union, established in 1967, is a member-owned financial cooperative based in Raleigh, North Carolina. Originally formed to serve IBM employees, they have since expanded to provide financial services to members across the Triangle region and beyond. Coastal offers various products, including auto loans, mortgages, business loans, and more, focusing on community engagement and competitive pricing. In the auto loan sector, Coastal provides financing for both new and used vehicles, with flexible loan terms that range from 48 to 84 months, allowing borrowers to select a repayment plan that suits their financial needs. Additionally, they offer auto refinancing options for those looking to lower their payments or adjust their loan terms. The credit union is also committed to member education, featuring tools like an auto loan calculator to help potential borrowers make informed decisions. Accredited by the BBB with an A+ rating, Coastal Credit Union emphasizes customer service and ethical business practices. However, becoming a member requires a minimum deposit of $25 into a savings account, which may pose a barrier for some. With mixed feedback on their services, Coastal focuses on community trust and value. Read on for a deeper dive into Coastal’s offerings and how they stack up against competitors.

LendingClub, founded in 2007 and headquartered in San Francisco, initially gained fame as a peer-to-peer lender but shifted away from this model in 2020. The company now specializes in personal loans, business loans, and auto loan refinancing, boasting over 4.7 million members and having facilitated more than $85 billion in loans. LendingClub offers auto loan refinancing ranging from $4,000 to $55,000 and APRs between 4.99% and 24.99%. Notably, the application process is entirely online, allowing potential borrowers to check their rates without impacting their credit scores. The absence of origination fees and penalties for early repayment enhances their appeal. However, LendingClub does not provide new or used car loans and has restrictions based on vehicle age and mileage. Customer feedback highlights a generally positive experience, with a 96% recommendation rate among LendingTree users. The company’s transparency regarding rates and fees is also praised. Despite their limitations—such as availability only in certain states—LendingClub remains a competitive option for those looking to refinance their auto loans. Prospective borrowers can explore LendingClub's website for detailed insights into eligibility and specific terms.