LendingClub Personal Loans Review
Get pre-qualified for a personal loan. Checking rates won’t affect your credit score
What is LendingClub?
LendingClub is a peer-to-peer lending company that offers personal loans to borrowers with fair credit or better. The company has a strong reputation for customer service and financial education, and it offers a variety of features that make it a good option for borrowers who are looking for a straightforward loan.
Some of the benefits of using LendingClub include:
- Debt consolidation services: LendingClub offers a balance transfer loan that can be used to pay off credit card debt. This can help borrowers save money on interest and simplify their finances.
- Financial education: LendingClub offers a variety of financial education tools and resources, such as a credit score simulator and a debt repayment calculator. This can help borrowers improve their financial health and make informed decisions about their finances.
- Flexible repayment terms: LendingClub offers personal loans with repayment terms of 3 or 5 years. This gives borrowers the flexibility to choose a repayment term that fits their budget.
- No prepayment penalties: LendingClub does not charge prepayment penalties, so borrowers can save money by paying off their loans early.
However, there are also some downsides to using LendingClub:
- Origination fees: LendingClub charges an origination fee of 1-6% of the loan amount. This fee can add to the overall cost of the loan.
- Limited term lengths: LendingClub only offers personal loans with repayment terms of 3 or 5 years. This may not be enough flexibility for some borrowers.
- No mobile app: LendingClub does not have a mobile app, which can make it inconvenient to manage your loan on the go.
LendingClub Rates and Fees
Varies depending on borrower
Origination fees, late fees
Minimum credit score required
Online Member Center allows borrowers to work on their credit and see their score as well as the factors that contribute to it
Varies; within 48 hours on average
Compare personal loans from top lenders
Are you ready to find a personal loan for your needs? We've partnered with Credible to help you find your rate. Checking your score is free and won't impact your credit!
What type of personal loans does LendingClub offer?
LendingClub offers personal loans that can be used for a variety of purposes, including:
- Debt consolidation: LendingClub can help you consolidate your high-interest credit card debt into a single, lower-interest loan. This can save you money on interest and simplify your monthly payments.
- Credit card refinancing: If you have a good credit score, you may be able to refinance your credit card debt with a LendingClub personal loan at a lower interest rate. This can save you money on interest in the long run.
- Home improvement: If you need to make home improvements, a LendingClub personal loan can help you finance the project. You can use the loan to pay for things like renovations, repairs, or new appliances.
- Home purchase: If you're looking to buy a home, a LendingClub personal loan can help you cover the down payment or closing costs. You can also use the loan to pay for home repairs or renovations.
- Major purchase: If you need to make a major purchase, such as a car or a new piece of furniture, a LendingClub personal loan can help you finance it. You can use the loan to cover the cost of the purchase and pay it off over time.
- Car financing: If you need to finance a car, a LendingClub personal loan can be a good option. You can use the loan to cover the cost of the car and pay it off over time.
- Business loan: If you're self-employed or own a small business, a LendingClub personal loan can help you finance your business needs. You can use the loan to cover things like inventory, marketing, or equipment purchases.
- Vacation: If you're planning a vacation, a LendingClub personal loan can help you finance the trip. You can use the loan to cover the cost of airfare, hotels, and other expenses.
- Medical expenses: If you have unexpected medical expenses, a LendingClub personal loan can help you cover them. You can use the loan to pay for doctor's visits, hospital bills, or prescription drugs.
- Moving and relocation costs: If you're moving to a new city or state, a LendingClub personal loan can help you cover the cost of moving expenses. You can use the loan to pay for things like moving trucks, storage, and temporary housing.
How to qualify with LendingClub
LendingClub provides loans to residents of all 50 states. To be eligible, you must:
- Be at least 18 years old.
- Be a U.S. citizen, permanent resident, or individual in the U.S. on a long-term visa.
- Have a verifiable bank account.
- Have a minimum credit score of 660.
LendingClub Loan Approval Factors
In addition to your credit score, LendingClub considers the following factors when evaluating your loan application:
- Debt-to-income ratio
- Credit history
- Number of open accounts
- Usage and payment history on open accounts
- Recent credit activity
How to Improve Your Chances of Approval
A strong performance in one area can compensate for weaknesses in other areas, as long as your overall credit rating is at least a D5. Additionally, if you apply with a co-applicant who has good credit, it may increase your chances of approval.
Here are some tips to improve your chances of approval:
- Pay down your debt.
- Increase the length of your credit history.
- Open new accounts responsibly.
- Make your payments on time.
- Avoid making any new inquiries.
If you're not sure if you're eligible for a loan from LendingClub, you can use their online pre-qualification tool to get an estimate of your chances of approval.
How does LendingClub compare to other lenders?
Here is how LendingClub compares to other lenders:
- Lower interest rates than LendingClub
- Shorter repayment terms
- Good customer service
- Higher origination fees than LendingClub
- Not as flexible with repayment terms
- Flexible repayment terms
- No origination fees
- Good customer service
- Interest rates are not as low as SoFi
- Not available in all states
- Lower interest rates than LendingClub for borrowers with good credit
- Uses artificial intelligence to assess borrowers' creditworthiness
- Higher origination fees than LendingClub
- Not available in all states
Here is a table that summarizes the key differences between LendingClub and other lenders:
|Interest rates||Varies||Lower for borrowers with good credit||Varies||Lower for borrowers with good credit|
|Repayment terms||3 or 5 years||1-5 years||3 or 5 years||3 or 5 years|
|Availability||All 50 states||All 50 states||Most states||Most states|
How do I take out a loan with LendingClub?
Here are the steps on how to take out a personal loan with LendingClub:
- Go to the LendingClub website and create an account.
- Provide your personal information, including your name, address, Social Security number, and income.
- Provide your credit score and credit history.
- Enter the amount of money you need to borrow and the length of time you need to repay the loan.
- Review the terms of the loan and submit your application.
- LendingClub will review your application and approve or deny it within a few days.
- If your application is approved, you will receive the funds in your bank account within a few days.
Considerations when applying for a LendingClub personal loan
There are a few things to consider before applying for a LendingClub personal loan:
- Your credit score: LendingClub requires a minimum credit score of 660, but you'll likely get a better interest rate if your score is higher.
- The amount of money you need to borrow: LendingClub loans range from $1,000 to $50,000.
- The length of time you need to repay the loan: LendingClub loans have repayment terms of 3 or 5 years.
- The interest rate: The interest rate on a LendingClub loan will vary depending on your credit score and the amount of money you borrow.
- The origination fee: LendingClub charges an origination fee of 1-6% of the loan amount.
- Any other fees: LendingClub may also charge late fees or other fees.
- Your budget: Make sure you can afford the monthly payments on the loan.
It's also important to compare rates from other lenders before you choose LendingClub. You can use a loan comparison website to compare rates from different lenders.
Once you've considered all of these factors, you can decide if a LendingClub personal loan is right for you.
Borrow $1,000 - $40,000
Funding as fast as 48 hours
Loan term: 3-5 years
Financial education center
Minimum credit score: 600
Featured Personal Loan Reviews
Axos Bank Review
Best Egg Review
Discover Personal Loan Review
Marcus by Goldman Sachs Review
OneMain Financial Review
Rocket Loans Review
SoFi Personal Loans Review
Loan Aggregator Reviews
Compare personal loan rates
How Pasha Funding Works
Personal Loans for Every Occasion
Compare best personal loan rates in our network
"A seamless experience from start to finish, and not to mention FAST! I got funded in just 3 days for an unexpected family expense and was able to obtain a great rate"
"They are a team of top-notch professionals and were very responsive to a few questions I had on my loan application. I’d definitely work with them again. Thank you for making the process so easy and painless!"
Personal Loan Types
Auto Repair Loans
Credit Card Consolidation Loans
Fast Personal Loans
Home Improvement Loans
Horse Barn Financing
Family Planning Loans
Land Purchase Financing
Manufactured Home Financing
Cosmetic & Plastic Surgery Financing
Owner Builder Construction Loans
Personal Loans for House Down Payment
Personal Loans for Self Employed
Personal Loans for Furniture Expenses
Debt Consolidation Loans
Vacation & Travel Loans
Emergency Personal Loans
Personal Loans with Co-signers
Home Improvement Financing
Bathroom Remodel Financing
Basement Remodel Financing
Boat Dock Loans
Driveway Paving Financing
Home Addition Financing
Hot Tub Financing
Home Insulation Financing
Interior & Exterior Painting Financing
Kitchen Remodel Financing
Kitchen Cabinet Financing
Pole Barn Financing
Solar Panel Financing
Swimming Pool Financing
Sunroom Addition Loans
Window Replacement Financing
Loan rate & terms disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.
Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.