LendingClub Personal Loan Review

Borrow $1,000 - $40,000 and get funded a fast as 48 hours

LendingClub Personal Loans

At a Glance:

  • Loans between $1,000 and $40,000
  • Best for those with a credit score of at least 600
  • No prepayment or usage fees
  • Receive funds within 48 hours of an approved application in most cases
  • Opportunities for financial education and resources for improving your credit health

What is LendingClub?

LendingClub is a peer-to-peer lender that was created in 2007 and has since helped over three million members. They describe themselves as a “full-spectrum fintech marketplace bank built on the belief that innovative, creative solutions deliver more value and a better experience,” which describes LendingClub’s commitment to providing an efficient and satisfying experience for all those involved.

LendingClub Rates and Fees



Loan term:

3-5 years

Loan amounts:


Hidden fees:

Origination fees, late fees

Minimum credit score required


Extra perks:

Online Member Center allows borrowers to work on their credit and see their score as well as the factors that contribute to it

Fund availability

Varies; within 48 hours on average

What type of personal loans does LendingClub offer?

LendingClub offers personal loans that can be used in a variety of situations including but not limited to:

  • Debt Consolidation
  • Credit card refinancing
  • Home improvement
  • Home purchase
  • Major purchase
  • Car financing
  • Business loan
  • Vacation
  • Medical expenses
  • Moving and relocation costs

LendingClub Pros and Cons


  • Debt Consolidation services
  • Ability to change payment due date
  • Member Center which allows users to learn about their credit score and ways to improve it


  • Limited term lengths
  • Relatively high minimum APR
  • Origination fees and late fees may be charged
  • No mobile app

Who should use LendingClub?

If you are hoping to qualify for a personal loan with LendingClub you will need to at least have fair credit which is a credit score ranging between 630 and 689. Apart from that, the ideal LendingClub borrower will be someone who is interested in a financial education and is looking for help building credit and creating and managing a budget.

What are some of the benefits of using LendingClub?

LendingClub offers debt consolidation services.

Borrowers may use a balance transfer loan from LendingClub to pay off credit cards and consolidate debt. LendingClub will distribute the funds from your loan to up to 12 creditors, paying off your debts and making the debt consolidation process easier. The loan has the same rates, conditions, and requirements as the rest of the company's loans so you won’t need to pay any fees for utilizing this service.

LendingClub offers a variety of financial education tools and resources.

The Member Center from LendingClub assists consumers in managing their finances and credit by serving as a reliable resource where customers can examine their debt-to-income ratio, credit utilization, and credit score.

You will have the ability to change your payment date.

One of the best things about a loan term with LendingClub is that you can select your payment date. This can give you a big advantage as you can select a payment date after your payday so that you know you will always be able to pay on time. This perk can end up saving you a lot of money in the long run by avoiding late fees.

LendingClub does not charge prepayment fees.

Some lenders will actually charge you if you pay your loan off early but LendingClub does not. They want to reward you for taking the initiative and being responsible with your loan and therefore you can avoid prepayment fees and save interest by paying off your loan early.

What are some of the downsides to using LendingClub?

Origination fees may be required.

Like with several other similar lenders, LendingClub will typically charge an origination fee when they issue a loan. While this isn’t unique to their service, there are plenty of lenders who do not require this.

The repayment term lengths are limited.

Borrowers who use LendingClub will only be able to choose a three year or a five year repayment schedule. This is relatively common for online lenders but if you are looking for more flexibility, you won’t be able to find that with a LendingClub personal loan.

You will not have opportunities to refinance.

Refinancing is the opportunity to have the terms of your loan agreement reassessed by the lender and if you have a better standing than you did when you first applied, you may be able to move forward with lower interest rates. Many online lenders offer refinancing opportunities and the fact that LendingClub does not may be a huge deterrent as refinancing can end up saving you quite a bit of money in the long run.

LendingClub does not offer a mobile app.

While LendingClub does have a website that has been optimized for mobile phones and other smaller devices, they do not offer an app which can make managing your loan tricky especially if you do not have access to a computer or if you’ll be managing your loan while you’re away from your computer.

Do I need a credit check to take out a loan with LendingClub?

When you are ready to accept an offer, LendingClub will perform a hard credit check, but this does not have to happen until you are committed to taking out a loan with them. They will do a soft credit check throughout the prequalification procedure, which will not affect your credit score.

Does LendingClub cost any money?

Although it does not cost any money to simply utilize LendingClub’s services, there are some fees which may apply in certain situations. For example, you may be obligated to pay origination fees when you take out your loan. Usually an origination fee is a small percentage of the total loan amount and will be deducted from the funds before they are sent to you. You may also be required to pay late fees but these can easily be avoided if you pay your monthly loan payments on time.

Where does LendingClub operate?

LendingClub offers personal loans to residents of all fifty U.S. states and Washington, D.C. The exact terms of the loan may vary depending on the exact state where the borrower resides.

How is LendingClub’s customer service and support?

LendingClub offers customer service through email and a phone service line. The phone number for LendingClub is 888-596-3157 and the hours are as follows:

  • Monday through Friday: 5:00 AM - 5:00 PM PST
  • Saturday: 8:00 AM - 5:00 PM PST

The LendingClub website also offers a robust resource center and a comprehensive list of FAQs that can help you answer many of your questions yourself. This can help save you time as you won’t have to sit on hold waiting for a customer service representative and it can also help if you have an urgent question outside of business hours.

How to qualify for a Personal Loan through LendingClub

Although the specific qualifications for a personal loan with LendingClub may vary slightly, there are a few minimum qualities that you must have to be offered a loan that include:

  • Must be a United States permanent resident or citizen or possess a valid long term visa
  • Must be at least 18 years old
  • Must have a verified bank account

When your application is being processed, LendingClub will analyze the information you provide in your application  as well as your credit score and information from credit bureaus such as number of on time payments and hard inquiries. They use this information to help them judge how reliable you will be when it comes to making on-time payments every month. Borrowers who received the lowest possible interest rates had a demonstrated history of on-time payments and a credit history that proved that they manage debt and loans responsibly.

How to Apply for a LendingClub Personal Loan

When you are ready to apply for a personal loan through LendingClub you will head to their website and complete their fully online application. You’ll be able to see a rate and weigh your options in just a few minutes without affecting your credit score as a hard credit inquiry will only be run after you commit to a loan.

If you do not qualify outright, you may be able to explore the option of adding on a co-borrower and submitting a joint application.

Once you submit your application and choose your offer, LendingClub will process it. You can log-in to view the progress of the loan application review and you may get your answer immediately or within a few business days. Once you receive an official approval for your loan, LendingClub will deposit the funds into the account you specify during your application process.

Is LendingClub Legit and Trustworthy?

LendingClub is legitimate and takes every measure to keep your information secure. They do not sell your information and they comply with federal and state laws that relate to the storage and deletion of information. You can review the specifics of their privacy and security policies on LendingClub’s website.


LendingClub is an ideal option for anyone who needs a straightforward loan without any of the bells and whistles. That said, you will have access to effective customer service and financial education and other resources to help you improve your financial health and credit score.

LendingClub Loan Review

Borrow $1,000 - $40,000

APR ranges from 7.04-35.89%

Funding as fast as 48 hours

Loan term: 3-5 years

Financial education center

Minimum credit score: 600

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"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"

Marc Amado

"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!"

Allison Brenner

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