Features

LendingClub is America's largest lending marketplace for personal loans. LendingClub started as a Facebook application, which generated the buzz and investors needed to take the concept to the next level. As of December 2016, LendingClub has helped fund over $26 billion in loans and helped nearly two million borrowers achieve their goals. 

How Does LendingClub Work?

As with other marketplace lending platforms, LendingClub provides borrowers with instant loan offers and faciliates the funding of a chosen loan offer through the investors that participate in the marketplace. The loans are made by WebBank, Member FDIC, LendingClub uses the capital of marketplace investors to purchase the loans from WebBank. Investors then receive the payments of borrowers plus interest. LendingClub makes money by charging an origination fee to borrowers and a servicing fee to investors.

What Are the APRs via LendingClub?

LendingClub assigns borrowers a score based on a grading system, which will determine what rate they qualify for. Subsequent APRs range from 5.99% APR to 35.89% APR. 

What are the fees via LendingClub?

There is no application fee for a loan through LendingClub; however, an origination fee will be taken from the proceeds of your loan before they are deposited into your bank account. The percentage of this fee ranges from 1% to 6% of the total loan amount and depends on the grade of your loan — which is, in turn, based on your credit rating. It is good to keep this in mind when deciding what amount to request because you will need to factor in the origination fee to be sure the amount you receive will cover whatever it is you need to pay for.

Payments on your loan are withdrawn automatically from your bank account starting the following month. Alternatively, you can pay by check but an additional $7 processing fee is tacked on to each payment if you choose this route. You are free to repay the full loan amount at any time or make larger payments without risk of penalties or fees, but you must notify customer support to do so. If there is an issue with your payment, such as an error with your bank account or a bounced check, LendingClub will charge a $15 unsuccessful payment fee. There is a 15-day grace period before late fees are charged, but interest will continue to accrue. Your late fee will be either 5.00% of the late payment or $15, whichever is greater. 

How Much Money Can I Borrow via LendingClub?

Borrowers can apply for loans ranging from $1,000 to $40,000. LendingClub offers access to 36-month and 60-month loan terms, but you can always pay the loan off early with no prepayment penalty to worry about.

What Is LendingClub's Application Process Like?

LendingClub's loan application is processed online. Your first step is to check what rate you qualify by filling a short questionnaire. This will not affect your credit score. If you are eligible, you will receive several loan offers. Choose the loan you like the most and complete an online application form and data verification process. You will get a response within minutes, and the money should be deposited in your bank account in as few as five days.

How Is LendingClub Better Than Other Loan Options?

LendingClub provides solid returns for investors and access to lower rates for borrowers than most traditional bank lending programs.

Borrowers who used a personal loan* via LendingClub to consolidate debt or pay off high interest credit cards report in a survey that the interest rate on their loan was an average of 24% lower than they were paying on their outstanding debt or credit cards.1 

1Based on responses from 7,715 borrowers in a survey of 122,975 randomly selected borrowers conducted from 1/1/16 - 3/31/17. Borrowers who received a loan to consolidate existing debt or pay off their credit card balance reported that the interest rate on outstanding debt or credit cards was 20% and average interest rate on loans via LendingClub is 15.2%. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. Best APR is available to borrowers with excellent credit.

  • Loan Amount
    $1000 - $40000
  • Payment Options
    • Automatic Payments
    • Check by mail
    • Credit/Debit Card
  • APR
    5.99% - 35.89%
  • Max Loan Term (Months)
    60
  • Credit Score Range
    600 - 850
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Military Status
    • Active Duty Military and Dependents
    • Non-Military
  • Minimum Age
    18
  • Supported Income Types
    • 1099 Misc. Income
    • Cash / Other
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
  • Verification Documents Required?
    • Recent bank statements
    • Recent pay stubs
    • Driver license (or other photo ID)
    • Proof of citizenship/residence
  • Late Fee After (number of days)
    15
  • Late Fee Amount
    $15
  • No Prepayment Fee
  • Origination Fee
    1% - 6%
  • Institution Type
    • Marketplace Lender
    • Other
  • Joint Loans Available
  • Pre-Approved Soft Credit Inquiry
  • Funding Time
    1-7 days
  • Credit Bureau Reporting
    • Equifax
    • Experian
    • TransUnion
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 5.99% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via Lending Club have a minimum repayment term of 36 months or longer.
SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

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0 votes

I was very very cautious about any company that advertised CC debt consolidation. After all you hear so many negative comments about them. But let me tell you my experience... Lending Club is truly the REAL DEAL!! After receiving and shredding previous Pre-Approved Offers I decided to give LC a shot. After all I was looking at a 15K credit card debt. I need not say how depressing this was. So this last Tuesday I called to enquire I was asked a couple of questions, job, ... time on job, employer's name and number, just basic identity questions, I was given a few loan amounts and rates to choose which I did... 12K at 13% for 36 months. My Credit Score was 668. With 100% on time payments. btw I recently changed jobs, I've only been there 4 months I submitted the documents they requested by 2pm that day. On Wednesday morning I was told that my loan was being backed... by Wednesday evening by 10ish My loan was backed 100% . Thursday morning I recieved a congratulations email from LC stating my money will be in my account shortly.. but my bank MAY take up to 4 days to release... now this morning Friday... my 11+K was in my bank account... its now 11:30am I've already paid down my CCs. Thank you Lending Club. So just saying if you are having thoughts of trying them.. what do yo have to lose? Its a soft pull... until you are approved, but then even if your Credit Score drops a few points in a couple of months you would gain so much more points, JUT PAY YOUR LC BILL ON TIME!!! Understand that people just like you and me (with a bit more money) are trusting us by backing our loan. Some of us cannot go to friends or family... but these folks are trusting us to do right by them. I can now sleep better at nights More Less


0 votes

I needed a way to consolidate credit card debt with lower interest rates. LC made it fast and easy and provided a better rate than a local credit union.


0 votes

I applied for a loan on May 12 and completed the to do list the same day, and am still waiting to hear back. I called and was told that I was approved but it can take up to 30 days for funding to go through. From all the other post I read it seems like everyone is getting their funds within a week. I have a credit score of 788, never late on anything and nothing negative on my credit report. I was approved for 30k but don't understand ... what is taking so long and why no one can give a better answer as to the status when I call. More Less


0 votes

Aplied on Thursday night and after filling the simple forms out was asked to provide last two paystubs and w-2. The next morning I emailed and by that evening I was 100% approved. The following Tuesday morning the money was in the bank. Trans score was 670


0 votes

So, I finally found the source of the junk mail that keeps following me. In 2 years I have had 3 address change and I only update my bank information. However I keep getting these junk mail every week in my mail. I believe Credit Karma is proving them with my information so they can send mail in my address. I don't mind junk mail but it is kind of annoying when it starts following you around. I have never applied to this loan but do have applied to several ... other loans which I was declined. So I'm skeptical in applying any more loans. I recently got a good job so I have been paying off all my credit card debts. Next month I will have all my debts paid off. Anyways if you could please stop sending junk mail, THAT WOULD BE GREAT!!! More Less


0 votes

I was approved for $15,000 immediately when no one else would give me a personal loan. Negative points are the 1% fee that comes off the top and the fact that you really cannot pay early or pay more. The money is taken out of your checking account on the day you specify. Other than that I would recommend this ONLY if you get an offer in the mail.


0 votes

I was inquired bout lending club! Unfortunately! When I thought I was get a loan at lending tree they turned me down? I was really needing a loan. So I hope your company will be more helpful.


0 votes

I got an offer from the mail saying I'm pre-approved. I was just declined by Lending Club from getting a second loan two weeks before (I have another LC loan for the past 3 years that have been current). The reason given is my low credit score. However, when I tried the pre-approved code at the "MyInstrantOffer" website, I got an immediate approval with a 643 Experian score. It confused me but I was happy to get a loan to consolidate other debt. I applied on May 7, got emails ... to verify my email and bank account on May 8, then finally an email that I got approved on and that my funds have been disbursed May 11. All told it took 3 business days. I think LC has another set of lending criteria for people with medium credit, as I did not see the usual approval phases when I got my first loan. My status display even showed Final Review and Done with green checkmarks before I verified the bank account. I also cannot see who invested, which makes me think that certain loans with higher APRs (mine was 26%) are fast tracked as institutional investors are salivating for those and making instant investments (the Backing Loan status was instantly green-checked when I applied - no In Funding status and my loan was never displayed on the list of people with active funding/duration left. It was easy, but I was anxious as I thought that maybe they'll yank out the funding at the end of the process. Everything went ok and I got my money deposited as promised. More Less


0 votes

This unique lending method really helped me get a better rate on a loan than with any other traditional lender out there. My credit is ok, but not perfect. They treated me like a person - not just a number.


0 votes

I was a little confused at first about how this works, since it's a totally new concept to me. It was a little difficult to get someone on the line to explain it to me, but once I did, the person who helped me totally spelled everything out. I'm glad that I got a loan through Lending Club. They are absolutely incredible.


0 votes

I've had nothing but a good experience with Lending Club. Towards the end of the year, I was in a pinch between credit card payments and the holidays. I applied for a loan of $6,000 and within 12 days it was released into my bank account. I was able to focus my money on the holidays, while paying my credit cards. Instead of having 3 different cards to pay, I now have one monthly, consolidated repayment. It definitely helped me out, and I will be using it in the future.


0 votes

This outfit has been round a long time, and they are probably the best P2P lender out there. They have a streamlined, transparent process that lets you know every step of the way that you've made the right decision in choosing them. I've been happy with the whole experience.


0 votes

Like most peer-to-peer lenders, there are also fees involved that you should take into account when determining how much you want to borrow. You should also have decent credit and be willing to make your case to increase your chances of having your loan funded. Lending Club also takes underwriting seriously its possible to be pre-approved and have your loan fully funded but still ultimately be turned down. That said, Lending Club may present an alternative, especially for people who want to borrow larger sums but dont have ... or are not willing to put up collateral. More Less


0 votes

Lending Club has been great in my time of need! The application process couldn't have been easier, and I received my loan of $2,500 in six days. I did take one star off simply because of the customer service. I called in with a question, and the woman I spoke with was very rude. Other than that little incident, Lending Club is a great option. The interest rates are reasonable, and the monthly payments are manageable.


1 votes

I honestly don't know what I was waiting for! This was by far the best and easiest experience I have ever had! I have always been so skeptical about borrowing money online since you never know who you can trust out there. But this process was so simple and easy and I had the money in my account later that same week! Thank you!


1 votes

This company has provided the easiest process I have found to date. Not only that, but their rates are beyond fair and their customer service team is top-notch. I applied for a $10k loan and had the money in my account 4 days later. All of the steps were handled on line and when I had questions, there was a real live person on the phone to answer them for me.

1 votes

I am a credit karma customer and found this company through their site. I always heard how great they were, but never thought that I would qualify so I never applied. Thank goodness I finally did! The intrest rate I got made up for a large portion of what I was paying! Dont miss out you should apply today if you need help.


0 votes

Great P2P lender. They are well-organized, which I consider a good benchmark of success. Their application process is somewhat lengthy, but not terrible, and they deliver as promised. I reserved my excitement about getting a loan until I actually saw the money in my account. When it was there, I celebrated!


1 votes

I applied with another company before trying Lending Club. That was a mistake! The process was so full of confusion and problems with the other guys that after two weeks I was still nowhere near getting the money I needed. Not so with Lending Club! It was a simple process that only took 20 minutes and I had the money in my account within just a few days.

1 votes

I have to say I was skeptical at first, especially after my experience with a couple of other companies I dealt with a year ago that promised big but came up very short. I decided debt consolidation wasn't to my benefit and determined to pay off my debts by making a determined, sustained effort to pay off my store accounts first and then tackle my credit cards next.

That's when I received a letter from the Lending Club. I really liked their concept and decided, "OK, I'll ... take a chance." I am so happy I did. Their organization is above board, and I appreciated the no-nonsense email updates they sent on the progress of my funding. It is a good feeling to know I have 201 people who invested in my cause. The approval and funding process was very fast, and I was surprised the entire loan process took less than week. More Less


0 votes

I had a bunch of credit cards but absolutely no late fees. The bank hiked my interest rates up despite of that!! Really made me mad. Then I found Lending Club and I thought--to heck with the banks. They don't reward me for good behavior, so I'm pulling all of my money from them. Now I'm giving my interest to Lending Club. They're more appreciative!


0 votes

I can see why Lending Club has funded billions to date. They totally know what they are doing and they do it better than any other company. That's why they're the biggest P2P around. Fortunately, they chose to fund some money for me, which turned out to be a lifesaver. Really glad to be a part of it.


0 votes

Thanks Lending Club for helping me dig out of the deep well of debt! I owed everyone money, including a bunch of credit cards. Some of the cards had really high interest rates that were making it nearly impossible to keep up with the payment. I got a loan here that allowed me to consolidate and now I can get out of debt. Hooray!!!

1 votes

I must say that there is no need to give a bad review because you weren't approved for a loan. Just move on.

I, like many others, is in debt. I've been in debt for over 18 years. It all started with my very first credit card. I'm sure you can see where it went from there.

I don't have great credit but I do own my house and I have a great, steady job. I received a brochure in the mail on November 8, 2013 like everyone else. I looked at ... it and almost threw it away. They aren't going to give me credit! I sat down and added up all the bills I pay each month, only the minimum due and looked at the APR I was paying on each. I logged into the Lending Club website and filled out the application.

As I filled it out, it was pretty easy. It gave me the interest rate and how much I would get back after the origination fee. I could handle that AND my monthly payment would be cheaper than what I was paying minimally and I'd pay it off in 3 years or less.The interest rate is higher because of my credit but it is way lower than what my credit cards are. I hit send, biting my nails waiting for a reply.

A note popped up that I need to verify my bank account, phone number and my email address. It was a Friday so I had to wait until Monday to verify my bank account. Almost immediately I was fully funded. Yay, step one done.

On Tuesday the 12th, I received an email that my bank account was verified. I needed to call Customer Service to verify my work phone number. I was able to connect to a person right away and wasn't put on hold. I verified my work and home phone and then he asked me for a number to verify my employment. I didn't have the number on me so I had to call back. Again, I got a person right away and gave the phone number. Then I waited. Both customer service representatives were very nice.

While I waited I read reviews and got bummed out. There was no way they would approve me.

On Monday, the 18th, I received an email that I have been approved for the loan amount requested and funds would be in my account in 2-4 days depending on my bank. I thought no way! NO WAY! But I didn't want to get excited because there was one reviewer that said he was approved and then they didn't deposit the money into his account and when he called they had rescinded their offer.

Well today, the 19th the money was in my bank account. Sigh of relief. I am finally debt free. Well, except this loan which will be paid off faster than the 3 years and I'll actually have money each month to either save or buy a pair of jeans if I want. No more stressing every month about paying my minimum balance.

Thank you Lending Club and to everyone that invested in me! I would recommend this to anyone needing a little help.
More Less


0 votes

If you want to ask for money from a company, ths is the company to go to. It's incredible how they are set up so that you get money from investors. I like being able to choose from those investors when they offer me a loan. Finally I'm in the driver's seat with my finances, and I love it!


0 votes

P2P Lending. Wow! What a concept. It has worked incredibly well for me. I got all of the money I wanted and now I'm aggressively paying it back because I'm so close to being financially fit. Nice to see that they are okay with that. Also nice to see that we don't have to rely on banks! We can get funding ourselves!


1 votes

This is the best P2P lending group I have ever found, and trust me, I have done my research! The application process was simple and straight forward, the rates were competitive, and the money was in my account in just a few short days. I would highly recommend Lending Club to anybody who needs a personal loan.


1 votes

I was very pleased with Lending Club's process - the application only took about 15 minutes, and I got the money I needed in just a few days. My credit is fair, but Lending Club made an excellent offer that was very competitive. Overall I had such a positive experience that I would definitely use their services again if I ever needed another loan in the future.


0 votes

Having one glorious monthly payment instead of the 13 that I previously had has made my life so much more enjoyable, relaxaing and peaceful. No longer do I hwak eup panicked that I forgot to pay one of my credit cards. I kmow I have one payment and the due date now, and that is such a huge weight off my mind.


0 votes

Incredible concept that helps you get out of debt while helping the people who are lending you money earn more money! It's been around only since 07, which is incredible to think about when you realize what a great concept it is. My interest rate with my loan is astounding. I am so happy with it, and Lending Club in general.


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