SuperMoney 

LendingClub

Claimed

in Personal Loans

SuperMoney Net Recommendation Score +27% Recommendation score measures the loyalty between a provider and a consumer. It's at +100% if everybody recommends the provider and at -100% when no one recommends.

Mostly recommended

7 users recommend
0 users are unsure
4 users don't recommend
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Overview

Where does LendingClub do business?

LendingClub is a marketplace lender based in San Francisco, CA. Founded in 2007, LendingClub offers access to personal loans in 49 states (and Washington, DC).

What are the APRs offered via LendingClub?

LendingClub offers a fixed APR personal loan product that ranges from 6.95% up to 35.89% APR.

Does LendingClub charge an origination fee?

Yes, LendingClub charges a loan origination fee of 1% to 6% of the loan amount. LendingClub deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.

Does LendingClub charge a late fee?

Yes, LendingClub may charge borrowers a late payment fee of up to $15, which is triggered if you're 15 days late.

Does LendingClub charge prepayment fees?

No, LendingClub does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

How much can you borrow via LendingClub?

Loan amounts start at $1,000 and go up to $40,000.

What can a personal loan from LendingClub be used for?

Personal loans from LendingClub are typically used for special purchases, debt consolidation, home improvement projects, weddings, medical expenses & procedures, unexpected expenses or similar purposes.

What is the maximum loan term you can get with LendingClub?

LendingClub offers personal loans with terms ranging from 36 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What do you need to qualify for a loan with LendingClub?

Applicants with a credit score of at least 600 can apply for a loan via LendingClub . The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.

LendingClub will consider borrowers regardless of their employment status if they can prove their ability to repay the loan requested.

Active duty servicemembers and their covered dependents are eligible to apply for a loan via LendingClub. Their rates fall within the limits of The Military Lending Act.Only U.S. citizens and permanent residents can apply for a loan.

To qualify, applicants may need to provide the following documentation:

  • Driver's license
  • Proof of citizenship or residence permit
  • Recent pay stubs
  • Proof of income

What is the estimated funding time for a personal loan via LendingClub?

LendingClub will typically provide a credit approval decision in less than an hour and fund the loan within 3 days.

Does LendingClub report loan payments to credit bureaus?

LendingClub may report credit data to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion
LENDINGCLUB Disclosure: 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 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. 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 the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. 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 LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105. †Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis.
SUPERMONEY Disclosure: 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...

Contact

  • Headquarters
  •   71 Stevenson St
    Suite 300
    San Francisco, CA 94105 USA
  •   Visit Site

Message from LendingClub

Our mission is to transform the banking system to make credit more affordable and investing more rewarding.

Other Services by LendingClub

Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  Available in 49 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Fees
No Prepayment Fee
 
List of Fees
Late Fee After (number of days)
15
Late Fee Amount
$15
Origination Fee
1% - 6%
Minimum Age
18
Credit Score Range
600 - 850
850 300 600
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
  • Unemployed
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Supported Income Types
  • 1099 Misc. Income
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
Joint Loan Applications Accepted
  • Co-borrower
  • Individual Applications
Verification Documents Required
  • Proof of Income
  • Recent Pay Stubs
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Dollar Amount
Loan Amount
$1K - $40K
    $100 $100K+
Integer
Loan Term (Months)
36 - 60
    1 180
Percentage
APR
(Fixed APR)
6.95% - 35.89%
    4% 100%+

Reviews

 
 

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