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LendingClub

in Personal Loans

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LendingClub

Claimed

in Personal Loans

SuperMoney Net Recommendation Score +20% 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.

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

Where does LendingClub do business?

LendingClub is based in San Francisco, CA. It was founded in 2007 and offers access to personal loans in 49 states (and Washington, DC).

What are the APRs offered via LendingClub?

LendingClub offers personal loans with APRs starting at 5.99% and up to 35.89%.

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 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.

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 approve (or deny) a loan application within 0 hour and fund personal loans within 7 business days of approval.

Does LendingClub report loan payments to credit bureaus?

LendingClub reports credit data to the following credit reporting agencies:

  • 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.
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Contact

  • Headquarters
  • 71 Stevenson, 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

Available in 49 States and Washington, DC
  • 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 Prepayment Fee
Late Fee After (number of days)
15
Late Fee Amount
$15
Origination Fee
1% - 6%
Minimum Age
18
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-signer
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
  • Unemployed
Credit Score Range
600 - 850
850 300 600
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Verification Documents Required?
  • Proof of Income
  • Recent Pay Stubs
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Funding Time Range (in days)
1 - 7
0 14
Approval Speed (Hours)
0
Pre-Approved Soft Credit Inquiry
Joint Loans Available
Credit Bureau Reporting
  • Equifax
  • Experian
  • TransUnion
Payment Options
  • Automatic Payments
  • Check by mail
  • Credit/Debit Card
Loan Term (Months)
36 - 60
1 180
Loan Amount
$1K - $40K
$100 $100K+
APR
5.99% - 35.89%
4% 100%+

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