Highlights
Community Rating	Mostly recommended
APR (Fixed APR)	8.05% - 35.89%
Loan Amount	$1,000 - $40,000
Loan Term (Months)	36 - 60 months
Number of Reviews	29

LendingClub Personal Loans Review

LendingClub Personal Loans is offered by LendingClub Inc, a marketplace lending platform founded in 2007 and based in San Francisco, CA. LendingClub Personal Loans is available in 50 states (and Washington, DC).

Key Takeaways

APRs starting at 8.05%. These are average starting rates for a personal loan. If you have good credit you may qualify for a loan with better rates.
Fast access to funds. In some cases you can get your money within 1 business day.
Prequalified rate. You can check your prequalified rate at LendingClub Inc with a soft pull that will not affect your credit score.
Origination fees of up to 6%. This is on the high end for lenders on SuperMoney's database. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for LendingClub Personal Loans.

Lending Club loans Pros & Cons

Pros	Cons
$0 prepayment fee. Considers applicants with fair credit. Funding available within 3 business days. Accepts cosigners and coborrowers.	APRs as high as 35.89%. Charges an origination fee of up to 6% of the loan amount. Charges a late fee of $15

Lending Club loans FAQ

What interest rates and personal loan terms does Lending Club loans offer?

What interest rates does Lending Club loans offer?

Lending Club loans offers a fixed APR personal loan product that ranges from 8.05% APR up to 35.89% APR.

How much can you borrow via Lending Club loans?

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

What is the maximum personal loan term you can get with Lending Club loans?

Lending Club loans offers loans with terms ranging from 36 to 60 months.

Lending Club loans Interest Rates & Loan Terms
Personal Loan Amount	$1000 - $40000
Loan Term	36 - 60 months
APR	8.05% - 35.89%

What fees does Lending Club loans charge?

Does Lending Club loans charge an origination fee?

Lending Club loans may charge a personal loan origination fee of 1% to 6% of the personal loan amount. Lending Club loans deducts the origination fee directly from your personal loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.

Does Lending Club loans charge a late fee?

Yes, Lending Club loans may charge borrowers a late payment fee if you miss one of the monthly payments of up to $15, which is triggered if you're 15 days late.

Does Lending Club loans charge prepayment fees?

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

Lending Club loans Fees
Origination Fee	1% - 6%
Prepayment Fee?	No
Late Payment Fee	$15

What do you need to qualify for LendingClub Personal Loans?

Applicants with a credit score of at least 600 and up to 850 may be eligible for LendingClub Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

LendingClub Personal Loans does not have or does not disclose a minimum annual income eligibility requirement. LendingClub Personal Loans will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations. Note that borrowers can add a cosigner or a co-borrower to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via LendingClub Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by LendingClub Personal Loans. Permanent resident / green card holders are also eligible to apply. Not all companies will work with visa holders. LendingClub Inc does offer its services to temporary resident visa holders such as F1 or H1B holders.

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

Applicants must have an active and valid personal checking account
Recent pay stubs
Proof of income
Driver's license
Proof of citizenship or residence permit

Lending Club loans Eligibility Criteria
Minimum Age	18
Bank Account Required?	Yes
Application Types Accepted	Co-borrowers Cosigners Individual Applications
Credit Score	600 - 850

What is the estimated funding time for a personal loan via Lending Club loans?

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

Does LendingClub Personal Loans report your account activity to credit bureaus?

Yes, LendingClub Personal Loans reports your account activity to the following credit reporting agencies:

Equifax
Experian
Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

LendingClub Personal Loans Disclosure: A representative example of loan payment terms is as follows: you receive a loan of $13,411 for a term of 36 months, with an interest rate of 12.16% and a 5.30% origination fee of $711, for an APR of 15.99%. In this example, you will receive $12,700 and will make 36 monthly payments of $446.46. Loan amounts range from $1,000 to $40,000 and loan term lengths are 36 months or 60 months. Some amounts and term lengths may be unavailable in certain states. APR ranges from 8.05% to 35.89% and is determined at the time of application. Origination fee ranges from 3% to 6% of the loan amount. Lowest APR is available to borrowers with excellent credit. Advertised rates are subject to change without notice. Loans are made by LendingClub Bank, N.A., Member FDIC (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Loans are subject to credit approval and sufficient investor commitment before they can be funded or issued. Certain information that we subsequently obtain as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that your request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan from us. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com. “LendingClub” is a trademark of LendingClub Bank.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From LendingClub Inc

Message From Our Editor

What We Love About LendingClub Loans

LendingClub’s balance transfer loan is a great choice for borrowers who want to consolidate their debt. It offers competitive rates and the option of joint or co-signed loans. We also like that it offers a soft credit pull when determining eligibility.

What LendingClub Loans Could Do Better

LendingClub is doing quite a few things right, but its rates are higher than some of its competitors and it only offers limited term lengths. This may be an issue for borrowers looking for larger loan amounts and longer terms.

LendingClub’s Backstory

Lending Club has been around since 2006, but it was not all easy sailing when they started. They had to deal with a negotiation with the SEC to survive, and it was just a short time later that the country was dealing with a recession. The company proved to have some staying power though, and they’ve grown to become the most popular lending marketplace.

The Verdict

LendingClub is a fair-credit lender that provides competitive rates and a smooth application process. Other lenders to consider are Sofi and Prosper. You’ll find that Prosper has higher rates, but it’s easier to qualify, and with SoFi, the rates are lower, but it’s harder to qualify. LendingClub is a nice middle ground that could be a good solution for many borrowers. Of course, you’ll always want to check out the competition and make sure that this is the right choice for you.

Contact

Headquarters
595 Market St
Suite 200
San Francisco, CA 94105
(888) 596-3157
Visit Site
Email Support

Other Services by LendingClub Inc

Loans

Refinance

Business Financing

Availability

Available in 50 states and Washington, D.C.

Alaska
Alabama
Arkansas
Arizona
California
Colorado
Connecticut
Washington, DC
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

Feature Breakdown

No Prepayment Fee
Late Fee Amount	$15
Late Fee Grace Period	15 days
Origination Fee (%)	1% - 6%