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  LendingClub Personal Loans

LendingClub Personal Loans

in Personal Loans from LendingClub Inc

Claimed

LendingClub Personal Loans

Claimed

in Personal Loans from LendingClub Inc

SuperMoney Net Recommendation Score +29%

SUPERMONEY NET RECOMMENDATION SCORE

+29%

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

13 users recommend
1 user is unsure
7 users don't recommend
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Highlights
Community Rating Mostly recommended
APR  (Fixed APR) 6.95% - 35.89%
Loan Amount $1,000 - $40,000
Loan Term (Months) 36 - 60 months
Number of Reviews 21

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 49 states (and Washington, DC).

Key Takeaways
  • APRs starting at 6.95%. Personal loan interest rates typically range between 5% and 36%. The starting rates for LendingClub Personal Loans are on the lower end of the spectrum.
  • Fast access to funds. In some cases you can get your money within 1 business day.
  • Prequalifed 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.
LendingClub Personal Loans Pros & Cons
Pros Cons
  • Low APRs available to qualified borrowers.
  • $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
LendingClub Personal Loans FAQ

What rates and terms does LendingClub Personal Loans offer?

LendingClub Personal Loans has lower interest rates than the average for lenders reviewed on SuperMoney.

What APR rate does LendingClub Personal Loans offer?

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

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

How much can you borrow via LendingClub Personal Loans?

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

What can a personal loan from LendingClub Personal Loans be used for?

Personal loans from LendingClub Personal Loans 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 Personal Loans?

LendingClub Personal Loans 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.

LendingClub Personal Loans Rates & Terms
Loan Amount $1000 - $40000
Loan Term 36 - 60 months
APR 6.95% - 35.89%

What fees does LendingClub Personal Loans charge?

Does LendingClub Personal Loans charge an origination fee?

LendingClub Personal Loans may charge a loan origination fee of 1% to 6% of the loan amount. LendingClub Personal Loans 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 Personal Loans charge a late fee?

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

Does LendingClub Personal Loans charge prepayment fees?

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

LendingClub Personal 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 580 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:

  • Recent pay stubs
  • Proof of income
  • Driver's license
  • Proof of citizenship or residence permit
LendingClub Personal Loans Eligibility Criteria
Minimum Age 18
Bank Account Required? No
Application Types Accepted
  • Co-borrowers
  • Cosigners
  • Individual Applications
  • Credit Score 580 - 850

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

    LendingClub Personal 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: All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history. The APR ranges from 6.95% 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%; the average origination fee is 5.2% (as of 12/5/18 YTD).* 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 or longer.
    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...
    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

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

    Availability

      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 Prepayment Fee  
    Late Fee Amount $15
    Late Fee Grace Period 15 days
    Origination Fee (%) 1% - 6%
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
    • Unemployed
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    • U.S. Temporary Resident Visa Holders
    Joint Loan Applications Accepted
    • Co-borrower
    • Cosigner
    • Individual Applications
    Military Status
    • Active Duty Military
    • Non-Military
    • Veterans
    • Military Dependent
    Minimum Age 18
    Supported Income Types
    • Direct Deposit (W2, SSA, SSDI)
    • Cash
    • Payroll Check or Prepaid Card
    • 1099 Misc. Income
    Verification Documents Required
    • Recent Pay Stubs
    • Proof of Income
    • Driver License (or other photo ID)
    • Proof of citizenship/residence (Green Card)
    Credit Score Range 580 - 850
    Approval Speed 0 hours
    Credit Bureau Reporting
    • Experian
    • Equifax
    • TransUnion
    Funding Time Range 1 - 3 days
    Joint Loans Available  
    Payment Options
    • Automatic Payments
    • Check by mail
    • Credit/Debit Card
    Pre-Approved Soft Credit Inquiry  
    Loan Amount $1,000 - $40,000
    APR (Fixed APR) 6.95% - 35.89%
    Loan Term 36 - 60 months

    LendingClub Personal Loans Community Reviews

     

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    SUPERMONEY NET RECOMMENDATION SCORE

    +29%

    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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