LendingClub Personal Loans
in Personal Loans from LendingClub Inc
Would you recommend LendingClub Personal Loans to your friends?
| Community Rating | Mostly recommended |
| Loan Amount | $1,000 - $40,000 |
| APR (Fixed APR) | 6.95% - 35.89% |
| Loan Term | 36 - 60 months |
| Number of Reviews | 15 |
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
- Fast access to cash. In some cases you can get your money within 1 business day.
- Fair credit accepted. The credit score needed for LendingClub Personal Loans is relatively low. Borrowers with a credit score as low as 580 may qualify for LendingClub Personal Loans.
- 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 and Cons:
| Pros | Cons |
|---|---|
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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.
| 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.
| 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 are 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.
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
| Minimum Age | 18 |
| Bank Account Required? | No |
| Application Types Accepted |
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| 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?
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 can help improve your credit score.
Contact
- Headquarters
-
595 Market St
Suite 200
San Francisco, CA 94105
Message from LendingClub Inc
Other Services by LendingClub Inc
Availability
- 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 | 15 days |
| Late Fee Amount | $15 |
| Origination Fee (%) | 1% - 6% |
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