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LendingClub Personal Loans

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LendingClub Personal Loans

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in Personal Loans from LendingClub Inc

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9 users recommend
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6 users don't recommend
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Highlights
Highlights
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 lender founded in 2007 and based in San Francisco, CA. LendingClub Personal Loans is offered in 49 states (and Washington, DC).

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 personal loan APRs 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 charges 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 600 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.

Only U.S. citizens and permanent residents can apply for a loan.

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 600 - 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.

    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...

    Contact

    • Headquarters
    •   595 Market St
      Suite 200
      San Francisco, CA 94105

    Message from LendingClub Inc

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

    Other Services by LendingClub Inc

    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 Prepayment Fee  
    Late Fee After (number of days) 15
    Late Fee Amount $15
    Origination Fee 1% - 6%
    Minimum Age 18
    Credit Score Range 600 - 850
    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
    • Cosigner
    • Individual Applications
    Verification Documents Required
    • Proof of Income
    • Recent Pay Stubs
    • Driver License (or other photo ID)
    • Proof of citizenship/residence (Green Card)
    Loan Amount $1K - $40K
    Loan Term 36 - 60 months
    APR (Fixed APR) 6.95% - 35.89%

    LendingClub Personal Loans Community Reviews

     

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