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  LendingClub Personal Loans
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LendingClub Personal Loans

in Personal Loans from LendingClub Inc

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LendingClub Personal Loans

Claimed

in Personal Loans from LendingClub Inc

SuperMoney Net Recommendation Score +32

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +32, equating to 3.6 on a 5 point rating scale.

+32

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

17 users recommend
3 users are unsure
8 users don't recommend
Browse Reviews: 17 Recommendations | 8 Complaints
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Highlights
Community Rating Mostly recommended
APR  (Fixed APR) 7.04% - 35.89%
Loan Amount $1,000 - $40,000
Loan Term (Months) 36 - 60 months
Number of Reviews 28

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 7.04%. 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?

Lending Club loans has lower than average interest rates for lenders reviewed on SuperMoney.

What interest rates does Lending Club loans offer?

Lending Club loans offers a fixed APR personal loan product that ranges from 7.04% APR up to 35.89% APR.

How much can you borrow via Lending Club loans?

Business loan amounts start at $1,000 and go up to $40,000.

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

Lending Club loans offers loans with terms of up to 60 months.

Lending Club loans Interest Rates & Loan Terms
Personal Loan Amount $1000 - $40000
Loan Term 36 - 60 months
APR 7.04% - 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:

  • 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? No
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.
    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 Personal Loans

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

    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

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    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%
    Employment Statuses Considered
    • Other
    • Employed Full-Time
    • Employed Part-Time
    • Self-Employed
    • Retired
    • 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
    • Driver License (or other photo ID)
    • Proof of citizenship/residence (Green Card)
    • Recent Pay Stubs
    • Proof of Income
    Credit Score Range 600 - 850
    Approval Speed 0 hours
    Credit Bureau Reporting
    • Experian
    • Equifax
    • TransUnion
    Funding Time Range 1 - 3 days
    Payment Options
    • Automatic Payments
    • Check by mail
    • Credit/Debit Card
    Pre-Approved Soft Credit Inquiry
    Loan Amount $1,000 - $40,000
    APR (Fixed APR) 7.04% - 35.89%
    Loan Term 36 - 60 months

    LendingClub Personal Loans Community Reviews

     

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    SUPERMONEY NET RECOMMENDATION SCORE

    This product is mostly recommended by SuperMoney users with a score of +32, equating to 3.6 on a 5 point rating scale.

    +32

    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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