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LendingClub personal loans review

Last updated:  

Loans up to $40,000 — if you're OK with a rocky history.

finder.com’s rating: 3.72 / 5.0


  • Best for borrowers with good credit looking to check their rates before applying.
  • Pick something else if you need to borrow more than $40,000 or want a fast turnaround.


Max. Loan Amount

6.95% to 35.89%



Min. Credit Score


Product NameLendingClub Personal Loan
Min. Loan Amount$1,000
Max. Loan Amount$40,000
APR6.95% to 35.89%
Interest Rate TypeFixed
Min. Credit Score640
Minimum Loan Term3 years
Maximum Loan Term5 years
Turnaround TimeAs few as 3 days
Go to Lending Club's website

Expert review

Anna Serio

Review by

Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

Expert review

LendingClub personal loans are ideal if you have good credit and want to check your rate before submitting a full application — you can prequalify by filling out a quick online form without affecting your credit score. Its loans are available to residents of all states except Iowa and West Virginia. And you can apply with a cosigner to increase your chances of approval.

But you can only borrow up to $40,000 — on the low end compared to other lenders — and it charges an origination fee of up to 6%. It’s also not the fastest lender out there: You’ll have to wait at least three days to get your funds.

Not sure LendingClub is for you? Compare your other options below.

First, am I eligible?

To apply for a personal loan with LendingClub, you’ll need to meet four basic requirements:

  • A United States citizen or permanent resident, or living in the U.S. on a valid, long-term visa.
  • At least 18 years old.
  • Have a verifiable bank account.


  • Cosigners welcome
  • Check your rate without affecting your credit
  • Available in 48 states


  • Turnaround takes at least three days
  • Origination fee of 1% to 6%
  • Scams have used LendingClub’s name in the past
  • Previous FTC complaint and scandal with former CEO

Compare other personal loan providers

Updated January 27th, 2020
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible Personal Loans
3.99% to 35.99%
Fair to excellent credit
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Fiona Personal Loans
3.84% to 35.99%
Good to excellent credit
Get loan offers from multiple lenders at once without affecting your credit score.
Upgrade Personal Loans*
6.98% to 35.89%
Affordable loans with two simple repayment terms and no prepayment penalties.
Even Financial Personal Loans
3.84% to 35.99%
Get connected to competitive loan offers instantly from top online consumer lenders.
NetCredit Personal Loans
34% to 155% (Varies by state)
No minimum
Check eligibility in minutes and get a personalized quote without affecting your credit score.
Monevo Personal Loans
3.99% to 35.99%
Quickly compare multiple online lenders with competitive rates depending on your credit.
PenFed Credit Union Personal Loans
6.49% to 17.99%
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
LendingClub Personal Loan
6.95% to 35.89%
A peer-to-peer lender offering fair rates based on your credit score.
SoFi Personal Loan Fixed Rate (with Autopay)
5.99% to 20.01%
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

Must read: Was LendingClub involved in a scam?

Not exactly, but LendingClub hasn’t always followed the rules. There have been two major controversies surrounding LendingClub in the past few years.

FTC complaint
In April 2018, the FTC filed a complaint against LendingClub over its “no hidden fee” promise, claiming that it had charged hidden upfront fees on several of its loans. LendingClub responded by pointing out that it clearly states that its loans come with origination fees multiple times, several places on its website and when borrowers apply for a loan.

CEO resignation
In March and April of 2016, LendingClub’s founder and former CEO Renaud Laplanche stepped down after internal reports found that there had been about $22 million in loans sold to a single investor and failure to disclose possible conflicts of interest. Although this had a major impact on LendingClub’s credibility, the company itself took appropriate measures to prevent fraud and account for false revenue. Because LendingClub resolved the issue internally and continues to work at increasing the transparency of its policies, this was not a scam. Rather, it was a problem with a single individual that the company handled quickly.

What do customers have to say about LendingClub?

BBB accreditedYes
BBB ratingNot rated
BBB customer reviews2 out of 5 stars, based on 150 customer reviews
Trustpilot score4.8 out of 5, based on 626 customer reviews
Customer reviews verified as of11 December 2019

Several borrowers complained about a complicated application process, managing their loan online and high interest rates. A few were also disappointed that they’d gotten a preapproval letter in the mail but were ultimately rejected. However, positive reviews on TrustPilot compliment the streamlined process and fair rates.

How do I apply?

You can begin the application process by clicking the green Go to Lending Club’s website button on this page.
  1. Enter your loan amount, loan purpose and your estimated credit score. Then select if you’re applying as an individual or with a cosigner.
  2. Fill out the required fields with information about yourself, your employment and your income.
  3. Create an account and read the Terms of Use, Privacy Policy, E-Consent form, and Credit Profile Authorization before clicking Get Your Rate.

What information do I need to apply?

You will need to provide some basic information when you apply:

  • Estimated credit score
  • Annual income
  • Social Security number

Step-by-step application process with screenshots

What happens after I apply?

If you’re preapproved, LendingClub will give you multiple loan offers. Select the offer that best fits your needs to apply, following the directions to fill out the rest of your application and submit any required documents. At this point, LendingClub will do a hard credit inquiry that will cause your credit score to drop a few points.

Once you receive your finalized loan terms, you’ll typically receive your loan funds directly into your account within four business days. Overall, the application process can take a week from start to finish.

I got a preapproval letter from LendingClub. What does it mean?

It’s not uncommon for lenders to send out promotional letters to borrowers who might qualify for a loan. These include potential rates and terms based on a soft credit pull that has no effect on your credit score. You might have gotten a letter from LendingClub that looks like this:

Pre-approved loan mail picture

While it’s likely legit, there are also preapproval scams out there. Before you hand over your personal information, reach out to LendingClub to make sure it’s real.

How do repayments work with LendingClub?

LendingClub offers automatic prepayments on a fixed monthly schedule, but be cautious: If you don’t have enough in your account on your due date, LendingClub will charge a $15 nonsufficient (NSF) funds fee on top of the overdraft fee your bank might charge. And while you can pay by check, there is an additional fee of $7 per payment. If you would like to pay via your bank account, but not automatically, you can do so at no extra charge.

You have a 15-day grace period if you need to get your payment in a little late, but LendingClub encourages you to call or email as soon as you know you’re going to have trouble making a payment. If you don’t complete a payment within the 15-day grace period, you could be hit with a fee of 5% of the unpaid installment or $15, whichever is greater.

5 repayment hacks to save money on interest

Compare LendingClub to its top competitors

LendingClub vs…
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Looking for more alternatives? Compare lenders like LendingClub

If you’re still on the fence, compare your other personal loan options before you apply.

Frequently asked questions


All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. 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 the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. 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. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.

† Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com.

Funding time is based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.

Personal loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.

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  1. Default Gravatar
    November 13, 2018

    I have a personal loan with Lending Club, would like to borrow an additional loan and add my income.

    • Avatarfinder Customer Care
      November 15, 2018

      Hello Lori,

      Thank you for your comment.

      If you want to refinance your current loan with LendingClub, you may need to reach them directly so they can let you know if you’re eligible to refinance. They’ll also update your income details.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.


  2. Default Gravatar
    April 10, 2018

    Hi, there! As I’m a nonresident student, by the way, I’m living outside of US, after all I don’t work right now, for I don’t find job. can I find loans or grants to come study abroad and pay after? I’m looking forward to hearing you,soon. thanks!

    • Avatarfinder Customer Care
      April 10, 2018

      Hi Elvariste,

      Thanks for getting in touch with finder.

      The first thing you need to do is find the school you want to enroll in. After that, you can then ask the school whether they know any student loan or financial institution that can help with your situation.

      Moreover, it is worth noting that if you are going to apply for a student loan and you are a non-US resident, generally, a co-signer is required for most international student loan programs.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


  3. Default Gravatar
    December 19, 2017

    You asked for a birthday, is there an age limit in applying for a personal loan?

    • Avatarfinder Customer Care
      December 20, 2017

      Hi Mildred,

      Thank you for your inquiry.

      Generally, for LendingClub personal loan they require that the applicant must be at least 18 years old. Should you need to know more about the requirements and eligibility criteria for this loan. You may need to review the details provided above.

      I hope this information has helped.


  4. Default Gravatar
    August 29, 2017

    How do I apply with my husband

    • Default Gravatar
      August 29, 2017

      Hi Delene,

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      To apply for a personal loan with Lending Club, you’ll need to meet general eligibility requirements.
      – You must be a US citizen, a permanent resident or in the US on a valid long-term visa.
      – You must be at least 18 years old.
      – You must have a valid bank account.

      You’ll need to gather the following information before applying:
      – Your name, contact information and date of birth.
      – How much you want to borrow and the purpose of the loan.
      – Your credit score range.
      – Your annual individual income.

      If you are offered a loan, you can watch as investors offer you loans with varying APRs and repayment terms. Once approved, you’ll typically receive the funds directly into your account within seven days. You may proceed by clicking the green “Go to Site” button for more details.

      I hope this helps.


    • Default Gravatar
      October 3, 2017

      Hello Sir,
      My name is Muhammad Bin Naseer i am from Pakistan age 25 and i want urgent loan of 10000$ for expanding my running business i will return you in easy installments of 10 year

    • Avatarfinder Customer Care
      October 3, 2017

      Hi Muhammad,

      Thanks for contacting finder, a comparison website and general information service.

      Please note that the loan options that we currently feature on our pages are only applicable within US and the lenders that we feature on our pages could only cater to loan applicants who are either residents or citizens of the US or US visa holders who are currently residing in the US.

      Kindly get in touch with your local banks or lenders for possible loan options that you may apply for in your region.

      I hope this helps.


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