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LendingClub personal loans review

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

10.68% to 35.89%



Min. Credit Score


Product NameLendingClub
Min. Loan Amount$1,000
Max. Loan Amount$40,000
APR10.68% to 35.89%
Interest Rate TypeFixed
Min. Credit Score640
Origination Fee1% to 6%
Late Fee5% of your unpaid payment or $15, whichever is greater
Loan Term3 to 5 years
Turnaround TimeAs little as 4 days
Check my rate

Expert review

Anna Serio

Review by

Anna Serio is a trusted loans expert who's published more than 800 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Fundera,, and ValueWalk feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

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.

How much will this loan cost me?

LendingClub is on the expensive side, even for a lender that accepts borrowers with fair credit. Its APR ranges from 6.95% to 35.89% — nearly the maximum amount a lender can legally charge. Combined with an origination fee of 1% to 6%, you’ll likely find a better deal elsewhere if you have excellent credit.

Use the calculator below to estimate your monthly payments and total interest paid over the life of your loan:

How it works

The total cost of your loan depends on your APR, loan amount and the term you choose. The APR you’re offered is based on your credit history, income and current debt load.

If you only have fair credit — that is, you meet LendingClub’s minimum score of 640 — you may be stuck with a higher APR and a higher origination fee.

Those with higher credit may qualify for lower rates, but it will depend on your debt-to-income ratio and other factors.

What do I need to qualify?

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

  • Minimum credit score of 640
  • Verifiable bank account
  • Not a resident of Utah or West Virginia
  • US citizen or permanent resident
  • At least 18 years old

What information do I need to apply?

You’ll need to provide some basic information to prequalify with LendingClub:

  • Estimated credit score
  • Annual income
  • Social Security number


  • May qualify with a credit score of 640+
  • Coapplicants welcome
  • Check your rate without affecting your credit
  • Available in 48 states


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

See other personal loan options

Data indicated here is updated regularly
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
4.99% to 35.99%
Good to excellent credit
Get loan offers from multiple lenders at once without affecting your credit score.
Monevo personal loans
3.49% to 35.99%
Quickly compare multiple online lenders with competitive rates depending on your credit.
Even Financial
4.99% to 35.99%
Get connected to competitive loan offers instantly from top online consumer lenders.
Upgrade Personal Loans
7.99% to 35.97%
Affordable loans with two simple repayment terms and no prepayment penalties.
SoFi personal loans
5.99% to 19.96%
A highly-rated lender with competitive rates, high loan amounts and no fees.
Good to excellent credit
Borrow up to $100,000 with low rates and no fees.
OneMain Financial Personal Loans
18% to 35.99%
An established online and in-store lender with quick turnaround times. Poor credit is OK.

Compare up to 4 providers

Is LendingClub legit?

Yes. LendingClub has safeguards in place to protect your personal and financial information. It’s FDIC insured, registered with the SEC and has a standard SSL encryption. You can also view LendingClub’s privacy policy on its website to learn how your information is used and shared with other businesses.

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 Federal Trade Commission (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 in several places on its website and when borrowers apply for a loan.

CEO resignation

In May 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.

Does LendingClub get good customer reviews?

BBB accreditedYes
BBB ratingNot rated
BBB customer reviews1.9 out of 5 stars, based on 152 customer reviews
Trustpilot score4.9 out of 5 stars, based on 956 customer reviews
Customer reviews verified as of09 March 2020

It depends on where you look. LendingClub receives positive reviews on Trustpilot, with borrowers complimenting its fair rates and streamlined application process. However, over on the Better Business Bureau (BBB), several people complained about a complicated application process, issues 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.

How do I apply?

You can apply online through the following steps:

  1. Go to LendingClub’s website.
  2. Enter your loan amount and select how you’ll use your loan funds. Click Check Your Rate.
  3. Select if you’ll be applying as an individual or with a coapplicant, then fill out the required fields with information about yourself, your employment and your income.
  4. Read the terms of use, privacy policy and other important documents related to your privacy, then enter a password to create an account.
  5. Finally, enter your credit score and click Get Your Rate.

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 and follow the directions to fill out the rest of your application. You may need to submit proof of income or identity to finalize your application. At this point, LendingClub will do a hard credit check that will cause your credit score to drop a few points.
Once you receive your finalized loan terms, you’ll typically get 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 monthly repayments, but be careful: If you don’t have enough in your account on your due date, LendingClub will charge a $15 nonsufficient funds (NSF) fee on top of the overdraft fee your bank might charge. You can also make a one-time payment from your bank account at no extra charge. And while you can pay by check, there’s an additional fee of $7 per payment.

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 make a payment within the 15-day grace period, you could be hit with a fee of 5% of the unpaid amount or $15, whichever is greater.
If you want to change the due date for your next payment only, you can log in to your account and set your payment for up to 15 days after your original due date. You can also permanently change your due date by visiting the Payment Due Date section and choosing a new date.

Compare LendingClub to its top competitors

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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

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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