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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.

TrustPilot Reviews: 4.7 / 5.0 (1109 reviews)’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 personal loans
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 lending expert and certified Commercial Loan Officer who's published more than 950 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 Business Insider, CNBC and the Simple Dollar 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 APRs range 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.

There are no application, prepayment or brokerage fees. In fact, the only other fee you might pay is a late fee. LendingClub charges 5% of your missed repayment or $15 — whichever is higher.

LendingClub offers loans from $1,000 to $40,000 with terms of 36 or 60 months. Use the calculator below to estimate your monthly payments and total interest paid over the life of your loan:

Monthly repayments calculator

Calculate how much you could expect to pay each month
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Fill out the form and click on “Calculate” to see your estimated monthly payment.


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How it works

LendingClub works by connecting you to investors who fund the loan, instead of providing the money itself. Since it shares interest earnings with investors, it relies on fees for part of its profit. That’s why it can be more expensive than other types of loans.

Like other peer-to-peer platforms, it assigns borrowers a letter grade based on your risk. For example, if you just meet LendingClub’s minimum credit score of 640 you’ll likely get a lower grade.

We’ve included the average rates by LendingClub grade and loan term. The rates are from the LendingClub Loan Performance Details table, using years 2014 to 2020.

LendingClub grade3-year term5-year term
F and G30.05%26.65%

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
4.99% to 35.99%
Fair to excellent credit
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
SoFi personal loans
5.99% to 18.28%
A highly-rated lender with competitive rates, high loan amounts and no fees.
LendingTree personal loans
Starting from 2.49%
Good to excellent credit
Receive up to five loan offers in just minutes through LendingTree's simple online form.
NetCredit personal loans
34% to 155%
No minimum
Check eligibility in minutes and get a personalized quote 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.

Compare up to 4 providers

What is LendingClub?

Founded in 2005, LendingClub is one of the first peer-to-peer (P2P) lending platforms in the country. Instead of funding the loan itself, it connects borrowers with investors.

It sets the rates, terms and loan amounts, assigns borrowers a letter grade based on creditworthiness and provides a space for borrowers to make repayments and investors to fund the loans and collect returns.

So while it earns money from interest, fees can be its big source of revenue. That’s why you’ll find higher origination fees with LendingClub and other P2P lenders than with other types of online lenders.

Is LendingClub legit?

Yes. LendingClub has safeguards in place to protect the personal and financial information of both borrowers and investors. 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 all 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.

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:

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.

LendingClub reviews and complaints

BBB accreditedYes
BBB ratingNot rated
BBB customer reviews3.4 out of 5 stars, based on 330 customer reviews
J.D. Power rankingRanked No. 5 in J.D. Power 2020 customer satisfaction survey
Trustpilot score4.7 out of 5 stars, based on 1,128 customer reviews
Customer reviews verified as of16 October 2020

It depends on where you look. LendingClub receives positive reviews on Trustpilot, with borrowers complimenting its fair rates and streamlined application process. And it came in fifth place in the 2020 J.D. Power Consumer Lending Customer Satisfaction Survey, based on factors like the application process, rates and terms and how it managed loan repayments.

However, over on the Better Business Bureau (BBB), several people report that the application process is complicated, the interest rate they received was high and that they had issues managing their loan online. A few also express disappointment that they’d gotten a preapproval letter in the mail, but were ultimately rejected.

LendingClub user reviews

4.7 / 5.0 (1109 reviews)
  • Give three because you take too long to report to the credit bureaus when I...
    read full review
  • Lending Club are nothing more than liars and con artist! I was approved for deferred...
    read full review
  • I sent a cashiers check to pay off my loan which they recieved on August...
    read full review
  • READ THE INCREDIBLY FINE PRINT. This company will do absolutely everything within their power to...
    read full review
  • Lending Club is HORRIBLE. At the beginning of 2020 I stopped allowing them automatic withdrawals...
    read full review
  • I was approved for a loan last year of $5k. I filed bk in 2018...
    read full review

What are risks of using LendingClub?

The main risk of using LendingClub is that there’s a chance investors won’t fund your loan. Even after approval. And this applies to all borrowers — even if you score the highest loan rating.

That’s because investors typically diversify the types of loans they invest in. Lower letter ratings might be higher risk for the investor, but they come with higher returns. Investing in a highly-rated loan, on the other hand, is a near-guaranteed return. But the returns are lower.

Aside from that, the only other risk to look out for is information security. While LendingClub takes industry-standard steps to protect your information, there’s no way to guarantee anything you submit over the internet will be protected.

How do I apply?

You can apply online through the following steps:

  1. Go to LendingClub’s website or click Check my rate on this page to be taken there.
  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.

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 — which 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 and funding process can take a week from start to finish.

How do repayments work with LendingClub?

LendingClub loans come with monthly repayments. Consider signing up for autopay offers automatic monthly repayments, which can help you avoid accidental late payments.

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.

Is LendingClub right for me?

LendingClub could be a good choice if you’ve struggled to qualify with a bank and want to avoid borrowing from traditional financial institutions.

As a borrower, it’s not very different from applying to a direct online lender. But it has a much higher starting rate than most direct lenders offer. If you don’t mind borrowing from a different kind of nontraditional lender, consider applying with a direct online lender instead.

But LendingClub could be a great opportunity to dip your toes in investments. You only need to be over 18 with a valid Social Security number and $1,000 to invest to get started. Unlike many P2P lenders, it offers the option of turning your investments into a retirement account. Returns average at around 5%.

4 alternatives to LendingClub

Think LendingClub might not be the right choice? Consider one of these alternatives.


  • APR: Starting at 2.49%
  • Loan amounts: $1,000–$50,000
  • Terms: Varies based on lender

This online connection service doesn’t fund loans itself, but helps you prequalify with multiple lenders. Its partners offer rates starting as low as 2.49% and loan amounts go higher than LendingClub offers. But watch out: LendingTree blasts your contact information out to its partners. Be prepared for lots of phone calls and emails if you use this service.


  • APR: 7.95% to 35.99%
  • Loan amounts: $2,000–$40,000
  • Terms: 3 or 5 years

Established just before LendingClub in 2005, Prosper is actually the first P2P lender in the US. Its personal loans are very similar to LendingClub. But its rates start lower and it doesn’t charge more than 5% for its origination fee. However, it gets slightly more negative customer reviews than LendingClub as of July 2020.


  • APR: 5.99% to 18.28%
  • Loan amounts: $5,000–$100,000
  • Terms: 24 to 84 months

SoFi started out as a P2P platform but is now a direct online lender with the goal of helping borrowers reach financial independence. It’s known for its competitive rates and member perks, which range from free, tailored financial advice to networking opportunities.

Its starting rates are nearly half of what you’ll find with LendingClub and it offers a wider range of loan amounts and terms. But you need a credit score of 680 to qualify.


  • APR: 8.69% to 35.99%
  • Loan amounts: $1,000–$50,000
  • Terms: 3 or 5 years

Just finished a graduate degree? Upstart could be a better choice than LendingClub. This P2P platform puts weight on your career and education when determining your rates and fees. You might be able to qualify with Upstart even if your credit score is as low as 580 or 600 depending on state of residence. And did we mention its starting rates are lower than LendingClub’s?

Compare LendingClub to its top competitors

LendingClub versus …
Prosper vs UpstartCompare

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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