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LendingClub personal loans review

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This peer-to-peer lender is an established source for loans up to $40,000.

finder.com’s rating: 3.8 / 5.0


LendingClub is a San Francisco-based peer-to-peer lender available in the majority of the US. But with mixed ratings from former borrowers and a few past problems with honesty, you’ll want to carefully consider your terms before you apply.


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

What makes LendingClub unique?

LendingClub is a peer-to-peer lender that uses investors — which can range from individuals to corporations — to fund personal loans. It is an industry leader that continues to set itself apart by providing personal loans to borrowers across the US. Since 2007, LendingClub has funded over 2.5 million loans and has been featured by both the New York Times and The Economist.

How does a personal loan through LendingClub work?

Rather than funding a loan directly, LendingClub is a peer-to-peer lender. Lenders choose to fund your loan based on the Loan Grade you’re given, which ranges from A to G. Applying for preapproval won’t hurt your credit, and you may qualify for a loan of up to $40,000. Depending on the Loan Grade you receive, you’ll pay an origination fee of 1% to 6%, and your APR will range from 6.95% to 35.89% and will be fixed over the life of your loan.

If you’re fully approved for a loan, all you need to do is wait for investors to provide you with funds. After your loan is funded, LendingClub transfers the money to your bank account. From here, you’ll have between 3 to 5 years to repay your loan.

What are the benefits of a LendingClub personal loan?

  • FDIC insured and SEC registered. Your account cash balance is deposited at Wells Fargo Bank, an FDIC-insured institution. It has also been registered with the US Securities and Exchange Commission since 2008.
  • Cosigners welcome. Not sure you can qualify for a competitive rate on your own? LendingClub is one of the few personal loan providers that allows you to apply with a cosigner to strengthen your application.
  • Rebuild your credit. LendingClub reports your payments to the three major credit reporting bureaus so you can build your credit history.
  • Available in 48 states. LendingClub is available in every state except West Virginia and Iowa.

What to watch out for

  • Relatively long turnaround. It can take some time to get connected with investors: As few as 3 days. In comparison, some direct online lenders providing funds in as little as one business day.
  • Origination fee. LendingClub personal loans come with an origination fee of 1% to 6% of the loan amount, which is higher than some other personal loan options. This amount is deducted from your loan before it’s transferred into your bank account.
  • Poser scams. It’s possible that disreputable individuals could pose as lenders on LendingClub’s platform. Keep in mind that legitimate loans don’t require an upfront payment.

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Cover medical expenses with LendingClub Patient Solutions

In addition to offering personal loans, LendingClub also offers specialized medical loans directly through healthcare providers. These are designed to cover expenses your insurance doesn’t.

Through patient solutions, you have two options:

Plan Procedures it covers Loan amount APR Terms
Extended plan Weight loss, fertility, dental and hair restoration $2,000 to $50,000 3.99% to 24.99% 24 to 48 months
True no-interest plan Hair restoration and dental $499 to $32,000 0% for the first 6 to 24 months, then 29.99% Starting at 6 months

There are no application, origination or prepayment penalties, and you have a short grace period of three to seven weeks before your repayments start. To find a provider near you, visit LendingClub’s Patient Solutions section on its website.

Is LendingClub legit?

Yes. LendingClub has a safe website that guards your personal and financial information related to your loan. It’s also FDIC insured, registered with the SEC and has a standard SSL encryption to keep your information safe. You can also view LendingClub’s Privacy Policy on its website to learn how your information is used and shared with other businesses.

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 borrowers have to say about LendingClub?

LendingClub gets mixed online reviews, though as of June 2019, the majority are negative. While it’s accredited by the Better Business Bureau (BBB), it only has a rating of A — due in part to the large amount of complaints filed against it. Out of the nearly 150 customer reviews on LendingClub’s BBB page, only a small portion are positive. On top of this, over 250 borrowers have submitted a complain. It does even worse on Trustpilot, earning a low 4.7 out of 10 based on just 21 reviews.

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. The handful of positive reviews were written by borrowers who said applying was simple and that they would recommend them. Before you borrow, take the time to read through a few and contact LendingClub yourself. This can help guide your final decision.

What do I need to apply?

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

  • Credit score of at least 640
  • Valid bank account
  • US citizen or permanent resident
  • at least 18 years old

Before you apply: LendingClub is not available in Iowa or West Virginia.

How do I apply?

You can begin the application process by clicking the green Go to site 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..

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.

How to get preapproved step-by-step

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.

I got a personal loan from LendingClub. Now what?

After you receive a loan, it’s time to start considering your repayment options. 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 non-sufficient funds fee on top of the overdraft fee your bank might charge. And while 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

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Bottom line

LendingClub could be a good fit for those with an established credit history. But keep in mind that you may still be faced with high APRs and that LendingClub doesn’t have a perfect record, so compare your other personal loan options before you apply. And if you want to stick with a peer-to-peer lender, you can also browse our guide to peer-to-peer lending. However, with large loan amounts and good terms available, LendingClub is still a competitive option for many borrowers.

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.

    • AvatarStaff
      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!

    • AvatarStaff
      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?

    • AvatarStaff
      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

    • AvatarStaff
      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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