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LendingClub small business loans review

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Get funding of up to $500,000 for your small business needs.’s rating: 4.59 / 5.0


Bottom line: LendingClub’s low revenue requirements and minimum loan amount make it a viable option for smaller businesses.


Min. Amount


Max. Amount


Product NameLendingClub business loans
Min. Amount$5,000
Max. Amount$500,000
Loan Term6 months to 5 years
Min. Credit Score580
APR12.15% to 29.97%
Requirements12+ months in business, $50,000+ in annual sales, no bankruptcies or tax liens, at least 20% ownership of the business, fair personal credit score or better
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  • Low starting loan amounts for an online lender
  • No prepayment penalty
  • Connects you with a lender if you don’t qualify for a LendingClub loan


  • High minimum origination fee
  • Relatively long turnaround for an online lender
  • Collateral required on loans over $100,000

Expert review

Anna Serio

Review by

Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 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 has relatively low revenue requirements compared to other lenders, making it a good option for borrowers in their first few years of business. Especially since partnering with nonprofit lender Opportunity Fund to connect businesses that can’t qualify for a LendingClub loan with financing.

Unlike many online lenders, LendingClub offers personalized help. Borrowers get access to is access to a client advisor to help you navigate how you use your business loan funds and budget for repayments.However, it may not offer the most competitive deal to all customers, especially more established businesses.

LendingClub business loan rates, fees and terms

LendingClub business loan come with APRs that range from 12.15% to 29.97%. This includes a flat origination fee of 5.99% of your loan amount. It deducts this from your funds before you receive them.

You can borrow from $5,000 to $500,000 with terms from 12 to 60 months. Use the calculator below to find out how much a LendingClub business loan might cost you at different rates, terms and loan amounts.

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How LendingClub compares to other business lenders

Here's how LendingClub's business loans stack up to loans from other peer-to-peer lenders.

LendingClub reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 4.42 out of 5 stars, based on 330 customer reviews
BBB customer complaints 417 customer complaints
Trustpilot Score 4.7 out of 5 stars, based on 1,128 customer reviews
Customer reviews verified as of 13 October 2020

LendingClub generally gets good customer reviews, though they can be mixed — over 400 customers filed complaints on its BBB page. Most customers were pleased with how fast and easy the application was. But some complained about getting rejected and technical mishaps, like getting charged twice for a repayment.

How to qualify

You must meet the following requirements at a minimum to be eligible for LendingClub small business loan.

  • In business for 12 months or more
  • At least $50,000 in annual sales
  • No recent bankruptcies or tax liens
  • Own at least 20% of your business
  • Not located in in Iowa

LendingClub partners with Opportunity Fund

LendingClub and nonprofit lender Opportunity Fund to expand its business loan offerings. Since the partnership, LendingClub increased its maximum loan amount from $300,000 to $500,000, slightly reduced rates and relaxed eligibility requirements.

The aim of the partnership is to bring more funding to a wider range of business owners, including women and minorities.

How the application works

You can start your application by filling out a short form on LendingClub's website. After you apply, LendingClub will review your application and reach out if it believes you’re eligible — or give you directions on how to apply for an OpportunityFund loan. Follow the directions to submit any additional information or documents it requests. Then, review your loan offer.

It can take a few days for investors to fund your loan. After it’s funded LendingClub sends the funds to your business bank account. When you take out a loan with LendingClub, you get access to a client advisor who is available to help you with any questions you might have, Monday through Friday.

What sets it apart

LendingClub's has low starting loan amounts and revenue requirements. Even compared to other online lenders. Its partnership with Opportunity Fund also helps ensure that more applicants can find funding through this peer-to-peer platform, even if it doesn't directly fund the loan. But its rates and fees are on the high end compared to similar lenders.

Is LendingClub legit?

Yes, LendingClub is a legitimate lender. In fact, it’s one of the first peer-to-peer lenders established in the US and a leader in the fintech industry. But watch out for offers from other companies posing as LendingClub. It reported to the BBB that its name is being used in an online loan scam.

And it takes steps to protect your information, like using SSL encryption on information you submit through its website. While it shares your personal information with other companies for marketing purposes, you can request to limit how much it shares by calling customer service.

See how LendingClub stacks up to other business lenders in general by checking out our guide to business loans. Or, read about lenders like LendingClub.

Frequently asked questions

Answers to questions business owners often ask about LendingClub.

How long does it take to get my funds?

On average, the process takes seven business days. It could take longer.

What should I do if I can't make a repayment?

Contact LendingClub as soon as you know you won’t be able to make a payment. They may be able to move the date of your next payment. You can also change your payment day if needed to fit your cash flow schedule.

How do I submit documents with my application?

Log in to your LendingClub account and go to Account summary. There, you can upload any documents LendingClub requires.

See other business loan options

Use this table to compare more business loans available online.

Data indicated here is updated regularly
Name Product Filter Values Loan amount APR Requirements
Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
Fora Financial business loans
$5,000 – $500,000
1+ year in business, $250,000+ annual revenue, no open bankruptcies
Get qualified for funding in minutes for up to $500,000 without affecting your credit score. Great for SBA loan applicants.
First Down Funding business loans
$5,000 – $300,000
Fee Based
At least 2 years in business, an annual revenue of $300,000+, and a minimum credit score of 400
Alternative financing up to $300K with highly competitive rates.
ROK Financial business loans
$10,000 – $5,000,000
Starting at 6%
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.
OnDeck small business loans
$5,000 – $250,000
As low as 11.89%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.

Compare up to 4 providers

Business loan ratings

★★★★★ Excellent
★★★★★ Good
★★★★★ Average
★★★★★ Subpar
★★★★★ Poor

We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.

Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.

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