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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


  • Best for businesses with relatively low sales
  • Pick something else if you want to avoid origination fees.


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
Check eligibility

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 has relatively low revenue requirements compared to other lenders, making it a good option for borrowers in their first few years of business. And you’ll get help with the application: 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 charges a higher-than-average minimum origination fee and it may not offer the most competitive deal to all customers. And its rates might not be as competitive for more established businesses.

How much will this loan cost me?

LendingClub business loan come with APRs that range from 9.77% to 35.98%. This includes an origination fee of 3.49% to 7.99%, which it deducts from your funds before you receive them.

You can borrow from $5,000 to $500,000 with terms from 6 months to 5 years. Use the calculator below to find out how much a LendingClub business loan might cost you at different rates, terms and loan amounts.

Business loan calculator

See how much you'll pay

Your loan
Loan amount
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Interest rate
$ %

Fill out the form and click on “Calculate” to see your estimated monthly payment.


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Based on your loan terms…

You can expect to pay back $ per month

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How it works

The most favorable rates and largest loans typically go to businesses with strong revenue, several years and business and to owners with near-perfect credit. If you just squeak by the minimum requirements, it’s likely you’ll land with rates close to a 35.98% APR with a 7.99% origination fee.

What do I need 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

What information do I need to apply?

You need to provide the following documents when you apply — and having them on hand can speed up the application.

  • Government-issued ID, such as your driver’s license or passport
  • Bank statements for business accounts
  • Proof of personal income
  • Business tax returns
  • IRS Form 4506-T

What industries does LendingClub work with?

LendingClub doesn’t work with businesses involved in the following types of business activities.

  • Financial investing
  • Lending
  • Gambling
  • Adult entertainment
  • Federally illegal activities

LendingClub partners with Funding Circle and Opportunity Fund

LendingClub and online lender Funding Circle 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.

Pros and cons

LendingClub business loans might not be right for every business. Use these benefits and drawbacks to help you decide if it’s worth an application.


  • Low minimum business loan amount for an online lender
  • No prepayment penalty
  • Relatively low revenue requirements


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

See other business loan options

Data indicated here is updated regularly

Name Product Filter Values Loan amount APR Requirements
First Down Funding business loans
$5,000 – $300,000
Fee Based
At least 1 year in business, an annual revenue of $100,000+, and a minimum credit score of 400
Alternative financing up to $300K with highly competitive rates.
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.
ROK Financial business loans
$10,000 – $5,000,000
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 9.99%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
Rapid Finance small business loans
$5,000 – $1,000,000
Fee based
Steady flow of credit card sales, bad credit OK

Compare up to 4 providers

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.

Does LendingClub get good customer reviews?

BBB accredited Yes
BBB rating Not rated
BBB customer reviews 1.8 out of 5 stars, based on 153 customer reviews
Trustpilot Score 4.8 out of 5 stars, based on 1,076 customer reviews
Customer reviews verified as of 12 May 2020

Yes, LendingClub generally gets good customer reviews, though they can be mixed — close to 400 customers filed complaints against the lender with the Better Business Bureau (BBB). 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 do I apply?

Follow these steps to apply for a business loan from LendingClub:

  1. Click the green Check eligibility button on this page.
  2. Enter the amount you’d like to borrow, select how you plan on using the funds and click Get a quote.
  3. Follow the steps to fill in information about your business, yourself and your finances.
  4. Review your application before hitting Submit.

What happens after I apply?

After you apply, LendingClub will review your application and reach out if it believes you’re eligible. 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.

How do repayments work?

LendingClub business loans come with regular monthly payments. Your first payment will be due 30 days from when the funds are issued. This doesn’t change if it takes longer for them to get into your account due to your bank.

Electronic payments are the easiest way to repay your loan. If you aren’t signed up for autopay, LendingClub will email you a few days before your bill is due to receive payment.

Remember that 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.

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 about LendingClub small business loans

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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