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LendingClub small business loans review

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$5,000
Max. Amount$500,000
Loan Term12 to 60 months
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


  • 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

Our take on LendingClub business loans

LendingClub has relatively low revenue requirements compared to banks, 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. Its rates and fees maybe higher what you'd find with other online lenders like Kabbage — though they are lower than rates available from short-term lenders like OnDeck. They may not offer the most competitive deal to all customers, especially more established businesses.

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.

Business loan calculator

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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 business loans

Funding Circle business loans


Finder rating 4.5 / 5


Finder rating 4.4 / 5

Read Review
Read Review

Loan amount

$5,000 – $500,000

Loan amount

$5,000 – $500,000


12.15% to 29.97%


11.29% to 30.12%

Loan Term

12 to 60 months

Loan Term

3 to 120 months


12+ 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


660+ personal credit score, 2+ years in business, for-profit business in an approved industry, not located in Nevada

LendingClub reviews and complaints

BBB accredited Yes
BBB rating NR
BBB customer reviews 4.17 out of 5 stars, based on 657 customer reviews
BBB customer complaints 489 customer complaints
Trustpilot Score 4.7 out of 5 stars, based on 1,136 customer reviews
Customer reviews verified as of 22 February 2021

LendingClub generally gets good customer reviews, though they can be mixed — over 400 customers filed complaints on its BBB page. Most customers report they're pleased with how fast and easy the application was. But some complain 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 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 on LendingClub's website.

  1. Fill out a short form with information about your business, yourself and your finances then choose an offer.
  2. LendingClub will review your application and reach out if you're eligible.
  3. Follow the directions to submit any additional information or documents.
  4. Review your loan documents and sign them.
  5. It can take a few days for investors to fund your loan and then LendingClub to send the funds to your 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 low starting loan amounts and revenue requirements make it stand out against competitors — even other online lenders. Its partnership with Opportunity Fund also helps ensure that more applicants can find funding through this peer-to-peer platform. 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.

LendingClub 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.

1 – 6 of 6
Name Product Filter Values Min. Amount Max. Amount APR Requirements

Lendio business loans
Finder Rating: 4.75 / 5: ★★★★★

Lendio business loans
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.

OnDeck short-term loans
Finder Rating: 4.6 / 5: ★★★★★

OnDeck short-term loans
29.9% to 99.9%
600+ personal credit score, 1 year in business, $100,000+ annual revenue, active business checking account
A leading online business lender offering flexible financing at competitive fixed rates.

ROK Financial business loans
Finder Rating: 4.7 / 5: ★★★★★

ROK Financial business loans
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.

Fundera business loans
Finder Rating: 4.9 / 5: ★★★★★

Fundera business loans
7% to 30%
$50,000+ of annual revenue, 620+ personal credit score, in business for 6+ months
Get connected with short-term funding, SBA loans, lines of credit and more.

Biz2Credit business loans
Finder Rating: 4.7 / 5: ★★★★★

Biz2Credit business loans
Starting at 6.50%
6+ months in business; $100,000+ annual revenue; 500+ credit score
Get only the capital you need through secure, prescreened lenders with this highly rated company offering SBA, expansion, working capital and other loans.

Fora Financial business loans
Finder Rating: 4.1 / 5: ★★★★★

Fora Financial business loans
12+ months in business, $15,000+ monthly revenue, no open bankruptcies
Get qualified for funding in minutes for up to $750,000 without affecting your credit score. Best for companies with at least six figures in annual revenue.

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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