LendingClub personal loans — an alternative to bank loans

LendingClub loans

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LendingClub has funded loans in excess of $26.5 billion since it began operations in 2006, and it’s one of the largest online credit marketplaces in the world. As LendingClub operates online, it can offer competitive products and services. LendingClub offers products such as personal loans, business loans and financing for elective medical procedures.

LendingClub Personal Loan

LendingClub Personal Loan

LendingClub offers you the chance to borrow up to $40,000 as alternative to bank personal loans. Rates from 5.98%–35.89%* APR based on your credit score.

  • Recommended Credit Score: 660 or higher
  • Min. Loan Amount: $1,000
  • Max. Loan Amount: $40,000
  • Loan Term: 3 to 5 years
  • Turnaround Time: Up to 7 days
  • Total Costs: Depends on your credit score.
  • Consolidate loans or pay off high interest debt
  • Confidential and secure online application!

    What loans does LendingClub offer?

    Apply for a LendingClub loan

    Rates last updated April 23rd, 2018
    Name Product Minimum Credit Score Max. Loan Amount APR Product Description
    LendingClub Personal Loan
    660
    $40,000
    5.98%–35.89% (fixed)
    A peer-to-peer lender offering fair rates based on your credit score.
    LendingClub Business Loans
    Fair or better
    $300,000
    9.77%–35.71% (fixed)
    With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
    LendingClub Auto Refinancing
    Good to excellent credit
    $55,000
    3.49%–24.99% (fixed)
    Lower your monthly car payments and save on interest through a fast and easy online application process.

    Compare up to 4 providers

    Awards LendingClub has won

    LendingClub has received various awards since its inception:

    • The Economist Innovation Awards and Summit 2014. Renaud Laplanche, founder and CEO of LendingClub, winner for pioneering peer-to-peer consumer lending.
    • Forbes America’s Most Promising Companies 2014. LendingClub ranked fifth in the list of America’s Most Promising Companies.
    • Fast Company’s Most Innovative Companies 2013. LendingClub made it to the third spot in the World’s Top 10 Most Innovative Companies in Finance.

    What can you use a loan from LendingClub for?

    LendingClub offers a range of loans. Your eligibility depends on your existing financial situation, your credit rating, and your ability to repay. Here are some common reasons people take out a loan through LendingClub:

    • Debt consolidation. If you have multiple debts and want to consolidate them into a single loan, this is an option to consider. Not only can you look forward to making one payment each month, you can also save money on interest. You can repay this unsecured loan early without paying any penalties.
    • Home improvement. You can use the funds from this unsecured loan to improve your home, whether it be remodeling your kitchen or adding an extra room. Payments remain fixed throughout the loan term and you can repay the loan early without penalty.
    • Car financing. The car financing that LendingClub offers is unsecured, so you don’t have limitations when it comes to model and make. What also helps is that you can make extra payments as and when you like, which means you can save on interest.

    Leading Club also provides personal loans for major purchases, vacations, relocations and other purposes.

    What benefits should I consider?

    If you’re considering a personal loan from LendingClub, take some time to consider the following features:

    • No prepayment penalties. You can make additional payments towards your LendingClub personal loan as often as you want. Paying your loan ahead of time will help you reduce the interest you pay.
    • Flexible financial tool. You can use funds from a LendingClub personal loan for a variety of purposes. This can include consolidating debts, remodeling your house, paying for car repairs or simply getting by a temporary setback.
    • Pay lower interest. If you have outstanding loans and/or credit card debts that charge high interest, you can get a LendingClub personal loan to consolidate those existing high-interest debts.
    • Fixed rates and payments. These personal loans come with fixed interest rates that remain the same for the entire loan term.
    • Boost your credit score. If you pay off your credit card debts, or consolidate your outstanding debts, you can improve your credit score. LendingClub reports that more than 75% borrowers who take this route experience an increase in their FICO scores within three months.

    Wasn’t LendingClub involved in a scandal?

    Yes. LendingClub’s founder and former CEO Renaud Laplanche was forced to step down in 2016 after it was discovered that he had failed to disclose that he’d invested in a fund that was purchasing LendingClub loans, a conflict of interest. LendingClub also sold $22 million in loans to an investment bank with documents containing falsified information (the loans didn’t meet some of the bank’s specifications).

    The company took care of the issue itself and continues to work to improve its transparency policies. It currently has an A+ rating from the Better Business Bureau and is quick to resolve customer complaints.

    How can I apply?

    To apply for a personal loan through LendingClub, click on the ‘Go to Site’ button. Make sure you can answer “yes” to each of the eligibility requirements:

    • You’re over 18 years of age
    • You’re a permanent resident of the US or an American citizen
    • You have a credit score of 660 or higher
    • You don’t live in Iowa or West Virginia (not available in these states)
    • You have a steady source of income

    You will need to have the following information on hand to complete the application:

    • Your name, residential address, email address and phone number
    • Details from a valid form of photo ID
    • Your employer’s name and phone number
    • Details about your income and expenses

    How do I upload documents for my loan application using my cellphone?

    LendingClub allows you to take pictures of your documents from your cellphone as added convenience. Start by making sure all documents are current and not expired.

    1. Place the document on a flat surface with no background clutter.
    2. Once signed in, go to your personal To-Do List from the Account Summary page. You’ll see LendingClub’s requests for additional information to process your loan.
    3. Click on Submit requested documents.
    4. Click the camera icon next to the document you’d like to upload.
    5. Hold your phone still while you take the picture, making sure the entire document is visible.
    6. Tap Upload another to add another page to a document, for example a W-2. LendingClub allows up to 20 images for each document, but most won’t be that long.
    7. Click Submit once you’ve finished taking pictures of all your documents.

    Frequently asked questions

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    2 Responses

    1. Default Gravatar
      MistyDecember 11, 2017

      If my credit score is a 550 but my spouse is a 740 and we file jointly can we get a loan for $5000 through lending club or anyone else?

      • Staff
        JoanneDecember 13, 2017Staff

        Hi Misty,

        Thanks for reaching out.

        The success of your application for a loan would depend on LendingClub’s assessment. Their application criteria include:

        *You’re over 18 years of age
        *You’re a permanent resident of the US or an American citizen
        *You have a credit score of 660 or higher (good to excellent credit)
        *You don’t live in Iowa or West Virginia (not available in these states)
        *You have a steady source of income

        Should you wish to apply, LendingClub would need your information as well as your co borrower’s and your approval would depend on their assessment. Your actual rate would also depend on the credit score, loan amount, loan term, and credit usage & history.

        Best Regards,
        Joanne

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