Enjoy loans with competitive interest rates and simplified payments.
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 offers you the chance to borrow up to $40,000 as alternative to bank personal loans. Rates from 6.16% to 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: As few as 3 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?
- Personal loans. As a peer-to-peer lender, LendingClub sources individual investor funds to offer personal loans with affordable costs.
- Business loans. LendingClub business loans come with fixed monthly payments, and there are no prepayment penalties. Loan terms vary between one and five years.
- Business lines of credit. You have the freedom to use the money from this line of credit for any business-related purpose at any time. Repay the amount you use in up to 25 months.
- Auto refinancing. You could save money with LendingClub by refinancing your existing car loan to one with lower interest rates and no hidden fees.
- Patient financing. LendingClub offers patient financial solutions to suit different needs, including financing for dental, fertility, hair, and bariatric treatments. You get to choose from different plan amounts and loan terms.
Apply for a LendingClub loan
Awards LendingClub has won
LendingClub has received various awards since its inception:
- The Economist Innovation Awards and Summit 2014. Renaud Laplanche, founder and then-CEO of LendingClub, winner for pioneering peer-to-peer consumer lending. Laplanche is now the cofounder and CEO of Upgrade.
- 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.
Drawbacks of borrowing with LendingClub
- Origination fee. LendingClub charges an origination fee of 1% to 6% on its loans, which is wrapped into your loan cost.
- Not available in all states. You aren’t eligible for a LendingClub loan if you live in Iowa or West Virginia.
- Good credit required. If your credit score is lower than 660, you can’t get a loan from LendingClub.
- Relatively slow turnaround. It can take up to seven days to get your funds through LendingClub — faster than many banks but slower than some direct online lenders.
Wasn’t LendingClub involved in a scandal?
Yes. LendingClub has been involved in couple of incidents over the past few years. These include a complaint against the company by the Federal Trade Commission (FTC) and the resignation of its cofounder and former CEO.
FTC complaint
In 2018, the FTC filed a complaint against the peer-to-peer lender for false advertising. It accused LendingClub of advertised no-fees loans, even though it charges an origination fee on personal loans. It also accused LendingClub of leading customers to believe they’d been approved when they actually hadn’t been, withdrawing funds from borrower’s accounts without their consent and failing to disclose its privacy policy.
LendingClub responded by pointing out that it discloses its origination fees clearly on its website and chalking up the other two accusations to errors that affected a very small portion of the customer base and have since been corrected.
Renaud Laplache resignation
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. After leaving LendingClub, Laplache went on to cofound online lender Upgrade. 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.
- Place the document on a flat surface with no background clutter.
- 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.
- Click on Submit requested documents.
- Click the camera icon
next to the document you’d like to upload. - Hold your phone still while you take the picture, making sure the entire document is visible.
- 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.
- Click Submit once you’ve finished taking pictures of all your documents.
next to the document you’d like to upload.
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?
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