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LendingClub personal loans review

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LendingClub personal loans
Finder score
Max. Loan Amount
9.57% to 35.99%
Min. credit score

Our verdict

Loans for a wide variety of credit types up to $40,000 — if you're OK with a rocky company history.

LendingClub is an award-winning lender that accepts credit scores as low as 600, but its rates are higher than some competitors — starting at 9.57% APR. Loan amounts start at $1,000, which is lower than some competitors. You can prequalify with a soft credit pull, and joint loans are also an option. Approval times are speedy, as fast as 24 hours and a quick two-day funding time. However, it's had a rocky history with regulators, such as a dispute with the FTC in 2018 regarding hidden fees, and you'll find many complaints with the BBB.

Best for: Fair-credit borrowers in need of a small loan.


  • Speedy approval and funding times
  • Low 600 minimum credit score
  • Available in 49 states and DC


  • More than 1,000 BBB complaints
  • Origination fee of 3% to 6%
  • Higher rates than some competitors

In this guide

  • Our verdict
  • Details
    • Borrowers
    • Investors
    • Contact info
  • Your reviews
  • Ask a question



Min. Loan Amount $1,000
Loan Amount $40,000
APR 9.57% to 35.99%
Interest Rate Type Fixed
Min. credit score 600
Origination Fee 3% to 6%
Loan term 3 to 5 years
Turnaround Time As soon as 24 hours


Requirements Over 18, valid Social Security number
Minimum investment $1,000 first deposit, $25 per loan
Average return on investment 5%
Account types Individual, Traditional IRA, Roth IRA, SIMPLE accout, SEP IRAs
State availability Not available in Ohio. New York and Florida residents can only buy notes through a secondary market.

Contact info

Phone number 888-596-3157
Customer service hours 5 a.m. – 5 p.m. PT, Monday through Friday
8 a.m. – 5 p.m. PT, Saturday
Twitter @LendingClub
Facebook @LendingClubTeam

What makes LendingClub shine

One of the largest lending marketplaces, LendingClub was one of the first peer-to-peer lending platforms ever. However, it’s no longer a P2P lending platform and is now only a financial marketplace bank.

LendingClub is a solid choice for borrowers that may struggle to qualify for a personal loan elsewhere due to a lower credit score or lacking credit history. It has a low minimum credit score requirement of 600, accepts coborrowers and offers loans up to $40,000.

Additionally, LendingClub offers to pay up to 12 of your creditors directly if you’re taking on a personal loan for debt consolidation. There’s also no application fee, and you can move your due date at least once, based on its loan FAQs.

It also boasts quick turnaround times. LendingClub reports as of October 2022 that on average, personal loans are funded within 42 hours after approval, and about 37% of personal loans are funded within 24 hours after approval.

Where LendingClub falls short

In terms of features, borrower perks or even discounts, there’s nothing spectacular to point out about LendingClub. There’s also no mention of an autopay discount — that’s pretty standard among competitors, even ones that cater to fair-credit borrowers.

Also, LendingClubs rates aren’t the lowest we’ve seen. Rates start at 9.57% and can reach up to 35.99%. This max is high, considering it’s the highest possible rate charged on a personal loan.

Other lenders like Lightstream offer rates from 6.99% to 25.49%, and Wells Fargo offers 7.49% to 23.24%. So if you have excellent credit, it may be wise to explore other options before settling with LendingClub.

Origination fee unclear

We contacted LendingClub for clarification on its origination fee, as the site had conflicting information — it’s either 2% to 6% or 3% to 6%. The representative could not offer a range of the fee or even give us a maximum percentage — they just stated that the fee depends on creditworthiness and loan amount. Not very helpful or transparent.

All that aside, origination fees aren’t unheard of with personal loans. But there are many lenders that don’t charge it at all, such as SoFi and Lightstream. If you have great credit, going to another lender with lower interest rates and fewer fees could mean savings.

LendingClub loan details

See the hard and fast details of LendingClub’s personal loans.

Minimum credit score/credit range600
APR9.57% to 35.99%
Loan amounts$1,000 to $40,000
Terms3 to 5 years
Approval turnaroundAs soon as 24 hours
AvailabilityAll states and US territories, except Iowa
  • Origination fee: Site contains unclear and conflicting rate information, and representatives would not offer a range of the fee, but expect a range of 2% to 6%
  • Late fee: After 15-day grace period, charged $15 or 5% of loan amount, whichever is greater

How to qualify for LendingClub

LendingClub requires the following:

  • Be at least 18 years old
  • Have a government-issued ID
  • Be a US citizen, permanent resident or live in the US on a long-term visa
  • Have a verifiable bank account
  • Credit score of 600+

You may also need to provide proof of income, identity and address documents such as pay stubs. Additional documents may include business tax returns, utility bills and lease agreements.

How to apply

LendingClub offers prequalification with a soft credit check and has no application fee. To apply, you can head to LendingClub’s site to start the process:

  1. Prequalify online.
  2. Review your offers if you’re preapproved. Select one, then formally apply with a hard credit check.
  3. Finalize application and accept loan terms.
  4. Follow repayment plan.

Once you receive your finalized loan terms, you’ll typically get your loan funds directly into your account within one to two days, though it could be longer depending on how much information needs to be verified. Overall, the application and funding process can take a week from start to finish.

How LendingClub compares to other lenders

Compare other personal loan providers by APR, loan amounts and more.

LendingClub personal loans logo

LendingClub personal loans


Finder rating 3.6 / 5

Go to site


9.57% to 35.99%

Loan term

3 to 5 years

Loan amount

$1,000 to $40,000

Min. credit score


Upstart personal loans logo

Upstart personal loans


Finder rating 4.2 / 5

Go to site


7.80% to 35.99%

Loan term

36 or 60 months

Loan amount

$1,000 to $50,000

Min. credit score


SoFi personal loans logo

SoFi personal loans


Finder rating 4.4 / 5

Go to site


8.99% to 29.99%

Loan term

2 to 7 years

Loan amount

$5,000 to $100,000

Min. credit score


LendingClub reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 4.57 out of 5 stars, based on 2295 customer reviews
Trustpilot Score 4.6 out of 5 stars, based on 4,451 customer reviews.
Customer reviews verified as of 19 December 2022

Overall, customer reviews and ratings for LendingClub are very high on both the Better Business Bureau and Trustpilot. Most customers cite a great experience, fast service and simple application. It’s worth noting that loan providers tend to have more negative reviews, so LendingClub’s reviews are stellar.

However, two major controversies have surrounded the company in the past few years. The issues were resolved, but its reputation has been damaged.

In April 2018, the Federal Trade Commission (FTC) filed a complaint against LendingClub over its “no hidden fee” promise, claiming that it had charged hidden upfront fees on several of its loans. LendingClub’s response pointed out that it clearly states its loans come with origination fees in several places on its website and when borrowers apply for a loan. It agreed to pay $18 million to settle the charges, although it didn’t admit any wrongdoing.

And in May 2016, LendingClub’s founder and former CEO Renaud Laplanche stepped down after internal reports found that there had been about $22 million in loans sold to a single investor and failure to disclose possible conflicts of interest.

Although these issues had a major impact on LendingClub’s credibility, the company took appropriate measures to prevent fraud and account for false revenue, and worked to handle these issues quickly. And based on recent customer reviews, it looks like LendingClub’s reputation is on the uptick.

Is LendingClub legit?

Yes, LendingClub is a legitimate lender. Founded in 2005, LendingClub was one of the country’s first peer-to-peer (P2P) lending platforms. But in December 2020, the company retired its P2P lending services, aka “Notes.” It now operates as a fintech marketplace bank, offering a full range of consumer and commercial loan products.

LendingClub has safeguards to protect its customers personal and financial information. It’s FDIC-insured, registered with the SEC and has standard SSL encryption.

It’s also won several awards and, as recently as October 2022, placed in Newsweek’s “Top 100 Most Loved Workplaces” in the Best Banks category.

Your reviews

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Bethany Finder

Editor, Banking

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November 13, 2018

I have a personal loan with Lending Club, would like to borrow an additional loan and add my income.


Jhezelyn Finder

November 14, 2018

Hello Lori,

Thank you for your comment.

If you want to refinance your current loan with LendingClub, you may need to reach them directly so they can let you know if you’re eligible to refinance. They’ll also update your income details.

Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.



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April 10, 2018

Hi, there! As I’m a nonresident student, by the way, I’m living outside of US, after all I don’t work right now, for I don’t find job. can I find loans or grants to come study abroad and pay after? I’m looking forward to hearing you,soon. thanks!


Joshua Finder

April 10, 2018

Hi Elvariste,

Thanks for getting in touch with finder.

The first thing you need to do is find the school you want to enroll in. After that, you can then ask the school whether they know any student loan or financial institution that can help with your situation.

Moreover, it is worth noting that if you are going to apply for a student loan and you are a non-US resident, generally, a co-signer is required for most international student loan programs.

I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

Have a wonderful day!



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December 19, 2017

You asked for a birthday, is there an age limit in applying for a personal loan?


Harold Finder

December 20, 2017

Hi Mildred,

Thank you for your inquiry.

Generally, for LendingClub personal loan they require that the applicant must be at least 18 years old. Should you need to know more about the requirements and eligibility criteria for this loan. You may need to review the details provided above.

I hope this information has helped.



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August 28, 2017

How do I apply with my husband



August 29, 2017

Hi Delene,

Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

To apply for a personal loan with Lending Club, you’ll need to meet general eligibility requirements.

– You must be a US citizen, a permanent resident or in the US on a valid long-term visa.

– You must be at least 18 years old.

– You must have a valid bank account.

You’ll need to gather the following information before applying:

– Your name, contact information and date of birth.

– How much you want to borrow and the purpose of the loan.

– Your credit score range.

– Your annual individual income.

If you are offered a loan, you can watch as investors offer you loans with varying APRs and repayment terms. Once approved, you’ll typically receive the funds directly into your account within seven days. You may proceed by clicking the green “Go to Site” button for more details.

I hope this helps.



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