LendingClub Personal Loan Review

About LendingClub


A representative example of loan payment terms is as follows: you receive a loan of $13,411 for a term of 36 months, with an interest rate of 12.16% and a 5.30% origination fee of $711, for an APR of 15.99%. In this example, you will receive $12,700 and will make 36 monthly payments of $446.46. Loan amounts range from $1,000 to $40,000 and loan term lengths are 36 months or 60 months. Some amounts and term lengths may be unavailable in certain states. APR ranges from 8.05% to 35.89% and is determined at the time of application. Origination fee ranges from 3% to 6% of the loan amount. Lowest APR is available to borrowers with excellent credit. Advertised rates are subject to change without notice.

Loans are made by LendingClub Bank, N.A., Member FDIC (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Loans are subject to credit approval and sufficient investor commitment before they can be funded or issued. Certain information that we subsequently obtain as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that your request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan from us. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com. “LendingClub” is a trademark of LendingClub Bank.

review breakdown

Interest Rates
Fees & Closing Cost
Customer Service

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LendingClub personal loan highlights

  • Low minimum credit score requirement
  • LendingClub will approve borrowers with credit scores as low as 600. Note that while you may be approved with a credit score of 600, your offered interest rate is likely to be on the higher end.
  • Fees
  • LendingClub’s loans come with a $7 check processing fee, late payment fees of the greater of $15 or 5% of your unpaid payment and — most notably — an origination fee of 1%-6%. Many competitors, especially those with stricter credit requirements, do not charge an origination fee. Keep that in mind as you compare offers.

Peer-to-peer lending

LendingClub loans are issued via an FDIC-insured bank, but they are not a bank themselves. Instead, their loans are funded by investors at the individual or institutional level. Investors can handpick which loans they choose to fund.


By clicking “See Offers” you may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

LendingClub at a glance

APR Range

6.95% – 35.89%

Minimum Credit Score



36 or 60 months

Origination Fee

1% – 6%

What LendingClub offers

Terms: 36 or 60 months

APR range: 6.95% – 35.89%

Loan amounts: $1,000 – $40,000

Time to fundingFrom the time you start your application, funding will usually be provided within seven days. It may take longer, though, depending on your individual situation and how quickly you submit necessary documentation.

Hard pull / Soft pull: LendingClub will only do a soft pull on your credit during the application process. Soft pulls do not affect your credit score. If you accept the loan offer, they will do a hard pull, which can potentially have a small negative impact on your credit score. All lenders will do a hard pull eventually if you want a loan.

Fees and penalties

Origination fee: 1% – 6%

Prepayment fee: None

Late fee: If your payment is 15 days late, you will be charge a fee of either $15 or 5% of your unpaid payment—whichever is more.

Other fees: If you choose to pay via paper check, you will be charged a $7 check processing fee.

Eligibility requirements

Minimum credit score: 600

Minimum credit history: You are going to have a hard time getting approved if you have no or little credit history. You’ll also struggle for approval if you have a history of not paying your debts on time. If you are approved under these circumstances, your interest rates are likely to be high.

Maximum debt-to-income: 40%

To qualify for a LendingClub personal loan, you must be a U.S. citizen, permanent resident or hold a long-term visa. You must also be 18 years old and have a bank account. Unfortunately, if you live in Iowa, Guam or Puerto Rico, LendingClub cannot issue you a personal loan.

Applying for a personal loan from LendingClub

You can get the loan process started by checking your rate on LendingClub’s website. You will need to provide information about your current income and employment situation, along with basic identifying information. Once you have your potential rate, you can officially apply for your loan.

From there, LendingClub may ask you to verify your email address and provide any required supporting documentation for your income and employment claims. You’ll be given a personalized to-do list to help you complete this part of the process.

If you are approved, funds are typically made available within seven days.

Pros & cons



Low minimum credit score requirement. LendingClub has one of the lowest minimum credit score requirements. Remember, though, that the lower your credit score, the more likely you are to be offered a higher rate.


No prepayment penalties. LendingClub does not charge a prepayment penalty, allowing you to pay off your loan as quickly as possible and cut down on the total amount of interest you will pay over the course of your loan.


Low minimum loan amount. One thousand dollars is a relatively low amount for a personal loan; if you don’t need to borrow a large sum of money, this policy keeps you from borrowing more than you need. It should be noted that some credit unions issue personal loans for as little as $500.



Origination fees. LendingClub charges a 1%-6% origination fee, depending on your state of residence. Many competitors do not charge this fee.


Turnaround time. LendingClub’s turnaround time of about 7 days isn’t bad, but other online lenders can turn your loan around much more quickly — sometimes as quickly as the same day. However, many lenders with quicker turnaround times require a higher credit score.


Interest rates. LendingClub does not offer the lowest interest rates out there, but again, this is at least partially due to their more lenient credit requirements.

Who's the best fit for a LendingClub personal loan?

While those with stellar credit histories are likely to qualify for LendingClub’s lowest rates, even lower rates still can be found via other marketplace lenders. Many of these lenders do not charge origination fees like LendingClub does.

However, these same lenders do not tend to offer loans as small as LendingClub’s. If you need to borrow between $1,000 and $4,999, the higher interest rates and origination fees are likely to be a better fiscal option than taking out and paying interest on a larger loan when you don’t need extra funding.

If your credit history is not excellent, LendingClub can be a decent option, too. Whether or not it will be a good financial idea is dependent on the interest rate you are offered, but your overall chances for approval are higher with a minimum credit score of only 600.

Alternative personal loan options


SoFi’s personal loan rates are lower than LendingClub’s. You also have the option of drawing out the loan term for up to two years longer. However, SoFi’s average borrower has a credit score of 700 and an income of $101,000. If you don’t fit this profile, you may not get past the pre-qualification process.


APR Range

6.99% - 14.99%*

Credit Requirement



36 to 84 months months

Origination Fee


*Rates after applying a 0.25% discount for AutoPay

Best Egg

Best Egg has offers comparable to LendingClub’s as far as APR, terms and origination fees are concerned. However, to qualify for this similar product you’ll have to have a significantly higher credit score — the minimum is 660. The biggest reason to consider Best Egg as an alternative is its turnaround time; in some cases, funds are available within one day compared with LendingClub’s seven.

Best Egg

APR Range

5.99% - 29.99%

Credit Requirement



36 or 60 months months

Origination Fee

0.99% - 5.99%


If you have a slightly higher credit score, you may want to look at Prosper. Their fee structure is very similar, though slightly cheaper. For example, the check processing fee is $2 lower than LendingClub’s, at $5. Origination fees max at 5% rather than 6%. However, you’ll have to meet the minimum 640 credit score requirement, and bear in mind that the average Prosper borrower has a credit score of about 710.


APR Range

6.95% - 35.99%

Credit Requirement



36 or 60 months months

Origination Fee

1% - 5%