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LendingClub Personal Loan Review

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LendingClub is a peer-to-peer lending platform through which borrowers may receive a personal loan. Borrowers in all U.S. states, with the exception of Iowa and the U.S. territories, can apply.

Personal loan amounts range from $1,000 to $40,000. However, funding usually takes about seven days, which is a longer wait than you’ll get with many competitors. In this review, we’ll explore personal loans available through LendingClub’s platform as well as rates, terms and fees.

LendingClub personal loan highlights

  • Flexible borrowing limits: Borrow as little as $1,000 or as much as $40,000.
  • No prepayment penalty: You won’t be punished for paying off your loan early.
  • Soft Pull to check rates: You can see rates with a Soft Pull credit inquiry, which won’t affect your credit.
  • Slow loan funding: LendingClub takes as little as 7 days to fund your loan (assuming you gain approval). Some competitors can get your loan funds by the next business day.

LendingClub at a glance

  • APR range: 10.68% to 35.89%
  • Minimum credit score: Not specified
  • Terms: 36 or 60 months
  • Origination fee: 2.00% - 6.00%
By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.
Terms Fees and penalties
  • Terms: 36 or 60 months
  • APR: 10.68% to 35.89%
  • Loan amounts: $1,000 to $40,000
  • Time to funding: In as little as 7 days
  • Credit check: Soft Pull to see rates
  • Origination fee: 2.00% - 6.00%
  • Prepayment fee: None
  • Late payment fee: 5% of the unpaid amount or $15, whichever is greater

Eligibility requirements

  • Minimum credit score: Not specified
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

Besides having an acceptable credit rating for a personal loan through LendingClub, you must be at least 18 years old, have a bank account that can be verified and be a U.S. citizen, permanent resident or be living here on a long-term visa.

In addition, you may be required to upload income documents like pay stubs, recent bank statements or 1099 forms. You may also have to show proof of valid identity, such as a valid government-issued photo ID. Currently, LendingClub accepts applicants from 49 states; residents of Iowa and U.S. territories are not eligible for a loan. (Note for investors: New York residents cannot purchase LendingClub Notes, as of September 2019.)

What borrowers are saying about LendingClub

Nowadays, you can find reviews on everything from the latest restaurant to loan lenders. If you are considering finding a loan through LendingClub, you should survey reviews. They may provide you with a glimpse of what it’d be like to work with this peer-to-peer lending platform.

For example, Lisa from Gering, Neb. said “They approved a personal loan so I could pay off my credit card debt. This is such a huge blessing especially making it possible to focus on my medical debt.”

The majority of borrowers who obtain loans are highly satisfied with the LendingClub customer experience. Most borrowers rate LendingClub highly for customer service, interest rates and lender responsiveness with many commenting on the ease of the lending process.

“Quick process and received the money earlier than expected,” said Ivy from Detroit, Mich.

Applying for a personal loan through LendingClub

On LendingClub, you’ll get to review preliminary offers (if any) by starting an application and submitting to a Soft Pull credit check. If you choose an offer, you’ll be asked to complete your application by submitting information like your Social Security number and income and employment documents. LendingClub will provide you with a to-do list in order to finish your application.

After completing your application, your information will be reviewed to determine whether you’re formally approved for a loan offer. From there, investors can choose to fund your personal loan. If your loan is fully funded, you’ll receive funds within four business days.

Pros Cons
  • See rates quickly: Checking your rate and how much you qualify for is fast and doesn’t hurt your credit.
  • Choose from multiple offers: Qualified borrowers may choose from multiple offers.
  • Entirely online application: You won’t need to visit a physical location to complete your application.
  • Slow to fund: Loan application process to funding may take up to 7 days or longer.
  • Check payment charge: $7 processing fee to make loan payments by check.

Who’s the best fit for a personal loan through LendingClub?

A personal loan through LendingClub’s platform is likely best suited for a borrower who needs to consolidate debt from higher-rate interest cards, pay for unexpected medical bills or home improvement repairs.

Borrowers should have a high credit score, a low debt to income ratio and a long history of having good credit. If you have bad credit, you might consider these lenders instead.

Alternative personal loan options


  • APR: 3.99% to 19.99%
  • Minimum credit score: Not specified
  • Terms: 24 to 144 months
  • Origination fee: No origination fee

LightStream offers a much longer loan term than many competitors and offers an online application process but expect a more rigid approval process and a Hard Pull credit inquiry when checking customer credit. However, LightStream offers an APR as low as 3.99% for borrowers with good credit and a $100 guarantee program. If you’re not satisfied with your loan process, LightStream will give you $100. Terms may apply.

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

Best Egg

  • APR: 5.99% to 29.99%¹
  • Minimum credit score: 640
  • Terms: 36 or 60 months
  • Origination fee: 0.99% - 6.99%

Best Egg’s application process is relatively easy and interest rates are competitive for those with good credit scores. However, borrowers are locked into repayment terms of either 36 or 60 months. Origination fees can add to your total cost of lending, especially when borrowing large amounts of money.


  • APR: 5.99% to 29.99%
  • Minimum credit score: 600
  • Terms: 36 or 60 months
  • Origination fee: 1.00% - 5.00%

Peerform personal loans are ideal for borrowers with less than stellar credit. Like LendingClub, Peerform is a peer-to-peer lending option, which allows borrowers to choose from a number of loan offers if qualified.

Qualified borrowers can request unsecured loans ranging from $4,000 to $25,000 at competitive APRs and do not require closing costs, prepayment penalties or origination fees. However, loans are not available in the following states: Connecticut, North Dakota, Vermont, West Virginia or Wyoming.

¹The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99% to 29.99%, which may include an origination fee from 0.99% - 6.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.

*Trustpilot TrustScore as of June 2020. Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. “Best Egg” is a trademark of Marlette Funding, LLC. All uses of “Best Egg” refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000–$35,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Annual Percentage Rates (APRs) range from 5.99%–29.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–6.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR.

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