LendingClub Personal Loan Review 2024 (2024)

Personal Finance Loans Personal Loans

Written by Ryan Wangman, CEPF; edited by Richard Richtmyer; reviewed by Elias Shaya

  • Who is LendingClub Best For?
  • LendingClub Personal Loans Pros and Cons
  • How to Apply for a LendingClub Personal Loan
  • LendingClub Frequently Asked Questions
  • Why You Should Trust Us

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate personal loans to write unbiased product reviews.

Compare Personal Loan Rates

Who is LendingClub Best For?

LendingClub might be a good option for you if your credit isn't in the best shape, because there is no minimum credit requirement. You can also borrow as little as $1,000. That could make the lender an ideal choice if you only need a small loan amount.

It could also be an option to consider if you need a home improvement loan, though other lenders may get you your money quicker.

See our picks for the best debt consolidation loans »

LendingClub Personal Loan Features

Regular APR: 9.57% to 36.00%

Loan amounts:$1,000 to $40,000

Fees:late fee of 5% of the minimum payment amount or $15 (whichever is greater)

LendingClub Personal Loans Pros and Cons

How to Apply for a LendingClub Personal Loan

1.Prequalify on LendingClub's website.Choose your loan's purpose and amount and enter your name, Social Security number, and income history. You'll get an estimated monthly payment and APR range. You can also choose if you want to add a co-borrower to your loan.

2. Submit your application and wait for approval. When sending in an application, you'll need to attach proof of income, like a W-2, tax returns, or other financial documents.

3. Make a plan to repay your loan. Work your monthly payments into your budget, and make sure you have enough money to cover all of your financial responsibilities.

LendingClub Frequently Asked Questions

Is LendingClub legit?

LendingClub is a legitimate lender that has an A rating from the Better Business Bureau. LendingClub informed the BBB that the company's name is being used in an online loan scam. Some consumers are applying for loans on sites other than LendingClub and are being contacted by representatives who claim to be from the company. To avoid any potential issues, make sure to double-check that you are on the correct website and understand that LendingClub does not charge an upfront application fee.

Is it easy to get approved for a LendingClub personal loan?

Yes, LendingClub is relatively easy to get approved for, particularly compared to other lenders who require higher credit score minimums. LendingClub has no official minimum credit score requirement, so it's an option to consider if you need to get a loan with bad credit.

Does a loan from LendingClub hurt your credit?

A LendingClub loan will only hurt your credit if you fall to make on-time payments in full. If you pay consistently and reliably, your credit score will likely improve as a result of your personal loan.

What credit score is needed for a LendingClub personal loan?

You'll need a credit score of at least 600 to qualify for a LendingClub personal loan. However, the lower your credit score, the higher the interest rates you'll be offered on a loan.

How can i get in contact with LendingClub customer service?

You can contact LendingClub's customer service by phone at888-596-3157 between 5 a.m. and 5 p.m PT Monday through Friday and 8 a.m. to 5 p.m. PT on Saturday.

Compare LendingClub Personal Loans

LendingClub Personal Loan vs. LendingPoint Personal Loan

LendingClub has a minimum credit score of 600 to qualify for its standard loans, while LendingPoint has a minimum of 580. LendingClub's fee range is 3% to 8% of your loan amount, compared with up to 8% at LendingPoint.

LendingClub Personal Loan vs. Best Egg Personal Loan

Best Egg's credit score floor is 640, compared with 600 for LendingClub. Importantly, the lower your credit score, the higher an APR you will probably have to pay.

Both LendingClub and Best Egg will charge you a late fee of at least $15. Best Egg's origination fee ranges from 0.99% and 9.99%, compared with 3% to 8% with LendingClub.

You may receive your funds slightly faster with Best Egg than with LendingClub. LendingClub says most customers will get their money in two to four business days, and Best Egg states that the majority of customers will receive their money within one to three business days.

Why You Should Trust Us: How We Rated LendingClub Personal Loans

We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:

  • Interest rate (20% of rating)
  • Fees (20% of rating)
  • Term lengths and loan amounts (15% of rating)
  • Funding speed (15% of rating)
  • Borrower accessibility (15% of rating)
  • Customer support (7.5% of rating)
  • Ethics (7.5% of rating)

Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.

See more on how we rate personal loans >>

Ryan Wangman, CEPF

Loans Reporter

Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe.

Elias Shaya

Compliance Associate

Elias Shaya is a Compliance Associate on the Personal Finance Insider team based in New York City, whichensures content accuracy and editorial independence so readers are always getting up-to-date and objective financial advice.The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up-to-date and accurate.He joined Insider in February 2022 as a fellow on the compliance team.

Top Offers From Our Partners

LendingClub Personal Loan Review 2024 (3)

SoFi Checking and Savings Earn up to 4.60% APY on savings balances and up to a $300 bonus with qualifying direct deposit. FDIC Insured.

There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. To earn the $300 bonus, the customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 12/31/24).

Between January 2023 and March 2023, Personal Loans issued by LendingClub Bank were funded within 44 hours after loan approval, on average. 31% of Personal Loans issued by LendingClub Bank during the same period were funded within 24 hours after loan approval. Loan approval, and the time it takes to issue a credit decision, are not guaranteed and individual results vary based on creditworthiness and other factors, including but not limited to investor demand. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $16,912 for a term of 36 months, with an interest rate of 12.54% and a 5.00% origination fee of $846, for an APR of 16.16%. In this example, the borrower will receive $16,067 and will make 36 monthly payments of $566. Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 60 months. Some amounts, rates, and term lengths may be unavailable in certain states. For Personal Loans, APR ranges from 9.57% to 35.99% and origination fee ranges from 3.00% to 8.00% of the loan amount. APRs and origination fees are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of May 19, 2023 and are subject to change without notice. Unless otherwise specified, credit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Only deposit products are FDIC-insured. LendingClub Bank is not an affiliate of Engine and is not responsible for the products and services provided by Engine. Credit products are subject to credit approval and may be subject to sufficient investor commitment. If a credit union is selected to invest in the loan, credit union membership will be required. Certain information that LendingClub Bank subsequently obtains as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that you request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com. “LendingClub” and the “LC” symbol are trademarks of LendingClub Bank. 2023 LendingClub Bank. All rights reserved.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

**Enrollment required.

Best Egg Disclosure: Annual Percentage Rates (APRs) range from 8.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–8.99% 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. For example: a 5-year $10,000 loan with a 9.99% APR has 60 scheduled monthly payments of $201.81; a 3-year $5,000 loan with 8.99% APR has 36 scheduled monthly payments of $157.40.

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