LendingClub Personal Loans Review 2024 (2024)

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

Who Is LendingClub Best For?

LendingClub is best for borrowers who have fair credit and need a small loan amount. However, LendingClub loans do come at a price—especially for less creditworthy borrowers. Prospective borrowers who are willing to apply with a co-borrower may be able to qualify for a higher loan amount and more competitive rates.

LendingClub personal loans are currently available in all 50 states. The company is working to extend availability to residents of U.S. territories.

LendingClub Personal Loan Purposes

Permitted usesProhibited uses
Credit card and debt consolidationPost-secondary education
Balance transfersInvestments, such as securities and cryptocurrency
Medical billsIllegal activities
Home improvements

LendingClub Personal Loan Details

Loan Amounts & Terms

  • Loan amounts. LendingClub offers unsecured personal loans from $1,000 to $40,000, with the average loan being $15,800. Unlike some lenders, LendingClub loan minimums do not vary by state.
  • Loan terms. LendingClub borrowers can choose from loan terms of 24 to 60 months—or two to five years. The average term for a LendingClub personal loan is 36 months. This is in contrast to many competitors that offer a wide range of loan terms, often up to seven years or more.

Loan Costs

  • APR. LendingClub personal loans feature APRs between 8.98% to 35.99%. The rate an applicant qualifies for is based on a number of factors, including credit history rating, desired loan amount and debt-to-income (DTI) ratio. The lender does not offer any rate discounts for borrowers who sign up to make automatic payments.
  • Origination fees. LendingClub charges a one-time origination fee between 3% and 6% of the total loan amount. The origination fee is based on the borrower’s credit rating and is subtracted from the loan amount at funding. On average, borrowers are charged a 5% origination fee.
  • Late fees. Borrowers who make late payments are charged a fee of 5% of the late payment amount or $15, whichever is greater. Notably, however, LendingClub does provide borrowers a 15-day grace period for late payments.
  • Prepayment penalties. LendingClub does not charge borrowers any prepayment penalties for paying off loans prior to the end of their loan term. This means you can pay off your loan early without incurring additional costs.

Note: According to the Better Business Bureau (BBB), LendingClub’s name and logo have been fraudulently used as part of loan scams, including the collection of security, insurance or other fees. LendingClub does not charge any upfront application fees in exchange for receiving a loan.

As such, any company claiming to be LendingClub and charging such fees should be reported as a scam. These fraudulent advanced fees are different from LendingClub’s standard origination fees, which are subtracted from loan funds at disbursem*nt.

Perks & Features

  • Payment date flexibility. Borrowers with a current account in good standing can change their payment due date temporarily or permanently. To make a permanent change, LendingClub borrowers can sign into their online account and navigate to the Payment Due Date section; the update can also be made via telephone. Temporary payment date changes must be made via phone or email at least three days before the current due date.
  • Online account management. Currently, LendingClub’s mobile app is only available for banking products. However, LendingClub’s website is optimized for mobile use, making it easy for customers to track their application status, loan details and autopay information.
  • Additional services. In addition to personal loans, LendingClub offers auto refinancing and patient financing. What’s more, LendingClub is now considered a digital marketplace bank due to its recent acquisition of Radius Bank.

How to Qualify for a LendingClub Personal Loan

Personal loan applications are approved or declined based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as income. Meeting the requirements below won’t guarantee approval, but they can help you decide if a personal loan is the right fit for you.

Credit Score Requirements

Applicants must have a FICO credit score of at least 600 to qualify for a personal loan, while the average FICO score of LendingClub’s prime borrowers is 705. So, while borrowers with fair to good credit may qualify, only the most creditworthy applicants can access more competitive APRs and larger loan amounts.

Income Requirements

LendingClub does not impose any income requirements on prospective borrowers. However, applicants are required to provide proof of income during the application process. What’s more, applicants must have a DTI ratio of less than 40% for single applicants and 35% for joint applicants. This means that a borrower’s total monthly debt obligations cannot add up to any more than 40% of her monthly gross income.

Co-signers and Co-applicants

LendingClub allows prospective borrowers to apply with a co-borrower. This can help less creditworthy applicants qualify for a better APR or larger loan amount. Borrowers who plan to apply with a co-borrower should select “Two of Us” when checking their rate. An email will be sent to the co-borrower to verify their identity and facilitate the completion of the necessary paperwork.

Co-signers, on the other hand, are not an option when borrowing through LendingClub.

How to Apply for a LendingClub Personal Loan

Applying for a personal loan typically involves prequalifying for a rate, submitting a formal application and awaiting loan approval. Follow these steps to apply for a LendingClub personal loan:

  1. Check your rate. Like many online lenders, LendingClub lets prospective borrowers check available APRs before formally applying. To start the process, applicants provide their name, income, home address and contact information. This can be completed online and only involves a soft credit inquiry, so it won’t impact the applicant’s credit score.
  2. Choose an offer. The online tool then provides multiple loan offers with various loan amounts, interest rates, APRs, monthly payments and loan terms that can be adjusted by the customer. A prospective borrower can then choose the loan structure that fits her borrowing needs and budget.
  3. Confirm personal information. After choosing a loan offer, borrowers must provide their Social Security number (SSN) as well as income and employment information. Once verified, the applicant can agree to the lending disclosures and add relevant banking information. If any other information or documentation is necessary, LendingClub updates the applicant’s online dashboard.
  4. Await confirmation and funds. Once a borrower’s application is complete and information verified, LendingClub looks for investors on its marketplace to finalize a funding match. LendingClub conducts a hard credit inquiry, and loan funds are sent directly to the borrower’s bank account within about five business days. Alternatively, funds may be sent directly to third-party creditors for debt consolidation purposes.
  5. Start making payments. The best way to make payments on a LendingClub loan is via autopay. However, payments also can be made by check, phone or wire transfer. An approved borrower’s first loan payment is due one month after the loan funds are issued.

Time to Receive Funds

It typically takes up to five business days for LendingClub borrowers to receive their loan funds. To expedite funding, LendingClub advises applicants to regularly review their application status and confirm all of the necessary documents are submitted.

Customer Reviews

LendingClub Corporation has a 4.43 star and B+ BBB rating. Similarly, LendingClub’s positive reviews on Trustpilot have earned the lender a 4.8-star rating. Satisfied customers generally report that the application process is easy and funds were received quickly. Others are pleased with the quality of customer service as well as the ease with which LendingClub loans let them consolidate credit cards and other debt.

Still, some LendingClub borrowers report that available APRs are high, even for well-qualified applicants. And, while many reviews suggest that funding times are short, others suggest delayed disbursem*nt and otherwise slow lending processes.

Note: In 2018, LendingClub agreed to pay $2 million in civil penalties in response to allegations that the company made misrepresentations to its FDIC-insured loan originator, WebBank.

How LendingClub Personal Loans Stack Up

The best personal loans offer competitive rates, flexible loan amounts and a wide range of terms. Here’s how LendingClub personal loans stack up against other popular lenders:

Best forPeer-to-peer lendingLarge loan amounts and borrowers with high credit scoreLengthy loan termsSmall loans with flexible terms
Loan amounts$1,000 to $40,000$5,000 to $100,000$5,000 to $100,000$3,500 to $40,000
Term length2 to 5 years2 to 7 years2 to 12 years3 to 6 years

LendingClub Vs. SoFi®

SoFi offers higher loan amounts ($5,000 to $100,000) than available through LendingClub, and APRs start at 8.99% with autopay—lower than the most competitive rate available through LendingClub. Likewise, maximum APRs at SoFi only reach around 29.99%, whereas LendingClub rates peak at almost 36%. What’s more, SoFi does not charge any origination fees or late fees. SoFi’s loan terms (two to seven years) are also more extensive.

Related:SoFi Personal Loans Review

LendingClub Vs. LightStream

LightStream personal loans are available from $5,000 to $100,000 and APRs start below 8% (for some loan purposes) for borrowers who sign up for autopay; rates cap out at just over 24%. This means that LightStream borrowers with the highest credit scores can access rates much lower than the best offered by LendingClub. However, LightStream’s eligibility requirements make it more difficult to qualify, whereas LendingClub imposes a relatively low minimum score requirement.

LightStream loan terms are also more extensive than those available through LendingClub, with terms available between two and 12 years, depending on the loan purpose. Like other competitors, LightStream does not charge origination fees or prepayment penalties.

Related:LightStream Personal Loans Review

LendingClub Vs. Marcus

Marcus offers smaller personal loans than some competitors, with options ranging from $3,500 to $40,000—similar to loans offered by LendingClub. Rates start around 7%, but max out at around 20%, which is still significantly lower than LendingClub’s highest APRs. Marcus does not charge origination, prepayment or late fees, and borrowers can save 0.25% on their APR if they enroll in autopay.

Related: Marcus Personal Loans Review

Featured Partners



Minimum credit score


APR range

8.99% to 29.99%

Loan amounts

$5,000 to $100,000



LendingClub Personal Loans Review 2024 (1)

LendingClub Personal Loans Review 2024 (2)

Compare Rates

Via Credible.com's Website

Minimum credit score


APR range

7.49% - 25.49%

Loan amounts

$5,000 to $100,000



LendingClub Personal Loans Review 2024 (3)

LendingClub Personal Loans Review 2024 (4)

Compare Rates

Via Credible.com's Website



Minimum credit score

Marcus does not disclose this information

APR range

6.74% to 24.74%

Loan amounts

$3,500 to $40,000



Learn More

Read Our Full Review


We reviewed LendingClub based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated LendingClub based on the weighting assigned to each category:

  • Loan cost: 35%
  • Loan details: 20%
  • Eligibility and accessibility: 20%
  • Customer experience: 15%
  • Application process: 10%

Within each category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at credit score requirements, whether the lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated LendingClub’s support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.

To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our .

Compare Personal Loan Rates From Top Lenders

Compare personal loan rates in 2 minutes with Credible.com

Compare Personal Loan Rates

Find the Best Rates From Top Lenders

Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circ*mstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.

Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.

LendingClub Personal Loans Review 2024 (2024)


Top Articles
Latest Posts
Article information

Author: Maia Crooks Jr

Last Updated:

Views: 6354

Rating: 4.2 / 5 (43 voted)

Reviews: 90% of readers found this page helpful

Author information

Name: Maia Crooks Jr

Birthday: 1997-09-21

Address: 93119 Joseph Street, Peggyfurt, NC 11582

Phone: +2983088926881

Job: Principal Design Liaison

Hobby: Web surfing, Skiing, role-playing games, Sketching, Polo, Sewing, Genealogy

Introduction: My name is Maia Crooks Jr, I am a homely, joyous, shiny, successful, hilarious, thoughtful, joyous person who loves writing and wants to share my knowledge and understanding with you.