LendingClub Review

Michael Dinich

In a Nutshell

LendingClub​ is a leading name in the personal loan industry and has grown to become the largest online lending marketplace in the US. Using a peer-to-peer lending model, LendingClub offers borrowers a wide range of loan options. With a good reputation, convenient application process, and access to attractive loan terms, it’s easy to see why LendingClub is a top choice for debt consolidation, businesses, and personal loan needs.


  • Loan amounts up to $40,000 available
  • Flexible eligibility terms


  • Not available in the state of Iowa
  • Funding as long as 3-7 days

LendingClub LendingClub Visit Site

LendingClub at a Glance

Loan amount: $1,000 - $40,000

APR: 6.95% - 35.89%

Loan terms: 3 or 5 year plans

Minimum credit score: 600

Time to funding: 1-3 days**

Soft credit check: Yes

Debt-to-income ratio: Up to 40%

Direct lender or marketplace: P2P lender

Suitable For?

  • Borrowers with good credit

LendingClub works with a network of investors to provide access to loans for borrowers with credit scores starting at 600.

  • Joint application borrowers

You can add a joint applicant to your loan application but they will still have to go through the credit underwriting process before getting approved for the loan.

Loan Features

Fixed monthly payments

With a LendingClub loan you'll pay a fixed monthly rate throughout the term of the loan, which makes it easier to budget and plan ahead. 

Hardship Plan

LendingClub’s Hardship Plan lets you to freeze your loan for up to 3 months if you experience a difficult financial period and are unable to make your loan payments on time. 

Rebuild your credit 

If you make your payments on time, you can work on rebuilding your credit score because LendingClub will report this activity to the major credit reporting bureaus. 

The Application Process

Step 1: LendingClub has a fast online application that requires you to fill out information such as:

  • How much you want to borrow
  • What the loan is for
  • Personal information

Step 2: Next, LendingClub will run a soft credit pull, which will not affect your credit score.

Step 3: Once the application is processed, LendingClub will assign you a grade that will determine which investors will back the loan request and what type of terms you can expect to receive. Only investors can see the grade, not the borrowers, and grades are based on credit history.

Step 4: Once your loan is approved you should carefully read the terms of the loan offer to understand what it entails. Based off of the approved loan amount you should be able to see what your monthly payments are.

Loan Terms

Typical loan terms range from 36 - 60 months with an APR ranging from 6.95% – 35.89%* , and borrowers can request anywhere from $1,000 – $40,000. A P2P Lending market place allows investors to invest in these loans with different terms.


One downside to LendingClub is the fees structure. Many other lenders do take fees, though, so LendingClub is not alone in this practice. Some of their standard fees include:

  • Origination fee: 1% - 6%
  • Late fee: 5% of payment due or $15, whichever is greater
  • Check processing fee: $7
  • Unsuccessful payment fee: $15

Repayment Terms

  • Flexible terms of 36 or 60 months*
  • Late payment fees apply
  • Freeze loan for 3 months if you can’t make payments

LendingClub offers access to flexible repayment terms with plans available for either 3 or 5 years. As mentioned, there is a late payment fee for missed payments or payments that are put through too late to be processed on time. However, LendingClub offers a Hardship Plan to its borrowers. The Hardship Plan allows borrowers to freeze their loan for up to 3 months during difficult financial times such as unexpected debt, medical bills, or loss of income or employment. Borrowers will still have to pay the interest payments each month, but that is less than the overall monthly amount due.

Privacy & Security

Each page on LendingClub's website is VeriSign Secured, and all transactions are TRUSTe certified. Additionally, it is a publicly traded company, so there is a lot of information about the company available to the public (such as financial records, reports, and statistics). This kind of public identification ensures that LendingClub is maintaining all the legal requirements, making them a reliable and safe alternative to some of the more anonymous or lesser-known competitors.

Customer Service

LendingClub provides customer service via email as well as phone support, which is available Monday-Friday 6:00am - 5:00pm PT and Saturday 8:00am - 5:00pm PT. Additionally, there is a thorough FAQ section that is neatly broken down into categories. There is also a search function to help facilitate faster answers.

How Lending Club Compares

6.95% - 35.89%
5.99% - 25.05% (with AutoPay)
6.99% - 19.99%
Minimum credit score
Loan amounts
Loan term
36-60 months
36-84 months
36-72 months
Suitable for
Joint loan applications
Borrowers with Excellent credit
Flexible loan terms

If your credit score is on the lower side, LendingClub is a solid option as it accepts borrowers with credit scores starting at 600, whereas Marcus starts at 660 and SoFi at 680. Compared to SoFi, LendingClub offers slightly lower minimum APRs, which can make your loan terms more attractive. 

Marcus offers similar loan amounts to loans through LendingClub, but has more flexible loan terms when it comes to the length of the loan. However, LendingClub really shines with its joint-application loans that allows for people with low credit scores to apply for a loan together with someone else who has a better credit score in order to receive more favorable rates.


Does LendingClub charge any fees?
LendingClub charges the following fees: origination fee from 1%-6% of the loan, a late fee of 5% of the payment due or $15 (whichever is higher), a check processing fee of $7, and an unsuccessful payment fee of $15. If you decide to pay off your debt early, you’re in luck as there are no prepayment penalties.

What type of credit do I need?
You don’t need especially high credit to get a loan through LendingClub. The company expects a minimum credit score of 600, and will also check that you have a credit history of 3 years. LendingClub will require a soft credit pull, which won’t affect your rating. The company also works with people with a debt-to-income ratio of up to 40% which is considered high. The bottom line - LendingClub can facilitate loans for people who may have gotten shut out elsewhere, though you’ll want to remember that this tends to mean that you’ll get less favorable loan terms.

How can I use my loan?
For the most part, LendingClub doesn’t restrict how you use your loan. Through LendingClub you can get a personal loan for $1,000 to $40,000 that you can use for just about anything - consolidating debt, paying off credit cards, sudden home repairs, a destination wedding, you name it. That said, the company stipulates on its website that the loans can’t be used for making investments (such as in securities or cryptocurrency), for higher education, gambling, or for anything illegal.

How long will it take to receive my funds?
Typically, users can make it through the entire application, approval and funding process within about 3 days, though in some cases it may take longer. After finishing your online application, when you loan is approved and backed by investors it will be electronically deposited in your bank account. Your bank may take a couple days on their end to approve the deposit. If you want to expedite the process - or prevent any unnecessary delays - make sure to get all your paperwork in order ahead of time.


With the flexibility of long repayment terms, a thoughtful Hardship Plan, and good loan terms overall, LendingClub is a good option for personal loan needs. If time is not of the essence, and you are looking for a reliable loan service, LendingClub is the choice for you.

You might also like:

Lending Club vs Prosper  /  Personal Loan After Bankruptcy  /  Online Loans with Cosigner

LendingClub LendingClub Visit Site

Physical Address

595 Market Street Suite 200,
San Francisco,
CA 94105

*All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: 595 Market St suite 200 San Francisco Ca 94105.

**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20, 2018.  The time it will take to fund your loan may vary.

***Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com

Michael has worked in personal finance since 1999. He shares unique insights on how to save money, increase income and prepare for retirement. Michael is a sought-after expert in the areas of taxation, personal finance, and health insurance planning.

LendingClub customer reviews

Based on 22 reviews

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Top Reviews

Norm, KS
a year ago

Ease of use

Brand satisfaction

Value for money

Service quality

we have paid off the loan we had with them but when we used them we had a good experience

Steven, NV
a year ago

Easy and no problems it was quick and very easy to apply and got a response very fast so I decided to get the loan

Shay, AZ
a year ago

so far its a great service for me, able to get approval right away compare to other loan company and it doesn't cost me a fee to apply.

Karma, NY
a year ago

I got the loan I needed in the time I needed it. No complaints from me.

a year ago

Easy application process online, quick answers. Convenient, easy and quick.

Ray, CA
a year ago

Promptness of their reply. Ease of usage and their professionalism when dealing with them. I would definitely use them again in the future.

Maria, CA
a year ago

They're good never an issue with them, easy to use and easy to pay off . Very cool and easy to communicate with

d, AZ
a year ago

they are easy to deal with, application process was easy, my only issue is that mailed in checks sometimes take several days to two weeks to post

Charles, NJ
a year ago

The process of getting a loan approved was very easy. It was a smooth and quick process.

Shan, AL
a year ago

They will go over every detail with you and explain what everything is inform and how it will go

a year ago

They are good in some areas and not good in others. They are hard to reach and when I do call I'm on hold for longer then 5 mins

Chrissy, NE
a year ago

Their interest rates are not the greatest but it is definitely worth it if you need the money.

Winifred, VA
a year ago

They were very nice and quick. They also followed up with a email and phone call to make everything was fine

Vin, NV
a year ago

They have relationships w most lenders and provide good results. Rates were among the best.

Precious, TN
a year ago

I hear somewhat negative reviews . I like how they offer a variations of loans for people. The interest rates are not that good.

Faye, NC
a year ago

Overall they are a good company but it's difficult to rebuild through them when you've gotten deep in financial issues and credit issues. Would like to use them again if they'd ever allow.

Mimi, CT
a year ago

It is a quick and easy source to obtain personal loans in a quick and convenient way. It is a relatively easy way to get emergency loans.

Viktoria, ME
a year ago

I did have one bad experience with them, however, customer service was prompt in helping resolve the issue. I believe they make things right, therefore, working with them was a pleasure.

Carrie, OK
a year ago

Haven't had any problems with it, although it took me longer than I wanted to get the loan.

Shawna, TX
a year ago

I thought they were ok but it seemed they also had some 3rd party offers. I am not fond of that and it got a negative response from me

22 reviews