Follow us:
  1. Home
  2. Finance
  3. Personal Loans

LendingClub

LendingClub
Get a Quote 
Overall Satisfaction Rating 2.43/5
  • 5 stars
    29
  • 4 stars
    2
  • 3 stars
    2
  • 2 stars
    5
  • 1 stars
    40
Based on 78 ratings submitted in the last year

This company is not yet accredited. See reviews below to learn more or submit your own review.

With Lending Club’s peer-to-peer lending, you can get a personal loan, refinance your car payments or take out a small business loan. Its online marketplace connects borrowers with a network of lenders to help them select the best loan.

BOTTOM LINE

Lending Club is a peer-to-peer lending website that helps consumers get personal loans, small business loans and auto refinancing. You can apply for one of its loan options online.

PROS

  • Quick, easy online application
  • Fast money delivery
  • No prepayment penalties
  • Fixed interest rates

CONS

  • High APRs
  • Short loan length

Top LendingClub Reviews We Found

Why Trust ConsumerAffairs
How do I know I can trust these reviews about Lending Club?
  • 2,354,742 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Rated with 5 stars
profile pic of the author
Verified Reviewer

This is my 3rd loan with Lending Club and have never had an issue. They are great to work with and easy to apply. Money comes in about 3 days and they automatically take the payment out of my bank so I don't have to do a thing.

Read full review
Rated with 5 stars
Verified Reviewer

The ease in which filling forms online were extremely fast and easy. And with a brief follow up phone call to verify information, I was provided my loan within a very short time after. Doing business with Lending Club has been a pleasure!

Read full review
LendingClub Get a Quote 

Need a personal loan?

See if you qualify through fiona

Find my match
Are you this business?

Need a personal loan?

See if you qualify through fiona

Find my match

What is Lending Club?

Lending Club is an online marketplace that connects you with lenders. Its application process for personal or small business loans is quick and easy.

  1. Apply online by providing the amount you want to borrow and the purpose of the loan.
  2. Select a loan offer.
  3. Your money is deposited directly into your bank account in as little as four days.

Lending Club offers multiple borrowing options, including personal loans, small business loans and auto refinancing. Borrowers can take out a personal loan for up to $40,000 for almost any significant expense, including:

  • Paying off credit card debt
  • Transferring a balance
  • Consolidating debt
  • Improving a home

Personal loan terms are either 36 or 60 months, and all transactions take place through your Lending Club account. Once approved, your loan is deposited directly into your bank account in as few as four days.

With a small business loan from Lending Club, borrowers who have been in business for at least a year with $50,000 or more in annual sales can get up to $500,000 with a one- to five-year loan term. Small business loans have fixed monthly payments and interest rates as low as 4.99%.

The auto refinancing options are excellent for borrowers who owe $5,000 to $55,000 on their auto loan and want to lower their monthly car payment. Once a borrower chooses a refinancing offer, Lending Club pays off their previous lender. All payments go through a Lending Club account.

How much does Lending Club charge?

Lending Club charges an annual percentage rate (APR) between 6.95% to 35.89% on personal loans. Costs and fees for borrowing with Lending Club include an interest fee, and the company charges a one-time origination fee that's 1% to 6% of the entire amount you're borrowing.

Lending Club FAQ

How does Lending Club affect your credit?
Lending Club does a hard credit check to evaluate your creditworthiness when you apply for a loan, which may cause your credit score to drop temporarily.
How long does it take to get a loan from Lending Club?
You can get a loan from Lending Club in as few as four days.
Does Lending Club verify income?
Lending Club verifies the income of most loan applicants. When applicants apply for a loan, they go through a screening process that considers hundreds of data points that help identify which applications need further verification. Applicants may have to submit documents like W-2 forms, tax records or pay stubs for income verification purposes.
Can you pay off a Lending Club loan early?
Yes. Lending Club does not charge any penalties for paying off your loan early.

Is Lending Club legit?

Lending Club makes getting a loan quick and easy with its online application process and direct deposit, and there’s no penalty for paying off your loan early. Although Lending Club offers low, fixed interest rates, origination fees of 1% to 6% drive up the cost.

LendingClub Reviews

Sort: Top reviews
Filter by: Any

A link has directed you to this review. Its location on this page may change next time you visit.

How do I know I can trust these reviews about LendingClub?
How do I know I can trust these reviews about Lending Club?
  • 2,354,742 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 5 stars
Verified Reviewer
Original review: Jan. 29, 2020

In this age of technology, we enjoy the ability to access our revolving credit balances, account #’s, along with the ability to do it all on our mobile phones. So when I applied for a personal loan, I was able to know what amount was needed to pay down all. Amazingly, so did LendingClub! So it was easy! The majority of the funds pay down creditors and the residual amount of funds leftover went directly into my account. I have enough to pay down in full 2 more creditors that we’re missed - yay! Savings equal the monthly amount needed to pay LendingClub monthly because my interest rate is very low! In essence, I’m saving over $300 per month. I’m well pleased!

2 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Oct. 24, 2019

I would just like to say how much I appreciate Lending Club and the Investors for helping me out to get out of debt in such short period of time. Sometime life hits you harder than you can expect especially when not prepared, when seemed there was no way out, the light shined upon me. Thank you again as I know these days it's hard to believe anyone (even with decent credit score) as far as borrowing money goes! The process for approval was very fast. Keep in mind if you're trying to pay off credit cards it might take a bit longer but it will happen. Be patient. I'm very thankful.

4 people found this review helpful

Not sure how to choose?

Get buying tips about Personal Loans delivered to your inbox.

    Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.

    We value your privacy. Unsubscribe easily.
    Rated with 5 stars
    Verified Reviewer
    Original review: July 28, 2019

    I applied yesterday morning for a $40,000 loan at 6am eastern time. I did all the verifications they requested. Emails both work and personal. Bank account links etc. I logged back on a few hours later and found out I was approved at a 6% rate. I know I have a high credit score with zero late payments and a very high balance in my checking account. I guess they took all this into consideration and approved me instantly. I did this loan to pay off 0% credit cards that will expire soon and go to 22%. I could have paid it off myself out of my checking account but decided to do this loan to keep my credit active.

    5 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: July 25, 2019

    I was skeptical at first because I came across LendingTree by a sponsored IG Story. After filling out some of the prompts they asked you, everything was easy going from there. I did not experience all the negative things people were posting. I submitted my application to Lending Club Tuesday evening, got a message that I had to confirm my email address, approved within 5-10 mins (because I kept refreshing status), received an email about my approval Wednesday (even though I already knew since Tuesday), received another email that my funds were released to my bank, and by Thursday 6:30 am, my direct deposit was in my account.

    I believe it went through as quick as it did because I selected the option to connect my banking account to Lending Club. From what I heard, they're able to verify a lot of things that way such as your employment, salary, identity, etc. That's why I did not have to submit verification documents as other reviewers had expressed. The whole process was less than 48 hours from start to finish.

    I had chose the lump sum option. Therefore, out of the $12,000 that I had borrowed, $600 was taken out for fees and only $11,400 was deposited. I have a 12% APR. Everything was clear cut upfront. For others that complained about this, they must had not read everything. APR and fees would had been lower by half if I had chose the other option in which they pay your CC half directly and give you the remainder monies. I didn't want to do that and was planning to pay off my 3 yrs loan in 1 year instead. If all goes well, I might apply for a 2nd loan for something else just for the convenience and relax state of mind to not worry about living paycheck to paycheck. The only regret was that I didn't borrow more because I forgot to take into consideration that I will be on maternity leave soon and will not be paid that 3rd month off.

    26 people found this review helpful
    Rated with 5 stars
    profile pic of the author
    Verified Reviewer
    Original review: July 23, 2019

    Applied on Wednesday and I received loan documents same day. I signed off on them and submitted. I was kept informed by email all throughout the process. I received my confirmation email on Monday and the funds were deposited that night. I also took advantage of letting Lending Club process and pay off some of my credit cards with some of my loan. Easy and convenient. Now all I have to do is bank pay the rest of them and boom. It is all taken care of. Thanks lending club for giving me the opportunity to pay off my credit card debt and finally get back on track with one easy monthly payment and a reasonable Interest rate.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 29, 2020

    I have attempted to obtain a loan multiple times through Lending Club. My credit score is around 710. No collections, charge-offs, 1 late payment to Kohls (30 days--I missed one minimum payment because I thought charge would be on the next months bill). I have been approved but the "low rates" they advertise are not factual. The APR on the loan offered was OVER 25%!!! I feel they are very dishonest to keep advertising themselves as a low rate option.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 26, 2020

    I have had 2 previous loans with Lending Club. Payments were always made on time and I paid both loans off early. I recently applied for a loan and was told several times that I had been approved. I would check every couple of days for an update and all they would tell me was that it was in process. This was told to me at least three times so I waited and was planning what I was going to pay off with this loan. Then after waiting for about a week and 1/2, I received an email that I was not getting the loan for some bogus reason. I feel that this was very shady and I should have never been told that I was approved and then told that I was not. This is a very unfair way to treat a long time customer.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 17, 2020

    I had a loan through Lending Club, I scheduled an early pay off and they took the pay off plus an additional payment. They tried to make it look like my fault, I still haven't received my refund 5 days.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 27, 2020

    BEWARE!! Took out a loan Sept 2018. I am in great standing on my end. I receive an error when I try to log in. No access for 5 weeks and no one will help me. They will not provide me paper statements.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 13, 2020

    Origination fees are misguided on amount if paid off early... Suppose to pay back in 10 days. It's been much longer. Still no refund... Three customer service reps all tell different stories... This place is trash.

    Be the first one to find this review helpful
    Loading more reviews...

    LendingClub Company Information

    Company Name:
    Lending Club
    Year Founded:
    2006
    Address:
    71 Stevenson Street, Suite 300
    City:
    San Francisco
    State/Province:
    CA
    Postal Code:
    94105
    Country:
    United States
    Phone:
    (888) 596-3157
    Website:
    www.lendingclub.com