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About LendingClub

With LendingClub, 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.

Pros & Cons


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


  • Somewhat high minimum APR

Bottom Line

LendingClub is a lending marketplace that helps consumers get loans for various purposes. LendingClub also offers online banking. You can apply for one of its loan options or sign up for a bank account online.

Top LendingClub Reviews


I have borrowed from this lender twice and each time, it has been picture perfect. While no one wants to borrow to pay off debts, the fact that this company was willing to give me...

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I was wary of getting a personal loan, I suspected there would be hidden fees or a hidden "extra" interest rate. As an attorney, I read the fine print carefully and found that the...

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What is LendingClub?

LendingClub 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 within two days on average.

LendingClub offers multiple borrowing options, including personal loans, small business loans, auto refinancing loans and medical loans. LendingClub offers fixed interest rates and a single monthly payment. There’s also no penalty for paying off your loan early.

LendingClub loans

LendingClub has multiple types of loans available with different maximum loan amounts and terms. The right loan for you may vary based on how you intend to use the funds.

LendingClub personal loans

You can take out a personal loan of 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 LendingClub account. Once approved, your loan is usually deposited directly into your bank account within two days.

available personal loan options from lendingclub

LendingClub business loans

With a small business loan from LendingClub, U.S.-based 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 no prepayment penalties.

LendingClub auto refinancing

The auto refinancing options are excellent for borrowers who owe $4,000 to $55,000 on their auto loan and want to lower their monthly car payments. Once you choose a refinancing offer, LendingClub pays off your previous lender. All payments go through a LendingClub account.

LendingClub Patient Solutions

LendingClub offers medical financing to help patients receive the care they need that may not be covered by insurance. LendingClub Patient Solutions include installment loans from $1,000 to $65,000 or revolving lines of credit from $499 to $32,000. Installment loans can be repaid in two to eight years with fixed rates ranging from 3.99% to 30.99%. Line of credit borrowers can secure rates as low as 0% APR.

available patient solutions options from lendingclub

LendingClub personal loan terms

Loan terms vary among lenders, and it's important to note the differences to find the best loan for you. We've highlighted some of the most important information about LendingClub's personal loans.

LendingClub personal loan terms at a glance

Loan amounts$1,000 to $40,000
Term lengths24 to 60 months
APR range9.57% to 36%
Origination fee3% to 6%
Prepayment feeNone
Minimum credit score600

LendingClub rates

LendingClub charges an annual percentage rate (APR) between 9.57% to 36% on personal loans. Costs and fees for borrowing with LendingClub include an interest fee, and the company charges a one-time origination fee that's 3% to 6% of the entire amount you're borrowing.

LendingClub FAQ

How does LendingClub affect your credit?

Checking the rate you qualify for from LendingClub will not impact your credit score.

If you choose to move forward with the loan, LendingClub does a hard credit check to evaluate your creditworthiness, which may cause your credit score to drop temporarily.

How long does it take to get a loan from LendingClub?

You can get approved for a loan from LendingClub within 24 hours and receive funds within two days.

Does LendingClub verify income?

LendingClub verifies the incomes of most loan applicants. When applicants apply for loans, 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 LendingClub loan early?

LendingClub does not charge any penalties for paying off your loan early.

Is LendingClub legit?

LendingClub 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. Just be sure you’re getting a rate and loan term you can manage.

LendingClub Reviews

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Page 1 Reviews 0 - 5
Verified Reviewer Verified Buyer
Original review: April 20, 2023

I did a conventional loan through the internet, and the process with LendingClub was a lot easier. There was another company that didn’t have the fee at all, but their process of applying for a loan was way too lengthy. There were too many questions, and I didn't have too much time for that at the moment. If I had the time, I would have gone with them to avoid paying the fee. The process with LendingClub took a little longer than 24 hours, but they were all right, and if I had to do it all over again, I’ll give them a second chance. I have two loans and I would have to call them to find out if I could just put them together instead of having separate. Other than that, I'm satisfied so far.

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    Verified Reviewer Verified Buyer
    Original review: April 10, 2023

    Trying to find a personal loan to help me consolidate my cc debt was extremely frustrating and stress inducing. So many preapproval messages getting you excited to get out of this hole but once you start the process that 10% apr preapproval for 13k turns out to be 28% for 4500…It felt like I was just going to have to let my credit get destroyed and just ride out having maxed out cards. Then comes LendingClub. Their preapproval process was legit, the rates were what they initially stated and the whole thing from start to finish was incredibly simple. The money was sent to my cc accounts in less than a week.

    If I had one critique it would be that once you complete the application and sign into the site to check on the status of it you can easily submit another loan application without knowing it because it looks like you haven’t completed the app when you sign in. I got several emails saying my loan was denied because I already had an application active but I couldn’t find anywhere that stated it was processing or anything like that which would have been great. But that’s a small critique and overall I am extremely happy with everything LendingClub has done for me and I would highly recommend using them for a personal loan.

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    Verified Reviewer Verified Buyer
    Original review: April 9, 2023

    LendingClub got me out of a jam. What I did for me helped me. It was easy, fast, and simple. I did it through the website and I called. Go ahead and do it, if you need to and you're responsible enough to make payments on time. Because you're getting out of a jam to pay another one, but it's not as frustrating. I'm paying 10 cards a month. My daughter was a little higher because of her credit limit. I should have done a higher limit and got rid of the last four cards that I have.

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    Verified Reviewer Verified Buyer
    Original review: April 5, 2023

    LendingClub approved me and their interest rate and everything else worked way better for me. The application process was simple and easy. It took me more than 5 to 10 minutes, just because I had to look for some information. Everything was done online and the LendingClub website was easy to use. They didn't give me an issue and they didn't have me restart anything. I filled out the application and in a couple of seconds, I was approved. That worked out pretty well. The rates I got worked for me as well and it wasn't too high. This is my first time doing a personal loan and I had a good experience. LendingClub helped me, even though I didn't think I would be approved.

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    Verified Reviewer
    Original review: July 2, 2022

    Origination fees and a bit higher interest rates are not ideal... However, as a disabled veteran on a fixed income who has been trying to fix their credit, in part, resulting from several years worth of bad financial advice and a failed legal/advocacy system - LendingClub has been a godsend. They give folks who are reasonable with their money a chance to recover and get ahead when other institutions wouldn't - over trivial things that negatively impacted their credit score years ago, when it necessarily shouldn't have. The process is transparent, simple, and quick. So much so, I had to call to make sure I was approved because it seemed too good to be true, and too easy.

    LendingClub is definitely getting something out of it for themselves, make no mistake. They have a financial interest in it for sure; however, my overall impression and experience with both loans and my bank accounts has been nothing but overwhelmingly positive. From what I understand, things may have been different a few years ago with them when it came to loans, but I definitely believe (origination fee aside) they have more to offer than their competition. Interest rates seem industry standard for their type of financial institution.

    21 people found this review helpful
    Verified Reviewer Verified Buyer
    Original review: May 21, 2023

    Integrity poor! My account went past due (roughly $17K - not accurate) and sought out help in negotiating a settlement. But successfully there was a reached upon agreement for a lesser amount for $8K (not accurate). I made consistent payments towards the agreement on the now established amount of $8K for over a year. Then also successfully I re-financed my home and tapped into my equity. Through the mortgage dealings, my debts were implemented to pay them off. The bank (mortgage) issued checks to deal with those accounts. However through policy I guess the company couldn't acknowledge the debt settlement as that agreement was between my agency and the account. So in other words, the bank (mortgage) issued checks in the original amount of my accounts. I sent out the checks to various companies with the understanding that overpayment funds would be sent to me.

    In a nutshell, other companies that have a lesser amount debt settlement had in fact sent me the overpayment funds back to me. Yay!!! There are good people/companies. Now the problem, Lending Club will not honor the debt settlement agreement for a lesser amount. The case being that they should send me an overpayment of $10K but as of yet have not. They sent me a minor overpayment which is not even close. The bank (mortgage) sent the $17K, but Lending Club applied that amount to the original balance. Which in turn they sent me $500 in difference of overpayment. They should have applied the bank check to the debt settlement agreement of $8K which would've given me $10K refund. Again these numbers are reference.

    Lending Club should honor my debt settlement agreement but have not. So in my experience they DO NOT HAVE INTEGRITY, other companies I've dealt with do. So Lending Club is not trustworthy. But through my complaints Lending Club still deliberates a solution. I strongly believe I am owed $10k. So until they resolve this matter my review this will stand as a 1 star for lack of integrity!

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    Verified Reviewer Verified Buyer
    Original review: May 19, 2023

    The process with LendingClub was so easy that I didn't even have to work with any of the representatives. It was seamless. Everything was done online and there were no hassles. The rate was competitive with the other rates that I got. I would recommend LendingClub.

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    Verified Reviewer Verified Buyer
    Original review: May 18, 2023

    I did the credit card consolidation and they paid off several high-interest credit cards I had. Now, I'm making one monthly payment to them. The application process was pretty simple. It was all online. I received emails about processing and I could check my status online. I had a very positive experience overall.

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    Verified Reviewer
    Original review: May 18, 2023

    My loan was quick and easy to get. No paperwork, the payments came auto-pay out of my account. However, I fell into a hardship and got behind only one payment of 41.00. They have literally called my phone 5 times a day for a past payment of 41.00, even calling my job, absolutely ridiculous!!! My thing is if the person is making the payments on time every month and be a few days late, give them some time. You never know what people are going through. I can't wait to be done with this loan.

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    Verified Reviewer Verified Buyer
    Original review: May 14, 2023

    I did a debt consolidation with LendingClub and it was all online. The website was self-explanatory. I was not happy with the rate but it was the best I could find. I would consider a better APR. LendingClub seems reliable but people should still check around for the best deal on rate and terms.

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    LendingClub Company Information

    Company Name:
    Year Founded:
    71 Stevenson Street, Suite 300
    San Francisco
    Postal Code:
    United States