- Loan amounts
- $1,000 to $40,000
- Term lengths
- 24 to 60 months
- Minimum credit score
LendingClub is an online lending marketplace. In addition to personal loans, it also offers business loans (up to $500,000) and auto loan refinancing.
Most applicants get approval within 24 hours and receive funds within two days, according to the company’s website. It offers the convenient option to make automatic payments. There is no application fee or prepayment penalty. We like that LendingClub extends a 15-day grace period on late payments before charging late fees.
To qualify, you have to be at least 18 years old and have a verifiable bank account. You also need a minimum credit score of 600 to get a personal loan with LendingClub, which means it’s available to borrowers with less-than-stellar credit. And you can apply with a co-signer; it may increase your odds of approval if you have bad credit.
We recommend LendingClub for the following reasons:
- Can add a co-signer
- No prepayment penalty
- Fast funding
We caution against these factors:
- High late fees
- Origination fee
- High minimum APR
Many ConsumerAffairs readers praise LendingClub for its quality customer service, quick and simple application process and upfront and transparent terms. A satisfied reviewer in Florida highlighted LendingClub’s ”fast service” and “easy application process,” adding that paying off the loan helped to increase their credit score “considerably.”
Note, however, that some reviewers report that the rates are high and borrowers should shop elsewhere if they have excellent credit.