LendingClub Personal Loans Review

This online peer-to-peer lender offers a variety of personal loan options

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LendingClub logo

 LendingClub logo

overall rating

Founded in 2007, LendingClub is a peer-to-peer lending marketplace offering personal loans for borrowers. The company offers loans as low as $1,000 with no prepayment penalties. Our LendingClub personal loan review will cover relevant information for you to assess whether it’s the right fit. The details outlined here include terms, rates, fees, and credit score requirements. 

LendingClub offers fixed-rate loans ranging from 8.05% to 35.89% APR, which includes an origination fee of 2% to 6%. LendingClub offers personal loans from $1,000 to $40,000, however, minimum loan amounts may vary depending on where you live. Your repayment term may be either 36 or 60 months. Although LendingClub doesn’t explicitly state a minimum required credit score, we suggest a score of at least 600. LendingClub also considers factors like your credit history and proof of on-time payments.

  • Product Specifications
  • Pros and Cons
  • Fees
Product Specifications
  • APR Range 8.05% to 35.89%
  • Loan Amounts $1,000 to $40,000
  • Loan Terms 36 or 60 months
  • Recommended Minimum Credit Score 600
Pros and Cons
  • Joint applications offered

  • Low loan amounts for borrowers who don’t need a large sum

  • No prepayment penalties

  • Personal loans not available nationwide

  • Origination fees charged

  • Longer funding times compared with other lenders

  • Origination: 1% to 6% of the loan amount (included in APR)
  • Late payment: greater of $15 or 5% of the unpaid balance, with a 15-day grace period
  • Prepayment: none
LendingClub logo

 LendingClub logo

overall rating

Pros Explained

  • Joint applications offered – LendingClub allows co-borrowers on its personal loans, which may be helpful if you believe you need an additional applicant with better finances to help you qualify. Make sure, however, to weigh the risks before proceeding.  
  • Low loan amounts for borrowers who don’t need a large sum – LendingClub offers personal loans starting at $1,000, which is lower compared with many other competitors. This could be a good option if you’re not looking to finance a large purchase.
  • No prepayment penalties – As LendingClub won’t charge you a fee for making extra payments, it means you can save money if you decide to pay off your loan early.

Cons Explained

  • Personal loans not available nationwide – U.S. territories and Iowa residents are not allowed to submit an application.
  • Origination fees charged – Lending Club charges a fee to cover the processing of your loan, and it can range from 1% to 6% of the loan amount. This fee is included in your final annual percentage rate (APR).
  • Longer funding times compared with other lenders – Borrowers may have to wait up to four days to receive their money. If you’re conducting a balance transfer loan, it could take up to 10 business days, depending on the form of payment.

Types of Personal Loans Offered by LendingClub

Personal loans from LendingClub can be used for almost any purpose, including major expenses such as a wedding, medical bills, or home repairs, debt consolidation, and balance transfers.

However, you’re restricted from using loan proceeds for the following:

  • Post-secondary education purposes
  • Purchasing securities or making investments


Although LendingClub doesn’t charge a prepayment penalty, there is an origination fee that’s 2% to 6% of your loan amount. Also, if you’re late on your monthly payment for more than 15 days, LendingClub will charge you $15 or 5% of the unpaid balance, whichever amount is greater. 

Time to Receive Funds

Most LendingClub borrowers will receive their loan proceeds within four days, though it can vary depending on factors such as how fast you can submit any additional supporting documentation.

LendingClub Personal Loan Features

Soft Credit Inquiry

LendingClub offers applicants the ability to check their rate without affecting their credit score. A hard credit inquiry will take place once applicants decide to move forward with the application process, which could affect your score. 

Joint Applications Available

LendingClub does offer joint applications. Simply indicate that you want to check your rate as two borrowers and submit any necessary documentation from the both of you when the lender reviews your application.

Apply for a LendingClub Personal Loan

Head to LendingClub’s website to get a rate quote through a soft credit inquiry. Here’s what the application process may look like:

  1. Choose between an individual or joint application to receive a rate estimate. 
  2. Provide some initial information, which includes your birthday, Social Security number, and reason for the loan. Co-applicants will need to submit their information as well.
  3. Review loan offers by comparing terms and rates offered. 
  4. Select the offer you like best and proceed with the full online application, which includes income and employer information.  
  5. Submit your application after confirming your information. 
  6. Provide additional documentation if LendingClub requires that you do so. These can include documents to confirm your income or identity.

Once your loan is approved, sign your loan agreement, and LendingClub will send you your funds in as little as four days.

Can I Refinance a Personal Loan With LendingClub?

LendingClub won’t let you refinance your personal loan. However, you can take out an additional personal loan, as long as both loans combined aren’t more than $50,000. To qualify, you’ll need to have made on-time payments for three consecutive months, among other financially related factors.

Final Verdict

If you have a good to excellent credit score, you may qualify for more competitive personal loans, without an origination fee, elsewhere. But if your credit score is less-than-perfect, you want a co-borrower, and don't need the money immediately, LendingClub may be worth a look.

Taking out a personal loan might be a smart idea if you need access to cash to fund a large purchase or to consolidate high-interest debt. Shop around and compare various loan offers to find the one that offers you the best rates and terms. When doing so, remember that checking your rate with LendingClub won’t affect your credit score.


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected more than 25 data points across more than 50 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their needs.