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LendingClub Review June 2024

LendingClub offers loans large enough to cover major expenses like home improvement projects, paying off debt, and car financing. LendingClub doesn’t have a prepayment penalty and is available to those with fair credit.
Karen CordawayJun 1, 2024
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Editor’s Note
Advertising Disclosures

At, we strive to help you make financial decisions with confidence. While many of the products reviewed are from our Service Providers, including those with which we are affiliated and those that compensate us, our evaluations are never influenced by them.

Best for fair credit

Lending Club | Peer-to-Peer Lending
Overall rating:
4.5 rating
Go to the provider’s site
Fixed APR8.05% - 36%
Loan Amounts$1,000 - $40,000
Repayment3 - 5 years
FeesOrigination fee ranges from 2-6%
Time to fundA few business days
Min. Credit ScoreNot disclosed
Thumb up
  • Loans up to $40,000
  • Allows co-applicants and co-signers
  • Available to those with fair to excellent credit
Thumb down
  • Origination fees
  • Limited loan term options
  • Higher APRs

Consider LendingClub for a personal loan if you have fair credit and need a smaller loan. They offer loan amounts up to $40,000 for those who qualify. Applying with a co-applicant or co-signer can increase your chances of getting a lower rate and higher loan amounts. Read our LendingClub personal loan review to find out how it could fit into your finances.

LendingClub Personal Loan Top Features

Small loans: LendingClub offers loans between $1,000-$40,000.  Many other lenders have a higher minimum. 

Interest rates: LendingClub’s interest rates range between 8.05% and 36%. The rates vary based on factors such as credit score, credit history, and debt-to-income ratio. These are fixed rates, which means your loan will be paid off in equal payments. 

Terms: 3 to 5 years 

No prepayment penalty: LendingClub loans have no fees for early payoff.

Flexible credit score requirements: LendingClub doesn’t disclose its minimum credit score requirements, but as a peer-to-peer lender, they are known for being able to approve applicants who might not qualify elsewhere. Even if you don’t have good or excellent credit, you can check your eligibility on LendingClub’s website without any risk to your score.

Time to fund: Upon approval, funds can be available as early as the same day or within a few days.

Multiple loan purposes: LendingClub loans can be used for many reasons such as debt consolidation, credit card refinancing, and home improvement, as well as other purposes like a major purchase, home buying, car financing, and more. Loan purpose affects the rates and terms available.

Co-signers allowed: Applying with a co-borrower or co-signer can increase your chances of qualifying. It could also help you get a larger loan, a better interest rate, or both.

Where LendingClub Can Improve

Origination Fee: LendingClub charges an origination fee ranging from 2-6% of the total loan amount. The exact amount will depend on your credit history.

Qualifying for a LendingClub loan

To qualify for a LendingClub loan, you must be a U.S. citizen or permanent resident. You must also be 18 years old with a verifiable bank account. Loans aren't available to residents of U.S. territories. 

The application approval process looks at a variety of factors, including credit history, debt-to-income ratio, credit score, and your ability to repay. 

How to apply for a LendingClub loan

Find out what loan options you qualify for by going to the LendingClub home page. Type in the amount you're looking to borrow and the purpose of the loan to check your rate. It will not affect your credit score.

Qualified applicants may receive an array of loan offers. Decide what’s best for you. Then, complete the formal application online. Specialists will look over your application. Applicants can track progress by signing into their Member Center.

Loan approval and loan funding from LendingClub

If your loan is approved, the lender will send the funds to your linked bank account, which may take a few days. Interest will start accruing as soon as the funds arrive. Also, keep in mind that balance transfer loans will go straight to the creditors. Any remaining amount will go to your linked bank account.

LendingClub: customer service and customer satisfaction

LendingClub scores generally well in online reviews. People like their easy application process and fast funding. Satisfied customers also report positive experiences when communicating with customer service providers.

When a LendingClub personal loan might be the best choice:

This loan can be a good option for those looking to take out a small loan, or for applicants who might have trouble qualifying for a loan elsewhere.

Get rid of your debt faster with debt relief

Get rid of your debt faster with debt relief

Take the first step towards a debt-free life with personalized debt reduction strategies.

Choose your debt amount

See if you qualify

Or speak to a debt consultant  844-731-0836