LendingClub Personal Loans Review: Rates, Fees, & Terms

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LendingClub is one of the largest digital loan marketplaces in the world. Currently, they offer personal loans between $1,000 and $40,000.

While borrowers have limited options for the loan terms, they are offset, at least partially, by the less strict requirements for accepting borrowers, making it easy for those with bad, fair, and good credit scores to score a personal loan.  

Best for Online Personal Loans
LendingClub Personal Loans
  • Loan Amount
    $1,000 - $40,000
  • Est. APR
    7.04% - 35.89%
  • Learn More
  • Loan Details

LendingClub Personal Loans Pros and Cons:


  • Options available for joint loans
  • Consistent, on-time reporting to major credit bureaus
  • Custom payment dates are available
  • Pre-qualification only requires a soft credit check
  • Consolidation loans available with lender-managed creditor payment
  • Loans are issued relatively quickly
  • Loan application and approval can be done entirely digitally


  • Only two repayment term options are available
  • No mobile app for loan management
  • No discount for autopay enrollment
  • Late fees
  • Origination fee

LendingClub Personal Loans Features and Benefits

Accepts Joint Applications

While many lenders in this space do not allow for joint loan applications or so-signers, LendingClub does. This means that you can take two sets of financials into account when applying for a loan, and with a potentially higher income or lower DTI, you may have far better approval odds.

This is helpful for those who may need a consolidation loan but may already have damaged their credit enough to prevent them from getting approval on their own. The individual can ask a co-signer to apply with them, but while this may increase approval odds or available lending rates, they also become responsible for paying the debt.

Entirely Online

LendingClub can offer an entirely digital online application, approval, and funds disbursement process. This means that no matter when you need to apply for a personal loan or where you happen to be at the time, the application can be easily and securely filled out online. Then you will be able to check your rates and decide on a lending offer that is right for you.

Once you pick a loan offer, you will be asked to confirm your personal information, employment info and finish the verification, application, and disclosures process entirely in the digital space. Once your lending request is approved, all you need to do is wait for your confirmation and the deposit of the funds.

Flexible Payments

Provided you maintain your account in good standing, borrowers can change their monthly payment due date on either a temporary or permanent basis. This can help borrowers keep making their payments on time, even in the event of a missed paycheck or another emergency that may potentially cause them to miss their payment date.

Assists With Debt Consolidation

LendingClub offers a specific loan called a balance transfer loan that is ideal for debt consolidation for those with multiple creditors across various lines of credit or account types. Once approved for a balance transfer loan, LendingClub will send the loan funds to up to 12 different creditors on your behalf, paying your balances off, stopping interest accumulation and fees, and putting a stop to the constant collection harassment. Balance transfer loans even have the same terms, rates, and qualification requirements as all of LendingClub’s other loans.

No Prepayment Fees

There are no prepayment fees or early payoff costs, so if you can pay off your LendingClub loan ahead of schedule, you will be able to save even more in interest. Since the terms available with LendingClub are limited to 3 years and 5 years, there is the potential for many borrowers to pay their loan off in a shorter time.

How to Qualify for a Personal Loan from LendingClub


LendingClub does not hold any strict minimum income requirements for those looking to become borrowers, though they must be able to prove income during the actual application process. This makes it possible for even those in the gig economy or with irregular income to get approved.

Credit Score

The minimum FICO score accepted for any LendingClub personal loan is 600. However, the specifics of the applicant’s credit history may impact approval odds and terms, even with good credit.

Co-Signer Applicants

Potential borrowers can apply for loan products with a co-borrower. However, applying as a borrower with a co-signer is not available. There will be additional authorization and documentation that will be needed.

How to Apply for a LendingClub Personal Loan

Typically, a potential borrower will follow a relatively simple 3-step process to apply for a LendingClub. Prequalify for your borrowing rate, then pick from several various offers at that rate. Once you confirm identity and employment or income information, along with the needed disclosures.

LendingClub then matches the applicant with a lender and finalizes the match. The hard credit pull is completed, and the funds are disbursed to the borrower’s account immediately.

How Do LendingClub Personal Loans Compare to Other Lenders?

#1. LendingClub vs. Upstart

LendingClub has a far higher loan maximum at $40,000, though Upstart requires higher credit ratings to get approved. Upstart is also more difficult to get funding with if you have income that comes from unsteady employment or gig jobs.

>> More: Upstart Personal Loans Review

#2. Upgrade vs. LendingClub

Upgrade offers a higher loan maximum than LendingClub, allowing borrowers to potentially borrow up to $50,000. While LendingClub only offers a choice of two loan terms, Upgrade has options ranging from 24 to 84 months.

>> More: Upgrade Personal Loans Review

#3. LendingClub vs. Payoff

Payoff offers personal loans with terms of 2-5 years, which offers only slightly more flexibility than LendingClub for borrowers. Prequalification with Payoff can be more difficult if the potential borrower’s FICO score isn’t robust enough.

>> More: Payoff Personal Loans Review

#4. Avant vs. LendingClub

Avant offers personal loans in amounts from $2,000 to $35,000 and credit card services. Avant has a marginally higher bottom end for its interest rates, at 9.95%, and they top out at 35.99%. Avant also includes a 4.75% administration fee.

>> More: Avant Personal Loans Review

What Can LendingClub Personal Loans be Used For?

Personal loans obtained from LendingClub can be used to pay off credit cards and other general debt consolidation and balance transfers. Personal loans can also be used for medical bills, home renovations, and more.

LendingClub loans are prohibited from being used in conjunction with any illegal or illicit activities. They also cannot be used to fund any investments, act as an asset to secure any trade or use to invest in cryptocurrency. They also cannot be used to fund post-secondary education.

Frequently Asked Questions

How Long Does LendingClub Take to Approve Personal Loans?

In most cases, funds from approved LendingClub loans can be deposited into the borrower’s account in about 5 business days. However, this is not always the case, and cases that need more information or consideration may take longer.

Does LendingClub Offer Personal Loan Refinance?

While you cannot use a LendingClub loan to pay off another LendingClub loan, the individual lenders may have refinancing options that can be leveraged.

What Credit Score is Needed for a LendingClub Personal Loan?

LendingClub requires a minimum FICO credit score of 600 for approval.

Does LendingClub Charge Any Personal Loan Fees?

LendingClub does charge an origination fee once the loan is approved and issued. This can range from 1% up to 10% of the loan amount.

Bottom Line: LendingClub Personal Loans Review

For those looking for a way to get several options for fair credit personal loans, LendingClub is one of the best options. While it does have some drawbacks, it has more than enough benefits to make them a great option for finding a loan.

Drew Cheneler
Drew Cheneler

Drew is our Co-Founder and is a recognized Credit, Small Business, and Personal Finance Expert. He has been featured in CNBC, Fox Business News Section, The Huffington Post, Business.com, Moneyunder30, US Chamber of Commerce, and more. He is known for breaking down complex personal finance topics into action-oriented advice, so you can make the most of your hard-earned money. Drew attended the U.S. Coast Guard Academy where he majored in Business Management with a focus on Information Systems.