LendingClub Personal Loans Review

Read our Advertiser Disclosure.
Contributor, Benzinga
May 13, 2022

LendingClub was created in 2007 and offers a technology-driven approach to personal loans and funding. Over the years, LendingClub has aimed to reinvent banking while making loans and financial tools more accessible. The company provides a wide range of financial resources such as borrowing, investing and banking. LendingClub offers personal loans that accommodate diverse needs from home improvements to debt consolidation. Before applying for a loan, consult a financial professional and examine the various loans available for your specific situation. Benzinga reviewed LendingClub’s personal loan offers and determined that it was ideal for people with good-to-fair credit interested in consolidating debt, but its loans have room for improvement in terms of fees. 

Best For
  • People with fair-to-good credit looking for an unsecured personal loan
  • Individuals aiming to consolidate debt
  • Varied range of loan amounts starting as low as $1,000
  • Potential to change the loan payment date
  • Offers the option of having cosigners
  • Includes origination fees
  • Higher APR rates included

LendingClub Personal Loans Ratings at a Glance

LendingClub Fees
LendingClub Customer Service
LendingClub Terms and Loan Purpose
LendingClub Approval Requirements
LendingClub Overall

LendingClub Fees

Origination FeeBetween 3% and 6% 
Late FeeYes, but not clearly stated  
Prepayment FeeNone 

The company does not charge an application fee. However, LendingClub does charge an origination fee between 3% and 6%. Origination fees are typically included as part of its loans, so consider asking for a larger loan to help cover the anticipated fee. LendingClub requires different fees such as origination fees and late fees. Late fees are mentioned, but no specific number is stated. Late fees occur once payments are more than 15 days late. LendingClub offers multiple options for a borrower to pay off a loan such as paying online, by check or over the phone. 

The company also offers APR rates for personal loans between 7.04% and 35.89%. An APR rate stands for the annual percentage rate and indicates the interest rate that will be charged during a year for a loan. An APR of around 36% is on the higher end of the scale. For borrowers, it’s better to have lower APR rates. A borrower is typically charged an APR rate on a personal loan depending on factors such as credit scores and personal financial history. 

The company does not have prepayment fees, which means that borrowers are able to pay off their loans faster than anticipated without facing extra fees or penalties. LendingClub also has no brokerage fees. However, the company still maintains fees such as origination fees and late fees that could give more risk-averse borrowers pause. It’s important to consider additional fees and rates when calculating the total value of a loan because what might look promising at first glance has the potential to become financially less appealing after a second look. 

LendingClub Customer Service

LendingClub customer service is available using an email or phone number. Representatives are available to speak to customers during the week between 5 a.m. and 5 p.m. and Saturdays between 8 a.m. and 5 p.m. PST. 

The company publishes two physical addresses in California where customers are allowed to send payments made by check. In addition to physical addresses, the company maintains a strong social media presence with platforms such as Facebook, Twitter, Instagram and LinkedIn. The company offers a newsletter where potential and current customers opt in and receive content. However, the company does not provide an online chat option that might deter certain borrowers who prefer talking with customer service through a chat service. 

In terms of responsiveness, the company ranks relatively high. Customer reviews on external platforms such as Trustpilot convey an excellent customer satisfaction rating combined with a high level of positive customer sentiment. 

Before applying for a loan, read customer reviews written on different platforms. Customer reviews help paint a more accurate and realistic painting of how companies treat their customers. Read positive and negative reviews to fully understand how customers perceive the company. 

BBB RatingA- 
Trustpilot Score4.8
Benzinga’s Score3.5
J.D. Power RatingN/A

LendingClub Terms and Loan Purpose

LendingClub offers term options starting at 36 months to 60 months. Loan terms are determined by different factors such as your credit score and personal financial information. LendingCompany loans are expected to be paid monthly. The loans are offered with fixed terms and fixed rates that provide an added level of predictability for borrowers. 

In terms of special requirements, a person must be over the age of 18 and have a bank account that can be verified. To receive a loan from LendingClub, a person must also be a citizen, permanent resident or resident of the United States on a long-term visa. 

Repayments can be made in a variety of ways such as by check, phone, wire transfer or auto payments. Borrowers are able to set up auto payments through their member accounts. It’s possible to set up auto payments when applying for a loan and begin making payments from a verified bank account. Auto payments help borrowers avoid late payment fees by meeting the monthly due dates in a timely fashion. One reason LendingClub allows for prepayments is that it provides borrowers the opportunity to pay off loans promptly without facing repercussions. However, auto payments are not ideal for people who have unpredictable funds within their designated bank account. It’s possible to face penalties or extra fees if the money within your bank account does not cover the payments. 

Defaulting on a LendingClub loan could lower your credit score or create additional financial repercussions. Examine your funds and avoid overextending your financial situation with a large loan. Larger loans might become difficult to pay off in times of crisis or job uncertainty. 

Term Options36 months or  60 months 
Loan Amounts AvailableBetween $1,000 and $40,000 

LendingClub offers personal loans between $1,000 and $40,000. Personal loans often assist in a wide range of needs from consolidating debt to assisting with wedding payments to covering medical bills. However, personal loans do not cover education after high school or investments.

The company’s personal loans are considered unsecured because they do not require collateral. Unsecured personal loans are understood as less risky for borrowers because of the lack of collateral. In contrast, secured loans require collateral in the form of an asset such as a house or a car depending on the loan. Luckily, LendingClub helps to mitigate a borrower’s risk by offering unsecured loans with higher rates. Higher rates help lenders to compensate for the lack of collateral. 

LendingClub Approval Requirements

Minimum Credit Score RequirementBetween 550 and 650

The company recommends that potential borrowers have fair-to-excellent credit scores between 550 and 650 or higher for a greater chance at loan approval. LendingClub states that lower scores are also considered for a loan. Scores above 580 are usually considered fair. LendingClub recommends attempting to improve your score before applying for a loan to have a better chance of receiving improved loan terms and rates.

In terms of pre-approval, a potential borrower can visit the LendingClub website and determine personal eligibility for a pre-approved offer. In addition, it’s possible to become pre-approved from a proactively sent mail offer. Responding to a pre-approved offer could require LendingClub to verify your credit score or financial information such as your income before finalizing the loan. 

LendingClub applicants are approved for their loans within 24 hours. It’s possible to receive loan funds within 48 hours. To expedite the process, consider having additional documents available in case LendingClub asks for extra information.

LendingClub vs. Competitors

LendingClub stands out from the competition by offering loans with a fast application process and expedited funding times to people with fair credit scores. The company provides individuals with a way to more effectively consolidate high-interest debt by offering a personal loan that can extend up to $40,000. The benefits of LendingClub also include strong customer support that can attract interested borrowers by providing easily accessible customer service representatives. LendingClub attracts potential customers by offering a comprehensive website page that’s dedicated to answering funding and loan questions. The company allows potential and current customers the ability to troubleshoot and research their own needs while also providing interactive tools such as a loan rate checker. The loan rate checking tool doesn't impact a person’s credit score. 

  • Best For:
    Emergency Loans
    Read Review
  • securely through SoFi Personal Loans's website
    securely through SoFi Personal Loans's website
    Best For:
    No origination fees
    Read Review

    Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.

    Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.

    Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

  • Best For:
    Consolidating Debt
    Read Review
  • Best For:
    $0 Origination Fee
    Read Review

    *AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Excellent credit required for lowest rate. Rates vary by loan purpose.

  • Best For:
    Comparing Lenders
    Read Review
  • securely through Figure Personal Loan's website
    securely through Figure Personal Loan's website
    Best For:
    Quick funding
    Read Review

LendingClub Overall

LendingClub earns 3.5 out of 5 stars. The company offers substantial customer support that’s easily provided through the website. Customer service representatives are available through various modes of communication such as phone and email. In terms of customer sentiment, customers highly rate their satisfaction with the company and loan service. The loan amounts can attract individuals interested in obtaining lower amounts because the company provides loans that begin at $1,000. 

However, the company has room for improvement in terms of fees. LendingClub requires origination fees up to 6% depending on factors such as your financial information and state of residence. The loans also have the potential to have much higher than usual APR rates. LendingClub also requires an elevated minimum credit score that can act as a barrier to entry for people who have lower credit scores. 

Overall, LendingClub provides an attractive personal loan offer for people with fair-to-good credit interested in consolidating debt and having the option of a cosigner. 

Frequently Asked Questions

Personal loans are available in a wide array of terms and rates depending on additional information such as your credit score. These loans can help to consolidate debt or accommodate different funding needs. Before applying for a loan, examine your credit score and research the available options. Remain aware of potential hidden fees and calculate how such fees and penalties could potentially impact your loan. If possible, consult with a financial professional to better understand your options and better recognize if taking out a personal loan works best for you. 

Does LendingClub still offer peer-to-peer lending?

Unfortunately, LendingClub no longer offers peer-to-peer lending. It has shifted to more traditional modes of financing. The company also discontinued its Notes Platform during the later portion of 2020.

Currently, LendingClub provides a public neobank that’s focused on growing as a full-spectrum fintech marketplace bank. LendingClub officially entered into more traditional banking when it purchased Radius Bancorp and all of its subsidiaries such as Radius Bank. LendingClub is concentrating on building a technology-driven perspective that’s heavily focused on future growth and progress. 

What are the differences between a loan and a credit card?

Credit cards and loans are two ways that people are able to obtain funds on an as-needed basis. Both credit cards and personal loans can be used to cover a wide range of needs such as new cars or additional home renovations. 

However, credit cards and loans differ in key areas that can make them stand out to a potential user. For example, personal loans typically have lower interest rates than credit cards. Another key difference is that personal loans with fixed rates provide a level of stability and predictability in terms of monthly payments that are not attainable with a credit card that has a revolving balance. With a revolving balance, monthly fees are based on the balance that is placed on a credit card at a given time. Each month, credit card users are able to purchase items and pay off either the full amount that is due or the minimum balance. In contrast, fixed personal loans have set monthly payments that extend throughout the life of the loan. Another key difference is that loans are offered as lump sums. A lump sum means that the entire loan amount is typically given to a borrower in one total amount that must be repaid over the previously agreed-upon terms. 

Overall, credit cards and loans differ in how funds are offered. While credit cards offer funds on a revolving basis, a personal loan often provides funds as a lump sum amount that must be repaid over a predetermined period. 

Loans are a helpful way for individuals to obtain much-needed funds, but many additional options exist that can also work to best fit personal timelines and financial needs.  

What is the purpose of LendingClub? 

LendingClub aims to help customers both earn and save money. The company offers a wide range of services that are technology-driven with a traditional banking structure in mind. LendingClub provides different kinds of options such as personal loans, auto refinancing, investing and patient solutions. LendingClub strives to make the financial industry more transparent and accessible to people with different credit scores and backgrounds. 


  1. Forbes. “Personal Loans Vs. Credit Card: Which is best for you?” Accessed April 30, 2022. 
  2. LendingClub. “Who we are and what we do.” Accessed April 30, 2022.
  3. LendingClub. “About Us.” Accessed April 30, 2022. 

Submit Your One Minute Opinion

How do you like LendingClub Personal Loans?