Whether you’re looking for a personal loan to refinance your credit, make a big purchase, or simply consolidate your debt, LendingClub has been in the lending game for over a decade. Their peer-to-peer model is one of the first of its kind and works by allowing an individual or institution to either act as an investor who backs loans and taps into consumer credit or be a borrower.
LendingClub has facilitated over $45 billion in loans since their inception in 2007 and has been positively recognized for their achievements by companies like Forbes, CNBC Disruptor, and Fast Company 50 Most Innovative Companies, which says something about their reputation. There are attractive features such as competitive loan rates, no prepayment fees, and excellent customer service.
LendingClub Loan Types and Terms
Loans through LendingClub are easy to apply for. The application process takes just a few minutes and immediately allows borrowers to review and select the best loan offer for their needs.
Checking your rate generates a soft credit inquiry, which is visible only to you. A hard credit inquiry that may affect your credit score only appears when your loan is issued.
Other than personal loans, LendingClub can help you obtain a small business loan, auto refinancing, and patient financing solutions.
|Loan amount||$1,000 – $40,000|
|Repayment terms||36-60 months|
|APR||6.95% – 35.89%|
|Minimum credit score||580|
|Lender type||LendingClub is a peer-to-peer marketplace|
|Good for:||Personal loans, all credit scores, debt consolidation|
Who is LendingClub Good For?
The application process for a loan through LendingClub relies on more than just a credit score. It also takes into account 180 factors total when determining if you qualify. This gives those with a lower credit score a chance to secure a loan, but it should be noted that those who see the best interest rates are most often borrowers with a generally positive credit history and a good credit score.
Borrowers can easily consolidate debt with a balance transfer loan if they qualify by paying back their creditors directly.
- A borrower’s financial profile is considered in its entirety when applying for a loan through LendingClub.
- Overall Funding Claim: Funding in as few as 4 days
- The loan application process takes only a few minutes.
- They conduct a soft credit check to get you rates quickly.
- Great customer service
- No prepayment penalties
- Borrowers can sign up for automatic payments.
- As with most loans, there are late fees (5% of the monthly payment or $15—whichever is greater), but with a 15-day grace period, which not all loan providers offer.
- It takes an average of 4 days to receive funds, though the time it takes to fund your loan may vary.
- They have origination fees ranging from 1% – 6%.
How to Apply
To get started head to LendingClub’s website and fill out the simple online application. It will ask for some basic information, such as the desired loan amount, your reason for borrowing (i.e. debt consolidation, credit card refinancing, etc.), and your contact information.
You can also add a co-applicant, which can help if your co-applicant has a better credit profile than you. The form takes just 2-3 minutes to fill out. Once you’re done, LendingClub will conduct a soft credit check which will not harm your credit score. This soft credit inquiry is only visible to you. A hard credit check inquiry that could affect your credit score only appears once your loan is issued.
Offers will include information such as APR, loan terms, monthly payment, and the loan amount. Once you select an offer, you’ll need to provide more personal information, such as your social security number, employment details, and income.
Terms & Requirements
LendingClub is transparent about both the investor side and borrower side, making it both easy and safe to secure a personal loan.
- LendingClub takes into account 180 total factors are considered to determine if you qualify for a loan.
- Applicants are required to be at least 18 years old, a U.S. citizen, have a U.S. bank account, and an email address.
- Terms, rates, and fees depend on your credit profile. Once you submit the application, you can compare rates. APR rates range from 6.95% to 35.89%.
- A personal loan amount can be anywhere from $1,000 to $40,000.
- They have origination fees ranging from 1% to 6%.
- 36 or 60 month loan terms
Privacy & Security
LendingClub takes privacy and security seriously by implementing safeguards such as employee background checks, employee security training, encryption, perimeter security, two-factor authentication, and regular security monitoring.
Additionally, LendingClub protects their users’ information with their identity theft prevention and response program which was specifically designed to detect, prevent, and mitigate identity theft for borrowers.
LendingClub offers excellent customer service. You can get in touch with an agent immediately via phone, email, or chat. They also provide an online help center (essentially, an FAQ page) regarding different products and services. They clearly explain the answers to a variety of common questions, such as how to apply, how payments work, what you can do if your application is declined, and so on.
LendingClub has been around for over a decade, and it’s no wonder why. If you have any questions about the process or how it works, you can quickly and easily get in touch with a live agent. This can make the personal loan process that much easier.
LendingClub attracts borrowers with competitive rates and zero prepayment penalties. If you’re in the market for a personal loan, LendingClub is a great place to start. They’re well-known in the industry, members have borrowed over $45 billion, and you’ll find that online reviews for the company are generally positive.
595 Market Street, Suite 200
San Francisco, CA 94105
Disclosure: The time it will take to fund your loan may vary. All loans made by WebBank, Member FDIC. Your actual rate depends on your credit history, loan amount, and term. The APR ranges from 6.95% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. The origination fee ranges from 1% to 6% of the original principal balance. The average origination fee is 5.2% (YTD 12.05.18). For approved and listed loans over $2,000, you are guaranteed to receive at least $2,000 at your approved APR if your listing expires. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement to all of the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident, or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. All loans are subject to credit approval. LendingClub’s physical address is 595 Market St., Suite 200, San Francisco CA 94105.