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LendingClub Reviews


bestfor-icon A Leading P2P Marketplace

Written by Bob Phillips

About LendingClub | Read More


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Opening Hours Opening Hours drop-down-btn
Mon - Fri 5:00 AM - 5:00 PM Pacific
Saturday 8:00 AM - 5:00 PM Pacific
Sunday Closed
Contact Information Contact Information drop-down-btn
  • support@lendingclub.com
  • (888) 596-3157
  • Headquarters: 595 Market St., Suite 200 San Francisco, CA 94105
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LendingClub Personal Loans Review

LendingClub personal loans are funded by investors who have been matched with the borrower through the LendingClub platform. The company offers competitive fixed rates on loans up to $40,000.

LendingClub Personal Loans Highlight


Min Credit Score


APR. Fixed Rate


APR. Variable Rate


Loan Amount

24-60 months

Repayment terms


Soft Credit Pull


Lender Type


Other Fees


Origination Fee


Prepayment Fee

5 days

Funding Time

Pros & Cons

  • con-icon Funding in as few as 4 days
  • con-icon Ability to sign up for automatic payments
  • con-icon No prepayment penalties
  • con-icon Origination fees ranging from 1% - 6%
  • con-icon Social security number is required
  • con-icon Must be U.S. citizen / On a valid long-term visa

Loan Purpose

  • Debt Consolidation
  • Home Improvement

Loan Type

  • Unsecured Personal Loans

LendingClub Personal Loans Terms & Requirements

LendingClub offers unsecured fixed-rate personal loans. These loans can be used for any purpose the borrower chooses, from debt consolidation to a vacation. LendingClub’s origination fee can be as high as 6%, higher than many lenders. Their minimum loan term is also 24 months, which is lengthier than many other’s minimum term of 12 months.

How to Apply

Procuring a personal loan with LendingClub is a straightforward process

Step 1: Provide date of birth:

After entering your Social Security number, you are provided with a potential lender’s name and link to their website for a hard credit pull and final approval.

Qualification Requirements

LendingClub has several industry standard requirements for someone interested in a personal loan:

  • Minimum credit score of 600
  • Minimum age: 18
  • U.S. resident
  • Minimum debt-to-income ratio of 45%, excluding mortgage
  • Minimum income: $1,200 monthly
  • Minimum credit history: 36 months
  • No bankruptcy previous 24 months

Required Information

To get started with LendingClub, an online application needs to be submitted. The personal information required is industry standard and includes:

  • Name
  • Address
  • Date of birth
  • Phone number
  • E-mail address
  • Monthly income
  • Loan purpose
  • Amount requested

Application Steps & Time Frames

  • Complete application: 10 minutes
  • Wait for decision: typically, within two hours
  • Funding released: 1-4 business days, depending on the investor

LendingClub’s process is simple and quick. Funding is faster than some other personal loan lenders.

State Availability

- Available in all states

Written by Bob Phillips linkedin-icon twitter-icon

Having spent over fifteen years helping people plan their lives financially, Bob has a vast amount of knowledge concerning personal finance. During his career, Bob mastered many different financial products to help people achieve their financial goals, including life insurance, disability insurance, mutual funds, and stocks and bonds. He earned the Chartered Life Underwriter (CLU) designation and held numerous securities licenses. Bob is an internationally published poet and is now a freelance writer living in North Texas with his wife and Doberman puppy.



Does LendingClub have any branch offices, or is business strictly done online?

LendingClub does not have any branch offices; all business is conducted online.

Will I need to prove what my income is?

If you’re self-employed, you may be asked to provide recent bank statements and/or 1099 forms.

How fast will my loan be approved?

Most members are approved for their loans within a couple of hours.

Customer Support

LendingClub offers customer support via telephone and through “quick answers” on its website.

We found LendingClub’s telephone support to be very responsive. There was no wait time to speak with a representative mid-morning during the week.

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.

In Conclusion

LendingClub is a 15-year-old peer-to-peer lender that connects borrowers with investors who fund personal loans. The company is nationally recognized and has an excellent reputation.

Brand Disclaimer

Disclaimer: A representative example of loan payment terms is as follows: you receive a loan of $13,411 for a term of 36 months, with an interest rate of 12.16% and a 5.30% origination fee of $711, for an APR of 15.99%. In this example, you will receive $12,700 and will make 36 monthly payments of $446.46. Loan amounts range from $1,000 to $40,000 and loan term lengths are 36 months or 60 months. Some amounts and term lengths may be unavailable in certain states. APR ranges from 8.05% to 35.89% and is determined at the time of application. Origination fee ranges from 3% to 6% of the loan amount. Lowest APR is available to borrowers with excellent credit. Advertised rates are subject to change without notice. Loans are made by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. LendingClub Bank is not an affiliate of [PARNTER LEGAL NAME] and is not responsible for the products and services provided by [PARNTER NICKNAME]. Loans are subject to credit approval and sufficient investor commitment before they can be funded or issued. Certain information that LendingClub Bank subsequently obtains as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that your request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com. “LendingClub” is a trademark of LendingClub Bank.