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 36 months, which is lengthier than many other’s minimum term of 12 months.
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 Highlights
LOAN AMOUNT
$1,000 - $40,000
LOAN REPAYMENT TERM
36 months to 60 months
MIN CREDIT SCORE
600
APR FIXED RATE
8.30% - 36.00%
ORIGINATION FEE
None
PREPAYMENT FEE
None
OTHER FEES
Yes
SOFT CREDIT PULL
Yes
LENDER TYPE
Marketplace
Pros & Cons
- Easy, fast application process
- Funds are disbursed quickly
- Allows loan co-signers
- High origination fee and interest rate for fair-poor credit customers
- The minimum loan term is 36 months
- Doesn’t provide or service loans directly
Personal Loans Types
- Unsecured Personal Loans
Loan Purpose
- Debt Consolidation
- Home Improvement
LendingClub Personal Loans Terms & Requirements
How to Apply
Procuring a personal loan with LendingClub is a straightforward process
Step 1: Provide date of birth:
Screen 1
What's your birthday?
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
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.
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.
Phone Support
(888) 596-3157
Mon - Fri
5:00 AM - 5:00 PM Pacific
Saturday
8:00 AM - 5:00 PM Pacific
Sunday
Closed
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.
FAQ
LendingClub does not have any branch offices; all business is conducted online.
If you’re self-employed, you may be asked to provide recent bank statements and/or 1099 forms.
Most members are approved for their loans within a couple of hours.
LendingClub 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.
Disclosure
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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.
9.2
LS SCORE
9.6
CREDIBILITY
9.0
SUPPORT
9.5
ACCESSIBILITY
Opening Hours
Mon - Fri
5:00 AM - 5:00 PM Pacific
Saturday
8:00 AM - 5:00 PM Pacific
Sunday
Closed
Email Support
support@lendingclub.com
Live Chat
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