LendingClub Review

ByBestmoney StaffJan. 20, 2021
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In a Nutshell

LendingClub​ is a leading name in the personal loan industry in the US. Using a peer-to-peer lending model, LendingClub offers borrowers a range of loan options. With a good reputation, convenient application process, and access to attractive loan terms, it’s easy to see why LendingClub is a top choice for debt consolidation loans, businesses, and personal loan needs.


  • Loan amounts up to $40,000 available
  • Flexible eligibility terms


  • Not available in the state of Iowa
  • Funding as long as 3-7 days

LendingClub at a Glance

Loan amount $1,000 - $40,000
APR 6.95% - 35.89%*
Loan terms 3 or 5 year plans
Minimum credit score 600
Time to funding 1 - 3 days**
Soft credit check Yes
Debt-to-income ratio Up to 40%

LendingClub LendingClub View Rates

Suitable For?

  • Borrowers with good credit

LendingClub works with a vast network of investors to provide access to loans for borrowers with credit scores starting at 600.

  • Joint application borrowers

You can add a joint applicant to your loan application but they will still have to go through the credit underwriting process before getting approved for the loan.

Loan Features

Fixed monthly payments

With a LendingClub loan you'll pay a fixed monthly rate throughout the term of the loan, which makes it easier to budget and plan ahead.

Hardship Plan

LendingClub’s Hardship Plan lets you to freeze your loan for up to 3 months if you experience a difficult financial period and are unable to make your loan payments on time.

Rebuild your credit

If you make your payments on time, you can work on rebuilding your credit score because LendingClub will report this activity to the major credit reporting bureaus.

The Application Process

Step 1: LendingClub has a fast online application that requires you to fill out information such as:

  • How much you want to borrow
  • What the loan is for
  • Personal information

Step 2: Next, LendingClub will run a soft credit pull, which will not affect your credit score.

Step 3: Once the application is processed, LendingClub will assign you a grade that will determine which investors will back the loan request and what type of terms you can expect to receive. Only investors can see the grade, not the borrowers, and grades are based on credit history.

Step 4: Once your loan is approved you should carefully read the terms of the loan offer to understand what it entails. Based off of the approved loan amount you should be able to see what your monthly payments are.

Loan Terms

Typical loan terms range from 36 - 60 months with an APR ranging from 6.95% - 35.89%* , and borrowers can request anywhere from $1,000 – $40,000. A P2P Lending market place allows investors to invest in these loans with different terms.


One downside to LendingClub is the fees structure. Many other lenders do take fees, though, so LendingClub is not alone in this practice. Some of their standard fees include:

  • Origination fee: 1% - 6%
  • Late fee: 5% of payment due or $15, whichever is greater
  • Check processing fee: $7
  • Unsuccessful payment fee: $15

Repayment Terms

  • Flexible terms of 36 or 60 months
  • Late payment fees apply
  • Freeze loan for 3 months if you can’t make payments

LendingClub offers access to flexible repayment terms with plans available for either 3 or 5 years. As mentioned, there is a late payment fee for missed payments or payments that are put through too late to be processed on time. However, LendingClub offers a generous Hardship Plan to its borrowers. The Hardship Plan allows borrowers to freeze their loan for up to 3 months during difficult financial times such as unexpected debt, medical bills, or loss of income or employment. Borrowers will still have to pay the interest payments each month, but that is significantly less than the overall monthly amount due.

Privacy & Security

Each page on LendingClub's website is VeriSign Secured, and all transactions are TRUSTe certified. Additionally, it is a publicly traded company, so there is a lot of information about the company available to the public (such as financial records, reports, and statistics). This kind of public identification ensures that LendingClub is maintaining all the legal requirements, making them a reliable and safe alternative to some of the more anonymous or lesser-known competitors.

Customer Service

LendingClub provides customer service via email as well as phone support, which is available Monday-Friday 6:00am - 5:00pm PT and Saturday 8:00am - 5:00pm PT. Additionally, there is a thorough FAQ section that is neatly broken down into categories. There is also a search function to help facilitate faster answers.


With the flexibility of long repayment terms, a thoughtful Hardship Plan, and good loan terms overall, LendingClub is a good option for personal loan needs. If time is not of the essence, and you are looking for a reliable loan service, LendingClub is the choice for you.


Does LendingClub charge any fees?

LendingClub charges the following fees: origination fee from 1%-6% of the loan, a late fee of 5% of the payment due or $15 (whichever is higher), a check processing fee of $7, and an unsuccessful payment fee of $15. If you decide to pay off your debt early, you’re in luck as there are no prepayment penalties.

What type of credit do I need? 

You don’t need especially high credit to get a loan through LendingClub. The company expects a minimum credit score of 600, and will also check that you have a credit history of 3 years. LendingClub will require a soft credit pull, which won’t affect your rating. The company also works with people with a debt-to-income ratio of up to 40% which is considered high. The bottom line - LendingClub can facilitate loans for people who may have gotten shut out elsewhere, though you’ll want to remember that this tends to mean that you’ll get less favorable loan terms.

How can I use my loan?

For the most part, LendingClub doesn’t restrict how you use your loan. Through LendingClub you can get a personal loan for $1,000 to $40,000 that you can use for just about anything - consolidating debt, paying off credit cards, sudden home repairs, a destination wedding, you name it. That said, the company stipulates on its website that the loans can’t be used for making investments (such as in securities or cryptocurrency), for higher education, gambling, or for anything illegal.

How long will it take to receive my funds?

Typically, users can make it through the entire application, approval and funding process within about 3 days, though in some cases it may take longer. After finishing your online application, when you loan is approved and backed by investors it will be electronically deposited in your bank account. Your bank may take a couple days on their end to approve the deposit. If you want to expedite the process - or prevent any unnecessary delays - make sure to get all your paperwork in order ahead of time.

Physical Address

595 Market Street Suite 200,

San Francisco,

CA 94105

LendingClub LendingClub View Rates


All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. 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. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. 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 of all 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. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: 595 Market St suite 200 San Francisco Ca 94105.

**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20, 2018. The time it will take to fund your loan may vary.

†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com

LendingClub customer testimonials

ExcellentReviews 1,136
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  • author
    Bobby Monteith
    Dec 22, 2020
    Scam artist and con men in a suit!!

    Scam artist and con men in a suit!!! Took advangate of my through the covid virus pandemic deferred payment process!!!! Abused the law that PRESIDENT DONALD TRUMP HAD IN PLACE!!!!! AND THEY HARESSESD ME FOR MONTHS WHILE MY WIFE IS IN THE HOSPITAL DUE TO COVID 19 AND AFTER HERE PASSING OF COVID 19 PANDEMIC!!!!!@ PURE DEVIL MONEY SCUMBAGS!!!!!!!!!!!!!!


  • author
    Bobby Monteith
    Dec 20, 2020
    They are dishonest and very very…

    They are dishonest and very very untrustworthy and have shady business procedures!!!!!! They took advantage of my through this very critical time of Covid 19 pandemic!!!!! After over charging me and being APPROVED for the deferred payments for this time!!!! They lie lie lie!!!!! And through this very critical time i lost my wife due to covid 19 infection!!!!! And they still abused the covid virus pandemic deferred payment laws and the federal government should shut them down!!!!!!@ Pure liars and con artist!!!!!! Thanks Bobby


  • author
    Patrick Goswitz
    Dec 02, 2020

    I CAN'T speak for the people that go to Lending Club to borrow money. However, if you're an investor I do NOT recommend you put your money into Lending Club. Here are reasons why 1) The money is tied up for a least 3 years. There is a way to withdraw all of your money but you have to pay a fee. 2) They a 1% fee for the profits you earn. 3) The returns are not all that great. Yes I am sure there is a chance you could invest in some risky notes and get a big return but I just don't think its worth it. I would much rather put my money in the stock market and use Robinhood or WeBull that charge not commissions.


  • author
    Bobby Monteith
    Nov 24, 2020
    Lending club is nothing more than a…

    Lending club is nothing more than a bunch of scam artist!!!!! Do not use this company this are dishonest and very very Shady!!!!! Run run run far away from!!!!!!!


  • author
    Vennessa Hood
    Nov 23, 2020
    Great company

    Great company. I haven't had any issues so far.