We earn a commission from brands listed on this site. This influences the order and manner in which these listings are presented.
BestMoney logo

LendingClub Review

Reviews 5,565
Visit Site
Reviews 5,565
Michael Dinich
Feb. 21, 2024
5 min read
Michael Dinich
LendingClub Summary
LendingClub​ is a leading name in the personal loan industry and has grown to become the largest online lending marketplace in the US. LendingClub offers borrowers a wide 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, businesses, and personal loan needs.


  • Marketplace with over 3 million members
  • Fixed monthly payments
  • No prepayment penalties


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

LendingClub at a glance

Editorial score

Variety of loan types

Offers all loan types

Online experience

Good online resources, but no access to rates

Customer services and support

Limited ways of reaching lender

Loan amount range

Loan amount up to $50K

Repayment flexibility

Loan terms up to 60 months

LendingClub LendingClub View Rates

Suitable For?

  • Borrowers with good credit

LendingClub works 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 what type of terms you can expect to receive.

Step 4: Once your loan is approved you should carefully read the terms of the loan offer to understand what it entails. Based on 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 8.98% - 35.99%, and borrowers can request anywhere from $1,000 – $40,000.


One downside to LendingClub is the fee 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%
  • Check processing fee: $7
  • Late fee: 5% of payment due or $15, whichever is greater
  • 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 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 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.

How Lending Club Compares

8.98% - 35.99%8.99% - 29.99% (with all discounts)
Min credit score
Good +
Good +
Loan amounts
Loan term
36-60 months
24-84 months
Suitable for
Joint loan applicationsBorrowers with Excellent credit

If your credit score is on the lower side, LendingClub is a solid option, whereas SoFi requires a higher credit score. Compared to SoFi, LendingClub offers slightly lower minimum APRs, which can make your loan terms more attractive. 

LendingClub really shines with its joint-application loans that allow for people with low credit scores to apply for a loan together with someone else who has a better credit score in order to receive more favorable rates.


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 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 your loan is approved it will be electronically deposited in your bank account. Your bank may take a couple of 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.


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.

Physical Address

595 Market Street Suite 200,
San Francisco,
CA 94105

LendingClub LendingClub View Rates


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 (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Loans are subject to credit approval and sufficient investor commitment before they can be funded or issued. Certain information that we subsequently obtain 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 from us. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com. “LendingClub” is a trademark of LendingClub Bank.

Michael Dinich
Written by
Michael Dinich
Michael has worked in personal finance since 1999. He shares unique insights on how to save money, increase income and prepare for retirement. Michael is a sought-after expert in the areas of taxation, personal finance, and health insurance planning. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
Top Personal Loans
Read Review|Visit Site
Read all reviews

Must Reads

Compare Our Top 5 Personal Loan Lenders of 2023
Apr. 18, 2024
These are the Top 3 Personal Loans for Debt Consolidation Loans
Apr. 18, 2024
5 Excellent Providers of Short-Term Personal Loans
Apr. 18, 2024
Read all articles
Trustpilot reviews
See what some customers are saying about LendingClub
Excellent • Reviews 5,565
We upload 100 to 400 Trustpilot reviews to our website daily, displaying them by default from "best" to "worst". You have the option to adjust the sorting criteria. If you wish to see all reviews, you can visit Trustpilot's website here.
Sort by
Juliette Smiley
1 day ago
Lending Club
Lending Club, there when I need it. Thank You.
Stephen Bock
1 day ago
Initial loan went smoothly
Initial loan went smoothly. All is good so far..
Robert Shefferd
1 day ago
Company was very honest and did their…
Company was very honest and did their part effectively when evaluating and making their decision.
2 days ago
I've been with lending club many years…
I've been with lending club many years now, three loans and never a issue or problem understanding what they or I may have needed through the years, I would have never got where I am today with out this institutions help, Thank you Lending club and Staff
Cynthia Landing
2 days ago
I’ve taken many loans with Lending Club…
I’ve taken many loans with Lending Club and experience much success with affordable payments, low interest rates, easily applied, no penalties for early payoffs. I will always be a grateful, loyal customer and I wouldn’t ever think of going elsewhere to acquire a loan from any other company. Lending Club has made my life easier with providing me with great services and for that reason they are number one. Thank you Lending Club for all you do for me. Loyalty with you as a customer is a TOP PRIORITY!!!