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LendingClub works to provide access to loans for borrowers with credit scores starting at 600.
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.
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.
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.
Step 1: Check Your Personalized Rate
Start by seeing what loan options may be available to you. This initial check only takes a few minutes and won’t impact your credit score.
Tip: Want to increase your chances or get a better rate? Applying with a co-borrower might help.
Step 2: Compare Available Offers
If you're eligible, you'll receive several loan offers to choose from. Review them carefully and select the one that aligns best with your needs and repayment preferences.
Step 3: Complete the Online Application
Once you’ve selected your offer, finalize the application by confirming your details. Be sure to check for any remaining steps or documents needed to process your request.
Step 4: Wait for Review and Approval
After submitting your application, the review process will begin. You can log in to your account at any time to monitor the status and receive updates on your loan progress.
Step 5: Receive Your Funds
When your application is approved and the loan is funded, the money will be deposited directly into your bank account. Note that it may take a few days for the transfer to complete. Keep in mind that interest begins to accrue once the loan is officially issued.
Typical loan terms range from 24 - 84 months with an APR ranging from 7.90% - 35.99%, and borrowers can request anywhere from $1,000 – $50,000.
Many lenders take fees, and LendingClub is one of them. Some of their standard fees are below:
LendingClub offers access to flexible repayment terms with plans ranging from 2 to 7 years.
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.
LendingClub provides customer service via email as well as phone support, which is available Monday-Friday 8:00am - 8:00pm 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.
.20200313084911.svg "LendingClub") |  | |
APR | 7.90% - 35.99% | APR: 8.99% - 35.49% (with all discounts) |
Min credit score | Good + | Good + |
Loan amounts | $1K-$50K | $5,000-$100,000 |
Loan term | 24-84 months | Loan Term: 24-84 months |
Suitable for | Joint loan applications | Borrowers with Excellent credit |
If your credit score is on the good or mid-range, 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.
With the flexibility of long repayment terms and good loan terms overall, LendingClub is a good option for personal loan needs. If you are looking for a reputable loan service, LendingClub can be a great choice for you.
2701 N Thanksgiving Way, Suite 3000
Lehi, Utah
84043
Between Jan 2025 to June 2025, 55% of LendingClub Personal Loans that were approved for funding (which is after your loan application is approved) on a given business day were disbursed within 24 hours. Actual availability of funds may vary and is dependent on multiple factors, including, but not limited to your receiving bank’s processing times and policies. A business day is defined as Monday through Friday and excludes the weekend and bank holidays.
A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $17,413 for a term of 36 months, with an interest rate of 12.49% and a 6.00% origination fee of $1,045 for an APR of 16.86%. In this example, the borrower will receive $16,369 and will make 36 monthly payments of $582. Loan amounts range from $1,000 to $50,000 and loan term lengths range from 24 months to 72 months. Some amounts, rates, and term lengths may be unavailable in certain states.
For Personal Loans, APR ranges from 7.90% to 35.99% and origination fee ranges from 0.00% to 8.00% of the loan amount. APRs and origination fees are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of April 22, 2025 and 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 Natural Intelligence, which is an unrelated third party (“third party”). LendingClub Bank is not responsible for any products and services provided by this third party. Credit eligibility is not guaranteed. Loans are subject to credit approval and may be subject to sufficient investor commitment. Credit union membership may be required. 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” and the “LC” symbol are trademarks of LendingClub Bank.
FAQsMichael Dinich is a personal finance expert at BestMoney.com, focusing on business and personal loans. He has worked in the field since 1999, sharing unique insights on saving money, increasing income, and preparing for retirement. Michael is also recognized for his expertise in taxation, personal finance, and health insurance planning.