LendingClub Business Loan Review of October 2026

ElitePersonalFinance • Loan Reviews •

Last Update: October 20, 2026

LendingClub Business Loan Review in a nutshell

LendingClub changed to Happen Bank.

LendingClub Business Loans are one of the best for people looking for refinancing. If you are with good credit score and want to get up to $300,000 business loans, then LendingClub should be one place that you have to go.

Check Rates SSL No Credit Effect

Loan Amount

$1,000 – $60,000

APR

5.96% – 35.99%

Min. Credit Score

Not specified

Approval

< 1 Day

Terms

24 Months – 84 Months

Fees

Origination/processing fee of 0% – 8% of the loan amount
Origination/processing fee is determined at the time of application
No application fee to check your rate
No prepayment penalty
Late payment fees may apply according to the loan agreement
Other fees may apply depending on the loan agreement and state
Actual APR, fees, loan amount, and terms depend on creditworthiness, loan amount, term, and other factors

Qualification Criteria

Minimum age: 18
Must meet LendingClub Bank's credit and underwriting requirements
Must provide accurate personal and financial information
Credit history and creditworthiness are considered
Income and debt obligations may be considered
Debt-to-income ratio and ability to repay may be evaluated
Applicants may be required to provide proof of income or other supporting documents
Checking your rate uses a soft credit inquiry and does not affect your credit score
A hard credit inquiry may occur if the loan is issued
Some applicants may apply with a co-borrower
Sufficient investor commitment may be required for loan funding
Loan amounts, APRs, and terms may vary by state
Not all applicants will qualify

Average Borrower Profile

Average loan principal: $19,234
Average APR: 17.63%
Average origination fee: 6%
Average loan term: 36 Months
These figures are based on LendingClub borrower data from April 2025 through June 2025
Actual loan amount, APR, fees, and repayment terms depend on the applicant's qualifications

Best For

Smooth Online Experience

ElitePersonalFinance Marketplace

What You have to Know about LendingClub Business Loans?

Fees

Origination fee: 0.99-6.99%
Non-sufficient funds fee: $15
Payment by check fee: $15
Late payment fee: Higher of $15 or 5% of payment.
No application fees.
No annual fees.

Requirements

Min Credit Score: 600
Debt-to-income ratio: N/A
Credit history: N/A
Minimum annual revenue: $75,000
Minimum time in business: 2 years
No bankruptcies.

Best for

People with a high credit score and time in business.

Other Facts about LendingClub:

LendingClub offers up to $100,000 unsecured business loans.
LendingClub offers up to $300,000 business loans with co-signer.
They have great customer support.

The Application Process

Register and check your rate. There are no application fees and no obligations. Also, no hard inquiry on your credit that will lower it.
Check your terms select the offer that works best for you, and finish your application.
Verify your info.
Receive your funds. You have to know that LendingClub will make a hard inquiry on your credit if you approve the offer.

LendingClub vs. Other Top Companies

Loan Company:	Amount:	Min. Credit Score:	APR:
Loan Company:LendingClub	Amount:$5,000 – $300,000	Min. Credit Score:600	APR:9.8% – 35.7%
Loan Company:Kabbage	Amount:$1,000 – $35,000	Min. Credit Score:0	APR:24% – 99%
Loan Company:CredibilityCapital	Amount:$5,000 – $350,000	Min. Credit Score:650	APR:10% – 25%

While LendingClub has been around since 2006 and has seen explosive growth over the past 10 years – their business loan category is rather new. It has only been around for a little over two years but seems to be a trendy option for some businesses.

Because the entire application process is handled online, and LendingClub does not have physical branch offices for customers to walk into, their overhead is quite low. They can beat many financial institution’s rates based solely on the fact that they have larger margins to play with.

The process is straightforward. The application is filled out online, and your business is approved or denied within minutes. This process has no impact on your credit score because they only utilize a soft credit check to validate your credit rating.

The funding can take as little as two days but can take up to 14 days maximum depending on the need.

What Businesses Would Be a Good Fit for LendingClub?

A business that needs a large loan but cannot qualify for a traditional bank loan would be a great candidate for a LendingClub Business Loan.

A business that needs cash fast and has decent credit. With LendingClub business loans, you get your money within 7-14 business days.

How Does Collateral Work?

LendingClub files a UCC-1 lien. This lien is a type that would allow LendingClub to seize the assets of your business if you default on the loan.

They would seize inventory, accounts receivable, and cash in the business. They would not, however, be allowed to seize from you personally. Despite this, you have to offer a personal guarantee, which means you are personally responsible for the loan.

What Documents Do I Have to Submit?

Once you are approved, you will be required to send in the following documents:

Three months’ worth of bank account statements.
IRS Form 4506-T.
Business tax returns.

The Process

Step 1

Fill out the application and get pre-qualified. This should take no longer than 5-10 minutes, and no documents are needed right off the bat.

You can easily fill out the application and check to see if you qualify and your rates without affecting your credit.

You will be asked for the following basic information:

Legal name.
Address.
Phone number.
Date of birth.
Gross sales last year.
Net profit last year.
Personal annual income.
Your ownership percentage of the business.
Monthly expenditures.

Step 2

If you qualify after Step 1, you will proceed to your quote. The quote will give you different rates, terms, and origination fees.

For example, you might be offered:

$50k loan – 12 monthly payments of $4,464 at an interest rate of 12.9% and a one-time origination fee of 4.99%.
$50k loan – 24 monthly payments of $2,422 at an interest rate of 14.9% and a one-time origination fee of 5.49%.
$50k loan – 36 monthly payments of $1,856 at an interest rate of 19.9% and a one-time origination fee of 5.99%.

Step 3

Full details about the loan, including the estimated final repayment date, are delivered to you. You must enter your business information, such as Tax ID and DBA information.

Step 4

Provide your bank account information. You will enter the standard account number and routing number.

Step 5

You will now be required to submit the required documents mentioned above. These included bank statements, IRS Form 4506-T, and the previous year’s tax return.

Not having this documentation handy is the only thing that can really hold the process up. Some people have to get these documents from their accountant and then scan and upload them.

Oddly, LendingClub does offer a fax option – who still uses fax? I would not think that a forward-thinking company like LendingClub would even offer this as an option, but I guess enough people asked that they made it an option!

Step 6

You will receive an email to verify your bank account and email address.

Step 7

LendingClub takes the time to verify all information at this point. In most cases, borrowers will receive exactly what they were approved for. In rare cases, the deal may fall through due t a discovery by LendingClub that they do not like.

At this point, LendingClub does perform a hard credit check.

Conclusion

If you meet the qualifications and need quick cash for your business, LendingClub business loans can be a great way to get the cash you need in as little as 2 days!

Everything can be done quickly online. No need to walk into a bank. No need to create a sales pitch or extensive financial projections. All you need is 10 minutes and a computer. If you get pre-qualified, you will need a few key documents, but these are standard.

0 Shares

MEET THE AUTHOR

ElitePersonalFinance

Profile