LendingClub Personal Loans Review of February 2024

Last Update: March 11, 2023 Loan Reviews

LendingClub in a nutshell

LendingClub is one of the most popular loan companies online. If you are with great credit score, low debt to income ratio, and high income, LendingClub can be one of the best options for you! However, if you are with bad credit, you can’t get a loan from the company.

Loan Amount:$1,000 – $40,000
APR:6.16% – 35.89%
Min. Credit Score:600
Approval:1 – 7 Days
Terms:3 – 5 years
Origination Fee:1% – 6%
DTI Ratio:40%
Check rates

What You have to know about LendingClub Loans?


  • Origination fee: 1% – 6%
  • Late fee: Greater $15 or 5% of payment after a 15-day grace period.
  • Check processing fee: $7
  • No application fees.
  • No pre-payment fees.
  • No returned check fees.
  • No annual fees.


  • Min Credit Score: 600
  • Debt-to-income ratio: 40%
  • Income requirement: Not specified
  • Credit history: Min 3 years

Best for

  • People with high credit scores and high income.

Other Facts about LendingClub

  • LendingClub offers secured and unsecured loans and the option to add a cosigner.
  • LendingClub offers fixed loans.
  • They have great customer support.
  • Type of credit check: Soft
  • LendingClub is not so flexible.

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:
LendingClub$1,000 – $40,0006006.16% – 35.89%
Prosper$2,000 – $40,0006407.95% – 35.99%
PersonalLoans$1,000 – $35,0005805.99% – 35.99%

Now Let’s Review LendingClub in Details

LendingClub is an online marketplace that connects borrowers and lenders. This is a relatively new concept, and it is most commonly known as “peer to peer lending.”  The people on both ends are just looking for a better deal, and in many cases, both parties get exactly what they are looking for. Because LendingClub is just a website without a bank’s large infrastructure, it can keep its costs extremely low and pass most of the savings on borrowers.

LendingClub is known as the leader in the peer to peer lending space. They have managed to facilitate the lending of more than $20B since they opened for business. As a lender, you can receive a higher return rate than many other investments, but there are still risks involved. As a borrower, if you can get approved, you are almost guaranteed lower interest rates here than on a credit card or other personal loans.

Who Can Apply?

Anyone can apply for a loan with LendingClub, but they only accept about 33% of applicants. You have to have great credit to get approved to keep the risk fairly low for lenders and the marketplace. The average interest rate offered is 12-15%, but borrowers with the highest credit ratings can receive funds with interest rates as low as 5.99%.

What to Expect During The Application and Approval Process?

The process from start to finish will look like this:

  • Fill out the application online. You will fill in basic information about yourself and your financial situation and choose an amount to apply for.
  • You will create a LendingClub account and answer a few more personal questions.
  • You will then see your loan amount, interest rate, and monthly payments.
  • You will be given other options, including higher dollar amount loans and long term. These will end up costing you, so we recommend that you only borrow the exact amount that you need and only apply for a 36-month loan.
  • At this point, you are tentatively approved, but LendingClub will review your file, and if they like what they see, they will post your loan up for funding with their investors. They may verify employment and salary information.
  • Investors will look at your basic profile and choose whether to fund you. Once you have full funding, your loan is complete.
  • Your funds will be disbursed.

Minimum Requirements as a Borrower

  • The minimum credit score is 600, but the average for approved borrowers is 699.
  • A fairly high income is required for approval. The minimum seems to be about $70,000 annual income.
  • Low debt to income ratio, excluding your mortgage. If your debt to income ratio is over 40%, it is unlikely that you will get approved, and the lower, the better your chances.
  • No delinquency, tax liens, missed payments, or other negative marks on your accounts in recent years.
  • Income verification is r