3 Reviews

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

  • Largest online personal loan lender in the U.S
  • Rates start as low as 6.95%
  • Loans from $1,000 - $40,000
Exclamation Mark IconNot in partnership with Financer.com.
Chosen 9,564 times
  • Fast Funding
  • APRs from 4.6%
  • High Acceptance Rate
  • No Repayment Penalty Fees
Chosen 6,615 times
  • Loans from $200 to $10,000
  • Large network of lenders
  • Repayment up to 12 months
  • Bad credit history accepted
Chosen 3,870 times
  • Borrow up to $5,000
  • Starting at 3% APR
  • Simple and intuitive interface
  • An alternative way to borrow and lend

Lending Club Review

Lending Club is the largest online personal loan lender in the U.S., facilitating billions of dollars in loans each year. Pioneering the peer-to-peer lending industry, Lending Club connects potential borrowers with investors who are willing to fund their loan requests.

To secure a loan from Lending Club, borrowers are screened carefully and must meet certain underwriting guidelines to be approved by at least one investor on the platform.

Lending Club assigns an approved borrower a grade based on credit information and income. This grade, which can only be seen by investors, determines whether the loan will be funded and for which interest rates the applicant may qualify.

Lending Club Offers Competitive Rates

Lending Club rates start as low as 6.95%, unless borrowers have excellent credit that qualifies them for a special or promotional low rate. Origination fee for Lending Club loans ranges from 1 % to 6 %.

Lending Club is one of the few peer-to-peer loan companies that allow joint loan applications, which can be helpful in situations where the credit score of one borrower can secure a lower interest rate than the other borrower would have been offered otherwise.

To qualify for a Lending Club loan, you and/or your co-applicant must meet the following requirements:

  • A minimum credit score of 600
  • A debt-to-income ratio that doesn’t exceed 35 %
  • A minimum credit history of three years

The company doesn’t give information on minimum income requirements, but the requirements are usually high for peer-to-peer lending. A review of Lending Club income verification guidelines shows that the sample income scenario the company uses includes $60,000 in annual income.

Borrow What You Need with Some Conditions

If you meet the requirements, you can request a loan for as little as $1,000 or as much as $40,000. Multiple Lending Club reviews indicate the fact that the company is a little slower on depositing funds into your bank account. Many companies take just a couple days to fund your loan, but Lending Club can take up to seven days.

Other elements to know about Lending Club loans include:

  • The loan origination fee can range from 1 percent to 6 percent of the loan amount. The percentage is determined by the score assigned by Lending Club.
  • There are no prepayment penalties.
  • There are late fees for monthly payments made past the due date.

Lending Club offers personal loans, small business loans, and auto refinance loan options. Loans can be used for personal reasons like debt consolidation or to pay for an elective medical procedure, or to fund a small business growth. All in all, Lending Club might be a good option if you have a minimum credit score of 600, a credit history of at least three years, a higher-than-average annual income, and a low debt-to-income ratio.

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Reviews of Lending Club

Lending Club is rated 91 out of 313 companies in total rating and got an average review score of 3 based on 3 reviews. Their weakness is Interest & Costs and their strength is Support & Service.
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sandeeb 1 review | May 30, 2023
General Review
These people are predators, This is a predatory loan you won’t get out until the squeeze every penny out of you and then when you’re y pay them off they continue to take money out of your bank account you have to stop the automatic payments by calling them , and when you do stop the automatic payments they say you owe them an extra month and ruin your credit. They are horrible blood sucking Devils vultures disgusting. Do Not take loan from them Please save yourself ! I promise it’s not worth your life they will suck you dry they don’t care about you
Everything!!!! Is wrong with them!!! PREDATORY LOANS BEEARE STAY AWAY!!
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Josh Ritter 1 review | July 8, 2019
Personal Loan Review
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asdfgh 1 review | July 28, 2017
General Review
Very good service and loan rates are rather affordable, cheaper than using a credit card!
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