Rating: 9.6 / 10 (Excellent)
6 Customer Reviews - see all comments
Disclosure: We receive advertising revenue from this partner. Learn more.
Lending Club is a peer-to-peer lending service that provides an alternative solution to traditional bank loans. With Lending Club, lenders are matched with investors who provide capital for personal loans, business loans, and elective medical procedures. Lending Club offers fixed monthly payments and even allows prepayment options to reduce costs of your personal loan.  

How is Lending Club rated?


Loan Specifics
Cost of Loan
Lender Reputation

Overall Rating: 9.6 / 10 (Excellent)

Landing the best rates at Lending Club's will mean having a lengthy credit history and better than average credit rating. They are one of the few online lenders that allow joint loan applications, loans that are made to two or more borrowers for which they are equally financially responsible. Other positive features are their flexibility in loan use, and that they report customer payments to major credit reporting bureaus, which can help improve credit by being on-time with payments. Negatives for Lending Club include how long they take to disburse a borrower's funds—many other lenders will take just one or two days to do so—, and that they do not offer loans to residents of Iowa, Guam, or Puerto Rico.

Lending Club Loan Specifics

Loan Specifics - 9.5 / 10

Lending Club offers peer-to-peer loans from $1,000 up to $40,000, with a term length of 3 to 5 years. After being approved for a loan they will deposit the funds directly into a borrower's bank account or transfer them to any credit providers they list to pay down existing balances. This disbursement process will usually take over a week. Lending Club loans cannot be used for anything related to education after high school, making investments, or anything illegal.

Loan Uses

Debt/Credit Card Consolidation
Buy Home
Major Purchase
Home Improvement
Medical Expenses
Start Business
Loan Minimum
Loan Maximum
Term Length
3 to 5 years
Direct Deposit
Pay Creditors Directly
Decision Time
7+ days
Disbursement Time
7+ days
Credit Insurance
Unemployment Protection

Representative Loan Sample

Example: clients could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, they will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64.

Lending Club Qualification

Qualification - 9.8 / 10

Although Lending Club's minimum FICO score is 640, they have reported that the average among borrowers is 700. Their maximum debt-to-income ratio for borrowers is 40%, but the average is around 18.32%, and they recommend applicants stay below 30% DTI. Lending Club will perform a soft credit inquiry before customers choose a loan to find rates that fit their profile. Then, once they have chosen which loan to apply for, they'll make a hard credit pull on your score.
Minimum FICO Score
Personal Income Considered
Education Requirements
Debt to Income Ratio
40% maximum debt-to-income ratio
Verify Bank Account
U.S. Citizen
Hard Credit Pull

Alternative Factors to Credit Score Considered

Military status

Lending Club Cost of Loan

Cost of Loan - 9.5 / 10

Lending Club's average APR is in the 5.99 to 35.89% range, but the company also has a special 4.99% rate for some borrowers with excellent credit. They have no prepayment fees, which means you won't be charged for paying your debt early, but do have an origination fee of 1 to 6% and a credit check processing fee. They also charge $15 for unsuccessful automatic bank payments. Paying late means customers will be charged $15 or 5.00% of their unpaid payment, whichever is the greater amount.
APR Range
5.99 to 35.89%
Origination Fee
1 to 6%
Missed Payment Penalty
5.00% of your unpaid payment or $15, whichever is greater

Other Fees

Application Fee
Pre Payment Penalty
Administration Fee
Returned Check Fee
Check Processing Fee

Lending Club Reputation

Lender Reputation - 9.5 / 10

Lending Club has been linking borrowers to investors since 2007. They are currently accredited by the BBB and have an A+ rating with them. Their composite BBB score is a great 4.1, but their Trustpilot score is more mixed, standing at a 5.8. The company also has a notable number of complaints on the CFPB Complaint Database.
Type of Lender
Peer to Peer
Year Founded
BBB Rating
Number of BBB Positive Reviews
Number of BBB Negative Reviews
Trust Pilot Rating
5.8 out of 10
Consumer Financial Protection Board (CFPB) Complaints
Date Collected

Company Profile

Full Name
Lending Club Personal Loans
Company Website
71 Stevenson Street, Suite 1000, San Francisco, CA, 94105

Our Partner
9.6 / 10
  • Consolidate debt, reduce interest rates by 25%, and save thousands! 
  • Borrow up to $40,000
  • Pay it back over 3-5 years
  • Rates from 5.99% to 35.89% APR (best APR requires excellent credit)
  • No prepayment penalties
  • A personal loan can boost your credit score up to 19 points
  • Lending Club has issued over $25 billion in loans

Latest Lending Club Reviews

Resa l
Grayson, Georgia

I got scammed out of money I really didn't have be careful there is a Matthew Ray who takes you for everything

Bill S
Rochester, Minnesota

Rates are high, search for other companies

El Paso, Texas

Like what I read and I know I know I'm making the right choice. Good to know there's company loans still like this still out there.

Asheville, North Carolina

I just applied for a loan last week what i was told and thought was this company only to find out afterwards i got a email saying i was denied and the man saying he worked for this company named himself as justin green did not work for this company he scammed me and received almost 500 dollars of mine all that i had. Really broke me down very upset! Just know most of the time these online loans all turn out as scams.

Bonney Lake, Washington

I received a pre-qualified letter from the lending club. I have a good credit score 685 and have never been late with any of my payments. However, I do have a-lot of credit cards and debt that I want to consolidate, which is the purpose of the program right? After I applied I was denied because I have too many accounts with high amounts. Those are the debts I wanted to consolidate. So in actuality this program is not geared to assist with debt consolidation because if you have debt they won't approve you to consolidate. What sense does that make?

Latoya B
Memphis, Tennessee

The process was fast and easy. I received an offer in the mail for sometimes now but i wasn't interested in applying. Sometime last down the line, I decided to combine some credit card bills and i went on-line and put in my information. My application was in process it also told me the next steps to do for me it was confirming my email address. I also downloaded the app to my phone. I received with-in 2 days a request to upload (2) W-2 and current income tax. I also received a call stating the same thing and the call from the representative took less then 10 minutes. Once i did that i was approved and had the amount i requested with-in one week.