Lending Club Personal Loans Review

Rating: 9.6 / 10 (Excellent)
5 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.  


Peer-to-peer lending service

Loan Details

Unsecured Personal Loans

Minimum Loan Amount


Maximum Loan Amount


Minimum Loan Period

3 Years*

Maximum Loan Period

5 Years*

Loan Rates

Rates from 5.99% to 35.89%* APR. Best APR is available to borrowers with excellent credit

Direct Deposit

* The APR ranges from 5.99% to 35.89%. For example, with a credit grade of A1 you could receive a loan of $10,000 with an interest rate of 5.32% and a 1.00% origination fee of $100 for an APR of 5.99%. In this example, you will receive $9,900 and will make 36 monthly payments of $301.15. The total amount repayable will be $10,841.40. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.47% as of Q3 2016. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans made by WebBank, Member FDIC. All loans via Lending Club have a minimum repayment term of 36 months or longer.

Other Fees:

Unsuccessful Payment Fee-  $15 charge for unsuccessful automatic bank payments. Lending Club may attempt to process automatic payment up to two additional times with each unsuccessful processing incurring a charge.

Late Payment Fee- a 15 day grace period following your monthly period is allowed. However, on the 6th day 5% or the unpaid installment amount or $15 whatever the greater is charged.

Check Processing Fee- Personal payments are charged automatically to keep rates low. Check processing however is charged.


Online Application Time

A few minutes

Response Time

A few minutes


At least 18 Years Old

US Citizen or Permanent Resident

Active Bank Account

Information Used

How Much do you Need?

What is it for?

How is your Credit?

Lending Club Summary

Just like any lending institution, locking in the best rates at Lending Club means having a better than average credit rating. Interest rates and corresponding loan grades are laid out in an easy to understand manner, which makes it fairly simple even for those without an economics degree. Borrowers hoping to improve their credit profile by consolidating their debt could take advantage of Lending Club’s low interest rates. All of this can be done without further damaging your credit score. No prepayment fees mean you won't be penalized for paying your debt early, which we believe is silly in the first place. Easy online application and simple to understand interest rates makes Lending Club one of the best, if not the most transparent personal loan service today.

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 hidden fees or 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

Bill S
Rochester, Minnesota

Rates are high, search for other companies

Austin, 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
Arlington, 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.