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LendingClub Personal Loans: 2023 Review

Updated on October 10, 2023
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At a glance

Rating: 4.3 stars out of 5
Bankrate Score
Caret Down
Rating: 4.2 stars out of 5
Rating: 4.6 stars out of 5
Customer Experience
Rating: 4.7 stars out of 5
Rating: 3.8 stars out of 5

About Bankrate Score

LendingClub started as a peer-to-peer company, and has since evolved into a loan marketplace. You can take out personal and business loans and take advantage of auto and medical financing.

Loan amount $1,000 – $40,000
APR from 9.57% – 35.99%
Clock Wait
Term lengths 24 to 60 months
This lender is best for borrowers who want to use a co-borrower.

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Bankrate User Stats

Bankrate users taking out personal loans from LendingClub have followed the below trends and stats:

  • Average funded loan amount: $19,408
  • Funded loan range: $4,000-$40,000
  • Average funding time: 3.9 days
  • Average APR of funded loan: 13.27%
  • Amount of loans funded through Bankrate since 2022: 1,694
  • Popular loan purpose trends: 74.7% of LendingClub borrowers on Bankrate take out personal loans to consolidate debt, more than any other loan purpose.

LendingClub is best for borrowers who want a co-borrower

If you’re struggling to find a lender that will let you borrow, you might need to enlist the help of a co-borrower. Not every lender offers the option to do this, but LendingClub lets you submit a joint application to help you qualify for a loan or get a better interest rate.

LendingClub pros and cons


  • Checkmark

    Fast approval.

  • Checkmark

    Offers joint applications.

  • Checkmark

    Can change your due date.


  • Close X

    Origination fees.

  • Close X

    Limited term options.

  • Close X

    High maximum APR.

LendingClub’s unsecured personal loans range from $1,000 to $40,000 with decent annual percentage rates (APRs), but not the lowest available. LendingClub charges origination fees and requires fair to excellent credit to qualify. If you have bad credit and are approved for a loan with a high interest rate along with a steep origination fee, you may be better off with a different lender.

Do you qualify?

To qualify, you must:

  • Be at least 18 years old.
  • Be a U.S. citizen, permanent resident or long-term visa holder.
  • Reside within one of the 50 U.S. states or Washington D.C.
  • Have a bank account that can be verified.
  • Co-signers and co-borrowers: Co-borrowers allowed.
The company considers multiple factors when determining eligibility, including:
  • Credit score and history.
  • Debt-to-income ratio.
  • Loan amount.
  • Any amount owed to other creditors.

What LendingClub doesn't allow loan funds to be used for

Personal loans from LendingClub can’t be used toward secondary education costs, like tuition and college books, or toward purchases and activities that are prohibited by law. Additionally, personal loan funds from LendingClub personal loans can’t be used to make investments, including cryptocurrency purchases.

How this lender compares

Rating: 4.3 stars out of 5
Bankrate Score
APR from
9.57% – 35.99%
Loan Amount
$1,000 – $40,000
Term Length
24 to 60 months
Min Credit Score
Not disclosed
Rating: 4.7 stars out of 5
Bankrate Score
APR from
6.99% – 35.99%
Loan Amount
$2,000 - $50,000
Term Length
24 to 60 months
Min Credit Score
Rating: 4.7 stars out of 5
Bankrate Score
APR from
9.95% to 35.99%
Loan Amount
$2,000 - $35,000
Term Length
12 to 60 months
Min Credit Score

LendingClub vs. Prosper

Just like LendingClub was, Prosper is a peer-to-peer lender that offers joint loan applications. However, Prosper offers personal loan amounts up to $50,000 — a higher cap than LendingClub, which may make it a better lender if you’re looking to finance a bigger expense. 

In terms of special features, both are fairly standard, though Prosper doesn't offer the grace period that LendingClub does.

Read a full comparison of LendingClub vs. Prosper

LendingClub vs. Avant

Avant offers similar personal loan amounts and APRs as LendingClub, however, its personal loans may be costlier. Avant’s loans feature a higher starting APR than LendingClub and Avant doesn't allow joint applications. 

That said, Avant does have a pretty low credit score requirement, offering loans to applicants with a score of 580 and above. Avant also offers a wider range of  repayment options than LendingClub, with terms from 12 to 60 months.

LendingClub: in the details

What we like and what we don’t like

LendingClub can be a great option if you need to borrow money for a small or midsize expense. However, there are some drawbacks you must consider to determine if this is the right lender for you.

What we like

  • Fast approval: LendingClub states that most borrowers get their loans approved within two hours after submitting their application.
  • Offers joint applications: If you won’t qualify for a loan on your own, you may be able to apply with a co-borrower. The option can easily be selected in the early stage while checking your LendingClub personal loan rates.
  • Can change your due date: If you need to adjust the payment due date on your online personal loans through LendingClub, you can. You can make a one-time date change for your upcoming payment, or permanently change your date.

What we don't like

  • Origination fee: LendingClub charges an origination fee of 3.00 to 8.00 percent of the loan amount.
  • High maximum APR: The maximum annual percentage rate range for personal loans from LendingClub trend high, compared to other lenders. The higher your APR, the higher your cost of borrowing is.
  • Limited term options: While other lenders we’ve evaluated allow borrowers to choose among four or more repayment terms, LendingClub only offers two.

How to contact LendingClub

Customers can call LendingClub customer service at 833-536-3639. Representatives are available Monday through Friday from 5 a.m. to 5 p.m. PT and Saturday from 8 a.m. to 5 p.m. PT.

How to apply for a personal loan with LendingClub

To apply for a loan, follow these steps:

Features and additional perks

One of the perks of applying for a loan with LendingClub is that if you have less-than-stellar credit, you can still qualify for an affordable rate by adding a co-borrower — something not all lenders offer. Besides that, the company allows borrowers to check their rate with a soft credit pull, which doesn’t impact your credit. Borrowers also have access to a one-time change in their payment due date and a 15-day grace period before the lender assesses a late payment fee on their account.

Fees and penalties

LendingClub connects investors with potential borrowers and charges an origination fee of 3.00 percent to 8.00 percent for the service. The fee is taken out of the loan proceeds up front. For example, if you borrow $10,000 with a 3.5 percent origination fee, you’ll only receive $9,650. Keep in mind, though, that you’ll be making payments on the entire $10,000. You should factor in the origination fee when calculating the total amount you’re looking to borrow.

LendingClub doesn’t charge a prepayment penalty, but it does charge a late fee if your payment is over 15 days late.

LendingClub frequently asked questions

How Bankrate rates LendingClub

Overall Score 4.3 Explanation
Availability 4.2 LendingClub doesn't have as fast funding time as other lenders
Affordability 4.6 While it’s not unreasonable, LendingClub’s minimum APR is higher than that of competitors.
Customer Experience 4.7 LendingClub has a good online platform but slightly limited customer service hours.
Transparency 3.8 While it has prequalification, LendingClub doesn't list its credit requirements.


To select the best personal loans, Bankrate’s team of experts evaluated over 30 lenders. Each lender was ranked using a meticulous 20-point system, focusing on four main categories:

  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score. We also give bonus points to lenders offering rate discounts, grace periods and that allow borrowers to change their due date. 
  • Availability: Minimum loan amounts, number of repayment terms, eligibility requirements, ability to apply using a co-borrower or co-signer and loan turnaround time are considered in this category.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: For this factor, we consider how well information is presented to the borrower on the lender’s website. This includes listing credit requirements, rates and fees, in addition to offering prequalification.

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.