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LendingClub Personal Loans: 2023 Review

Updated on Jan. 1, 2023
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At a glance

Rating: 4.1 stars out of 5
Bankrate Score
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Rating: 3.7 stars out of 5
Rating: 4 stars out of 5
Customer Experience
Rating: 4.7 stars out of 5

About Bankrate Score

LendingClub is a peer-to-peer company that acts as a broker to match investors with would-be borrowers. You can take out personal and business loans and take advantage of auto and medical financing. Instead of a bank or financial institution, investors act as lenders to fund your loan.

Loan amount $1,000 – $40,000
APR from 8.05% – 36.00%
Clock Wait
Term lengths 24 to 60 months
This lender is best for borrowers who want to use a coborrower.

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

    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.

LendingClub: in the details

What we like and what we don’t like

What we like

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. The bank even gives you the option of making a one-time date change for your upcoming payment, or permanently changing your date.

What we don't like

Origination fee: LendingClub charges an origination fee of 3 to 6 percent of the loan amount. Many lenders don’t charge this fee.

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.

How to contact LendingClub

Customers can call LendingClub customer service at 888-596-3157. 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:

Fees and penalties

LendingClub connects investors with potential borrowers and charges an origination fee of 3 percent to 6 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 may charge a late fee.

LendingClub frequently asked questions

How Bankrate rates LendingClub

Overall Score 4.1 Explanation
Availability 3.7 LendingClub doesn't have as fast funding time as other lenders
Affordability 4.0 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.


To select the top personal loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed 41 lenders and gave each a Bankrate rating, which consists of three 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.
  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.

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.