Skip to Main Content

LendingClub Personal Loans: 2024 Review

Updated on March 27, 2024
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

Find my best rates
Check rate with Bankrate
Rating: 4.5 stars out of 5
Bankrate Score
Caret Down
Rating: 4.8 stars out of 5
Rating: 4.2 stars out of 5
Customer Experience
Rating: 4.7 stars out of 5
Rating: 4.2 stars out of 5

About Bankrate Score

Bankrate’s take: LendingClub’s low credit score requirement, joint loan option, range of loan amounts and flexible repayment terms make it a good option for borrowers with fair credit.

Lender Details


Loan amount

$1,000 to $40,000


APR from

8.98% to 35.99%

Clock Wait

Term lengths

24 to 60 months

Credit Good

Min Credit Score



Bankrate user stats for LendingClub

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 fair credit borrowers and debt consolidation

Many personal loan lenders require borrowers to have credit scores in the mid-600s and over to qualify for their loans. LendingClub, on the other hand, accepts borrowers with credit scores as low as 600, which falls within the fair credit range.

The lender is also one of the few that offers joint applications. This feature may improve the approval odds for those with less-than-perfect credit. It can also help borrowers secure better rates. 

Though LendingClub’s starting APR is higher than average, it’s still much lower than the average credit card interest rate. This, along with its range of loan amounts and option to send direct payments to creditors, can make it a good option to consolidate high-interest credit card debt. In fact, most LendingClub borrowers on Bankrate take out loans specifically for debt consolidation.

LendingClub personal loan purposes

LendingClub’s loans feature a range of repayment terms, amounts of up to $40,000, a co-borrowing option and direct payment to creditors. This combination makes its loans ideal for many purposes, including debt consolidation, financing a midsize home improvement project or making a large purchase.

The lender doesn't allow loan proceeds to be used to cover post-secondary education-related expenses, investing, buying cryptocurrency or for illegal activities. Because of its funding timeline, LendingClub’s loans may also not be a good option for urgent expenses that may require same- or next-day funding.

Where LendingClub personal loans stands out

  • Prequalification available: Though the lender doesn’t list specific eligibility requirements, borrowers can check their eligibility without impacting their credit.
  • Joint applications available: LendingClub is one of the few lenders offering a co-borrowing option. Borrowing jointly could result in a better offer for those with imperfect credit.
  • Option to change due date: Borrowers can make a one-time date change for their upcoming payment or permanently change their due date. A 15-day grace period is also available for late payments.
  • Direct payment to creditors: LendingClub gives borrowers the option to have payments sent directly to their creditors, streamlining the debt consolidation process.

Where LendingClub personal loans falls short

  • Origination fee: LendingClub charges an origination fee of 3 to 8 percent of the loan amount.
  • Higher rates: Even with excellent credit, the lowest APR borrowers can get is 8.98 percent, which is higher than average.
  • No autopay discount: Most competitors offer some sort of rate reduction for borrowers who enroll in automatic payments — LendingClub lacks this. 
  • Undisclosed credit requirements: While prequalification is available, the lender doesn’t list specific credit or income requirements on its website.

LendingClub customer experience

Customer support

Borrowers can reach customer support over the phone at 888-596-3157. Representatives are available from 5 a.m to 5 p.m. PT, Monday through Friday, and from 8 a.m. to 5 p.m. PT on Saturday. 

Digital experience

LendingClub’s application process can be completed online from start to finish. Prequalification is also available on the lender’s website, so borrowers can check their eligibility, without affecting their credit.

Loan accounts can be managed online or through the company’s mobile app, which is available for both iOS and Android devices. 

What people are saying about LendingClub

LendingClub borrowers have rated it 4.83 out of 5 on its website, with over 68,600 reviews as of June 12, 2024. The reviews posted on the LendingClub website are collected and authenticated by Bazaarvoice. The lender also has a 4.7 out of 5 rating on Trustpilot with over 5,600 reviews. 

Ease of application and quick approval are the main points of satisfaction among most customers across the customer reviews the Bankrate team evaluated.

"I received a reply fairly quickly and the best part was the communication. No guessing and I was kept in the loop of the process. Furthermore, I was able to pick my due date for my monthly payment. I appreciate how easy it all was."

Trustpilot User

Problems with customer support and funding timelines are some of the most common issues in negative customer reviews. LendingClub also has not replied to any negative Trustpilot reviews at time of writing.

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.

How this lender compares

Rating: 4.5 stars out of 5
Bankrate Score
APR from
8.98% to 35.99%
Loan Amount
$1,000 to $40,000
Term Length
24 to 60 months
Min Credit Score
Rating: 4.6 stars out of 5
Bankrate Score
APR from
Loan Amount
Term Length
24-60 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
24 to 60 months
Min Credit Score

LendingClub vs. Prosper

Just like LendingClub, Prosper offers joint loan applications, repayment terms between two and five years and a minimum credit score requirement of 600. That said, Prosper offers personal loan amounts up to $50,000 — a higher cap than LendingClub — and interest rates start slightly lower. This 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 may offer a faster funding timeline. The lender states that borrowers can get the funds as soon as the next day following approval. This can make it a more suitable option for emergencies than LendingClub.

Read a full comparison of LendingClub vs. Prosper

LendingClub vs. Avant

Avant offers similar APRs to LendingClub and similar repayment terms. However, Avant’s loans are limited to $35,000, which is a lower limit than LendingClub’s. 

That said, Avant has an even lower credit score requirement, offering loans to qualified applicants with a score of 550 and above. Avant also offers a wider range of repayment terms, ranging from 12 to 60 months. You may also be able to get your funds in one business day with Avant.

Do you qualify for a LendingClub personal loan?

Like other lenders, LendingClub requires borrowers to be at least 18 years old, reside in one of the 50 states or Washington, D.C. and be U.S. citizens or permanent residents to qualify. Additionally, borrowers must:

  • Have a credit score of at least 600.
  • Have a verifiable bank account.

How to apply for a personal loan with LendingClub

LendingClub’s application process can be done entirely online or over the phone with the help of a representative. That said, applying online is often the more expedient way.

  1. Get a quote: Start by providing some basic information about yourself, such as your date of birth, contact details and annual income. You’ll also be asked to create an account to view potential loan offers.
  2. Add information and finalize your application: If you prequalify, you’ll see the APR, origination fee, terms and maximum amount you can borrow. Select the amount and terms that align with your borrowing needs and submit any required documents. These may include copies of pay stubs and proof of identification.
  3. Review the loan details: Log in to your LendingClub account to see the status of your application. If your loan is approved, read through the details and — if you're satisfied — sign your agreement.

Borrowers taking out a consolidation loan can opt for direct payment to creditors. Though LendingClub doesn’t guarantee a specific funding timeline, the average LendingClub borrower on Bankrate gets their funds in about four days.

How Bankrate rates LendingClub

Overall Score 4.5 Explanation
Availability 4.8 Same-day approval and low credit score requirement, but funding can take a few days.
Affordability 4.2 Higher-than-average starting APR and origination fees.
Customer Experience 4.7 Online application, mobile app and a range of customer support hours.
Transparency 4.2 All rates and fees are listed, however, credit requirements are undisclosed.


Bankrate's trusted personal loans industry expertise


years in business


lenders reviewed


loan features weighed


data points collected

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • 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.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

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.