Loan Amounts


$1,000–$40,000 for personal loans

Loan Term


36–60 months

APR Range



Min. Credit Score



Editorial Rating


Editorial Rating

Lending Club Review

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Loan Amounts


$1,000–$40,000 for personal loans

Loan Term


36–60 months

APR Range



Min. Credit Score





Origination fee between 2% and 6%

Funding Time


usually within two days

Founded in



BBB Rating



Min. Revenue


Not specified



Not all US states


Editorial Rating

Being strapped for cash might be inconvenient, but it’s not the end of the world. In such situations, some people might resort to taking out a loan.

But which lenders offer what you’re looking for?

Why not consider LendingClub?

Based on LendingClub reviews, this financial services company has a lot of loan options to offer.

Are you interested in learning more about it? If so, read on.

What Is LendingClub?

LendingClub is one of the most popular online lenders in the US. It was founded in 2006 and has since facilitated more than $70 billion in loans and gained more than four million members.

LendingClub provides financial services for individuals, businesses, and institutions. It offers many products split into three categories:

  • Borrowing (including personal and business loans)
  • Banking
  • Institutional investing

Who Is LendingClub Best For?

LendingClub’s personal loans are suitable for:

  • Individuals who have a history of being responsible with payments
  • People with fair and good credit scores
  • Joint applicants

LendingClub sees its potential borrowers as either prime or near-prime. The former are those who have a personal credit score of 660 or higher, while the latter usually have a personal credit rating of between 600 and 659.

Naturally, near-prime borrowers have much lower odds of getting approved for LendingClub personal loans.

Getting Started with LendingClub

So, how does LendingClub work?

To get started with the platform, you need to create an account and get your LendingClub login details.

To find out if LendingClub considers you’ll prequalify for a loan, you’ll have to provide personal information such as:

  • First and last name
  • Date of birth
  • State, city, and your address
  • Your income (including child support, alimony, income from secondary jobs, etc.)
  • Phone number

Once you provide these details, LendingClub will perform a soft credit check that won’t affect your credit score. However, if you decide to move forward with your application, the company will do a hard pull, which will have an impact on your credit score.

Terms & Requirements

To apply or be eligible for a LendingClub loan, you must meet the following requirements:

  • Be at least 18 years old
  • Be a US citizen or resident
  • Give accurate and true personal information
  • Have a minimum credit score of 600
  • Have a debt-to-income ratio of 40% or lower (for single applications) or 35% or lower (for joint applications)

The final terms and conditions of a loan agreement will be determined after you fill out a free application and the loan offer arrives.

LendingClub User Reviews

What do customers have to say about the company in their LendingClub reviews? Take a look below.


The majority of customers who reviewed the company on this platform had only good things to say about it.

Based on these reviews, not that many customers have to wait long to get approved and receive the money. Moreover, a great number of users praised LendingClub’s professionalism.

However, we encountered some negative reviews as well. These were mostly related to the company’s customer service and the reasons it denies applications for loans.


LendingClub is rated A- on this platform and has an excellent customer reviews score.

Virtually all positive user reviews stated that LendingClub accepts loan applications and deposits funds to accounts very quickly. Moreover, many of them praised the company’s professional staff.

However, there were some negative reviews as well. These were mostly related to one of the most common LendingClub complaints — hidden fees.  This matter is something that actually led the Federal Trade Commission (FTC) to press charges against the company in 2018.

Many users complained that the company didn’t respect its “no hidden fees” promise. Apparently, a great number of them noticed they received less money than they borrowed due to the company charging certain fees.

All this led many to believe that LendingClub is a scam. However, the whole matter was resolved in 2020 when LendingClub paid $18 million to settle the charges.


What does LendingClub have to offer to customers in terms of types of loans? What rates and fees can they expect? Let’s check it out.

What types of loans does LendingClub offer?

LendingClub offers different types of loans for individuals, businesses, and institutions.

If you want to take out a personal loan, these are the ones LendingClub offers:

  • Debt consolidation
  • Credit card refinancing
  • Major purchase
  • Home improvement
  • Car financing
  • Home buying
  • Business
  • Green loan
  • Moving and relocation
  • Vacation
  • Medical expenses
  • Wedding loans
  • Funeral loans

Rates & fees

What are the rates and fees associated with LendingClub?

  • Origination fee of 2% to 6%
  • Late fee (usually either about $15 or 5% of the payment)
  • APR of 6.34%–35.89%
  • Interest rate (depends on the type and amount of the loan)

Privacy & security

LendingClub uses a variety of security measures to prevent your personal information from being misused or accessed without your authority. These measures comply with federal law and include:

  • Computer safeguards
  • Secured files
  • Secured buildings

As for the information and data it collects, LendingClub can share it with third parties for:

  • Everyday business purposes
  • Marketing purposes
  • Its affiliates’ everyday business services

Note: You can ask LendingClub to limit the sharing of the data it collects on you. However, you cannot completely limit the company from sharing the obtained data with third parties.

Customer support

LendingClub customers can contact the support team via

  • Phone (different toll-free lines for individuals, businesses, and institutions)
  • Email (various support email addresses for individuals, businesses, and institutions)

If you want answers to more common questions, the LendingClub website features a vast FAQ section.

Alternatives to LendingClub

How does LendingClub compare to other lenders and providers of financial services? Take a look below.

LendingClub vs. Upgrade

LendingClub and Upgrade both provide services to people with fair to good credit. While technically both platforms can be used for unsecured loans for bad credit, they are not the best choice because of the high interest rate.

Regarding the personal loans they offer, Upgrade can lend up to $10,000 more than LendingClub. Moreover, its minimum APR is lower than LendingClub’s (5.94%).

LendingClub vs. BlueVine

Similarly to LendingClub, BlueVine offers a variety of loans.

However, whereas the former offers both personal and business loans, the latter has a more specialized loan set. It offers business lines of credit, invoice factoring, and term loans.

LendingClub vs. PersonalLoans

LendingClub is a financial services company that collaborates with financial institutions. Meanwhile, PersonalLoans.com is simply a platform that connects borrowers with lenders.

Moreover, both offer personal loans. However, LendingClub also offers business loans.

Finally, LendingClub’s loan amount is a bit higher — borrowers can take out personal loans of up to $40,000.

Final Verdict

Being around since 2006, LendingClub has managed to attract millions of customers over the years. Although some of them have called the company out for not sticking to some of its promises, LendingClub has managed to stay in business and provide services to borrowers seeking both personal and business loans.

Based on recent LendingClub reviews, the number of customers who have only good things to say about the company is quite high. They mostly commend the company on handling the loan application and funding process quite fast.

Users also appreciate that Lending offers loans for various purposes, both personal and business. However, they also state that the company’s customer support could be better and that some fees are too high.

All in all, LendingClub seems a good lending option if you have fair to good credit and need quick money for personal or business reasons. However, before taking out a loan with LendingClub, make sure to check out all the applicable rates and fees to know exactly how much you’d have to repay.


  • Long loan terms — up to five years
  • Many loan options to choose from
  • Joint loan application available
  • Offers both personal and business loans


  • Very high interest rates for borrowers with low credit scores
  • Not very lenient with those who are late with or miss payments

Editorial Rating


How does Lending Club affect your credit?

If you’re only checking out loan options with LendingClub, the company will perform a soft pull that won’t affect your credit score. However, once you accept an offer, the company will do a hard pull, which will impact your credit score.

Is Lending Club legitimate?

Yes, LendingCLub is a legitimate company. Initially founded as a peer-to-peer lending platform, it now operates as a financial services company. All the loans the company gives are handled by the LendingClub Bank, which operates under federal banking law and is FDIC insured.

Is LendingClub a good loan company?

Based on LendingClub reviews by customers, most of them agree that LendingClub offers a great variety of products and handles the loan process quite fast. Therefore, we could say that LendingClub is a good loan company.

How fast are LendingClub loans approved?

LendingClub usually approves loans to borrowers in 24 hours. After that, they can expect to get the funding in approximately two business days.

How much can LendingClub lend?

LendingClub offers both personal and business loans. It lends $1,000–$40,000 for personal reasons and anywhere between $5,000 and $1 million for business purposes, depending on the type of the loan.