LendingClub Personal Loans Review

You don’t have to be the most popular kid in school to get a personal loan from LendingClub — almost anyone can join the club.

APR Range
Loan Amount
36–60 months
3.2 / 5.0
SimpleScore LendingClub 3.2
Rates 2
Loan Size 5
Customer Satisfaction 3
Support 3
Fees 3
  • Accepts 600 minimum credit scores
  • Prequalification available
  • Flexible personal loans
  • Origination fees apply
LendingClub Disclosure

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history. The APR ranges from 8.05% to 35.89%. For example, you could receive a loan of $5,700 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. *The origination fee ranges from 1% to 6%; the average origination fee is 5.2% (as of 12/5/18 YTD).* 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 via LendingClub have a minimum repayment term of 36 months or longer.

Founded in 2007, LendingClub started in peer-to-peer lending for personal loans. The lender changed its business model in late 2020 in light of acquiring Radius Bank, but LendingClub personal loans are still alive and well. LendingClub offers some of the higher rates on personal loans than competitors. That being said, because LendingClub is one of the few lenders to offer loans to those with fair credit scores, it makes sense why it may have higher rates.

Using our SimpleScore methodology, we compare personal loans based on maximum rates, loan size, customer satisfaction, support and fees. While LendingClub might be the right option for some borrowers, it’s important to consider the company’s shortfalls as well.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

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with our trusted partners at Bankrate.com

In this article

    LendingClub personal loans at a glance

    Fees1%–6% origination fee, 5% or $15 late fee
    Eligibility requirementsBe a US citizen or permanent residentBe at least 18 years oldHave a verifiable bank account
    Best forFair or bad credit borrowers
    Not forPeople who need fast funding
    Standout featureNo prepayment fees
    LendingClub customer service888-596-3157 Contact form

    What we like about LendingClub personal loans

    Accepts minimum credit score of 600

    Borrowers with bad credit know just how hard it can be to get a loan. Luckily, LendingClub offers personal loans to those with credit scores as low as 600. Keep in mind that there’s a trade-off — LendingClub’s rates are higher than many of its competitors. That being said, it might be a good option if you can’t find a loan elsewhere.

    [ Read: Is a Personal Loan My Best Option? ]

    Prequalification available

    You don’t have to worry about ending up with a hard inquiry on your credit report just for applying for a LendingClub personal loan. The lender offers soft credit inquiries, meaning it will check your creditworthiness without a hard inquiry. That way, if you’re denied a loan or choose not to take it, you don’t have to worry about the credit hit.

    Flexible personal loans

    LendingClub offers personal loans for amounts as little as $1,000 all the way up to $40,000. And the company allows you to use your personal loan for just about any purpose. Whether you’re consolidating debt, starting a business or something else, you may qualify for a LendingClub loan.

    Things to consider

    Origination fees on personal loans

    LendingClub charges an original fee of 1%–6% of your loan amount — based on your credit rating — and it is subtracted from the loan. This means that borrowing $10,000 with a 2% origination fee means you really get $8,000 in your bank account. Many lenders offer personal loans without origination fees, meaning you might be able to save money by getting your loan somewhere else.

    LendingClub vs. the competition


    LendingClub and Prosper both started as peer-to-peer lending services, meaning when you borrow, you’re really borrowing from individuals who crowd-fund personal loans.

    APR Range
    Loan Amount
    36–60 months
    3.2 / 5.0
    SimpleScore Prosper 3.2
    Rates 2
    Loan Size 5
    Customer Satisfaction 3
    Support 3
    Fees 3

    Then, as you pay your loan off, the investors get their money back with interest. Because LendingClub is pulling out of the peer-to-peer lending industry, the two are no longer direct competitors. However, both still offer personal loans of up to $40,000 with terms up to 60 months. That being said, Prosper offers lower starting rates than LendingClub. Read our full Prosper personal loan review.

    Prosper Disclosure

    For example, a three-year $10,000 personal loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 personal loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, member FDIC. Prosper and WebBank take your privacy seriously. Please see Prosper’s Privacy Policy and WebBank’s Privacy Policyfor more details. Notes offered by Prospectus. Notes investors receive are dependent for payment on unsecured loans made to individual borrowers. Not FDIC-insured; investments may lose value; no Prosper or bank guarantee. Prosper does not verify all information provided by borrowers in listings. Investors should review the prospectus before investing.


    Upgrade offers personal loans up to $35,000.

    APR Range
    Loan Amount
    $1,000 to $50,000
    36 or 60 months
    3.5 / 5.0
    SimpleScore Upgrade 3.5
    Rates 2
    Loan Size 5
    Customer Satisfaction N/A
    Support 4
    Fees 3

    Upgrade, like LendingClub, requires an origination fee. But with a fee that ranges from 2.9% to 8%, it has the potential to become expensive quickly. One benefit of Upgrade is that you could have your money as quickly as the next business day, while you should expect to wait at least two to four days with LendingClub.

    Upgrade Disclosure

    Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC.


    Like Prosper, PeerForm offers peer-to-peer lending for personal loans.

    APR Range
    Loan Amount
    Up to 3 years
    2.8 / 5.0
    SimpleScore Peerform 2.8
    Rates 4
    Loan Size 3
    Customer Satisfaction N/A
    Support 3
    Fees 1

    PeerForm has much lower starting rates than LendingClub. PeerForm also charges origination fees, but its rate of 1%–5% of the loan is slightly lower than LendingClub’s 1%–6%. But PeerForm’s loans only up to $25,000, and it only offers loan terms up to three years. Read our full PeerForm personal loan review.

    Check Your Personal Loan Rates

    Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

    Get Started

    with our trusted partners at Bankrate.com

    How much will a LendingClub personal loan cost?

    How much your LendingClub personal loan costs will depend largely on the amount you plan to borrow and your credit score. The best interest rates and lowest origination fees are reserved for those with the best credit scores. Borrowers with bad credit may pay from 8.05%–35.89% in interest and 6% for an origination fee. LendingClub late fees may also apply — 5% or $15, whichever is greater — if you miss your monthly payment.

    Cheaper alternatives to LendingClub personal loans

    LendingClub’s personal loans can quickly become expensive for those borrowers without good credit. Even borrowers with excellent credit will likely end up paying more with LendingClub than they would elsewhere.

    [ See: How Personal Loans Work ]

    If you have good credit and need a personal loan, consider online lenders such as LightStream and SoFi, both of which offer starting rates below 6% and loans as high as $100,000. And companies such as Upstart and Upgrade offer lower rates while still accommodating borrowers without good credit. Be sure to shop around because the rate you get for your situation may vary.

    LendingClub personal loan requirements

    Before you can get a personal loan through LendingClub, you’ll have to fill out an application so they can check your creditworthiness. To qualify for a LendingClub personal loan, you’ll need:

    • A credit score of at least 600
    • A favorable debt-to-income ratio
    • To be a US citizen or permanent resident, or living in the US on a valid long-term visa
    • To be at least 18 years old
    • A verifiable bank account

    Depending on your creditworthiness, LendingClub may also ask you to add a co-borrower or co-signer to your application.

    Bad credit loans with LendingClub

    LendingClub is one of the best lenders on the market for borrowers with bad credit. Many lenders only offer personal loans to borrowers with good credit, and anything under 650 is considered bad credit. But borrowers with fair and bad credit could be eligible for a personal loan through LendingClub.

    [ Read: How to Get a Loan With Bad Credit ]

    Keep in mind that with bad credit, you’re unlikely to get the best rates the company has to offer. According to LendingClub’s website, it’s lowest rates are for applicants with:

    • A high credit score
    • A low debt-to-income ratio
    • A long history of successful credit

    LendingClub in the news

    • In April 2020, LendingClub announced that it would be laying off 460 employees, which amounted to about 30% of its staff. CEO Scott Sanborn announced that he will take a 30% pay cut, while the rest of the executive team would see a cut of 25%. This news came after the COVID-19 outbreak, as the company struggled to find new investors to fund loans.
    • In October 2020, LendingClub decided to end its peer-to-peer lending business. Peer-to-peer lending has struggled throughout 2020. CEO Sanborn announced that the company would be buying Radius Bancorp Inc. and pursuing a bank charter.
    • LendingClub released its third-quarter financial statement in November 2020. Though the company has seen significant declines throughout the year, it improved a few key performance indicators, such as its loan originations. Overall the company saw a loss of $23.1 million in Q3.

    Personal loan FAQ

    LendingClub’s personal loans are ideal for those with fair credit scores. The lender provides loans to people with credit scores as low as 600, which is lower than many other lenders.

    Yes — LendingClub allows borrowers to have up to two personal loans at once, with a total outstanding loan amount of $40,000. So if you have a personal loan from LendingClub but need to borrow more, you might be able to do so.

    Anytime you add something to your credit report, it’s likely to impact your credit score. You may see a decrease in your credit score after a hard inquiry for a loan. A LendingClub loan could also reduce your average age of credit, possibly decreasing your score. But a LendingClub loan could also improve your score, as it will report your monthly payments to the credit bureaus.

    Last updated November 2020 – Updated editorial review of the lender

    We welcome your feedback on this article and would love to hear about your experience with the personal loans we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.



    The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

    For every review, our editorial team:

    • Identifies five measurable aspects to compare across each brand
    • Determines the rating criteria for each aspect score
    • Averages the five aspect scores to produce a single SimpleScore

    Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best personal loans of 2020.

    Why do some brands have different SimpleScores on different pages?

    To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

    However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare NetCredit’s personal loans according to our criteria for the best personal loans, it scores a 2.3 out of 5. But when we compare NetCredit according to the criteria for the best bad credit personal loans, it scores considerably higher, since the criteria for the latter review are more lenient (lenders who serve borrowers with bad credit will always offer higher rates, so we needed to adjust our category methodology to account for different industry standards).

    Questions about our methodology?

    Email Hayley Armstrong at hayley@thesimpledollar.com.


    We looked at the maximum APR for each lender — the lower their maximum rate, the higher their score.

    Loan Size

    We awarded higher scores to lenders with more generous loan sizes.

    Customer Satisfaction

    We leveraged the J.D. Power 2019 Personal Loan Satisfaction Study℠ to see how customers rated their experience with each lender. (If a lender wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)


    We awarded higher scores to lenders with the most channels for customer support.


    We looked at the three most common fees — origination, late payment, and pre-payment — and penalized lenders for each fee charged.