Pros Explained

• Can pay creditors directly: If you’re interested in consolidating debt with a personal loan, LendingClub can pay your creditors directly, which saves time and hassle for you. 
• More than one personal loan is allowed: While some lenders don’t let you take out multiple loans, qualifying borrowers can do so with LendingClub. The total of all your loans can’t exceed $50,000, though. 
• Excellent customer satisfaction: LendingClub’s customers have great things to say about it, which is fairly unusual for a financial services company.

Cons Explained

• Has origination fees: Certain online lenders don’t charge origination fees at all, but LendingClub origination fees range from 3% to 8%. 
• Credit score requirement not disclosed: LendingClub doesn’t disclose its minimum credit score requirement, so it’s unclear if it will work with fair-credit borrowers.
• Relatively short maximum repayment term: Its maximum repayment term is 60 months, which is fairly short compared to what certain competitors offer.

Types of Personal Loans Offered by LendingClub

LendingClub offers unsecured personal loans, meaning its personal loans don’t require collateral like your house or vehicle. It also offers auto refinancing loans, which use your car as collateral. As with personal loans from other lenders, LendingClub loans can be used for several purposes, including:

• Debt consolidation: You can use your personal loan to consolidate high-interest debt into one convenient monthly payment, and LendingClub can pay your creditors directly. 
• Home improvements: Whether you’re renovating your kitchen or repairing your water heater, a personal loan can help cover this cost.
• Medical expenses: A personal loan can help you pay for expensive and unexpected medical bills.
• Moving costs: If you’re planning a move, financing it with a personal loan can help you avoid draining your savings.
• Large purchases: Other big purchases can also be financed using a personal loan. 

There are some restrictions on loan use to be aware of. LendingClub’s loans can’t be used to finance higher education costs, invest, buy cryptocurrency, or partake in illegal activities. 

Time to Receive Funds

Applying for a LendingClub personal loan takes just a few minutes once you’ve gathered all the necessary documents, and LendingClub indicates many borrowers receive approval in a few short hours. If you’re approved for a loan, you could receive your funds in as little as one day. This is a relatively fast funding time compared to what certain competitors offer. 

Borrower Requirements

LendingClub doesn’t disclose its minimum recommended credit score, but it does share other borrower requirements. To apply for a LendingClub loan, you’ll need to be at least 18 and have a verifiable bank account. You’ll also need to be a citizen, permanent resident, or long-term visa holder in the U.S. Like many other financial services companies, LendingClub will consider your credit history, ability to repay, and other factors in its lending decisions. 

LendingClub Personal Loan Features

• Can take out more than one loan: Unlike many competitors, LendingClub lets eligible borrowers take out as many loans as they’d like, though the total amount borrowed can’t exceed $50,000. 
• Option to pay creditors directly: If you’d like to use your loan for debt consolidation, LendingClub can disburse funds directly to your creditors—a useful option that can save you time. 
• Ability to change due date: As long as you’re up to date on payments, LendingClub allows you to change your payment due date to a day that’s convenient for you. 
• Payment support: LendingClub indicates that it’s willing to work with you if you’re struggling to make payments, though it’s unclear how or if your loan terms or repayment amounts might change.

Co-Signers and Co-Applicants

You can apply for a LendingClub personal loan with a co-applicant if you’d like (in this case it would be a joint loan). Co-applicants are different from co-signers, in that they share equal responsibility for repaying the loan. If you apply with a co-applicant, LendingClub will consider their credit history and financial information as part of the approval process.

Can You Refinance a Personal Loan With LendingClub?

You cannot refinance an existing LendingClub loan with a new loan from this company. If you’re interested in refinancing, you’d need to do so with a personal loan from a new lender. 

Customer Service

For questions about personal loans, you can contact LendingClub’s customer service team over the phone: 

• Phone: (​​888) 596-3157

Customer service representatives are available Monday to Friday from 5 a.m. to 5 p.m. Pacific Time and Saturday from 8 a.m. to 5 p.m. PT. There’s no option to contact customer service by email. 

Customer Satisfaction

While LendingClub scored slightly below the industry average on J.D. Power’s 2023 U.S. Consumer Lending Satisfaction Study, its customers seem happy with its offerings.

But not all reviews are positive. Certain reviewers mentioned issues with delayed direct payments to creditors and unresponsive customer representatives. 

Applying for a LendingClub Personal Loan 

The process of applying for a LendingClub personal loan is pretty straightforward and quick, assuming you have all your financial and income documentation handy. Here’s how it works:

• Pre-qualification: You’ll submit some basic personal information to pre-qualify for a loan through the LendingClub website. 
• Choose a loan: Once you’ve pre-qualified, you’ll see your available loan offers. If you find an option you like, you can select it. 
• Apply: You’ll then complete a full application, providing additional personal and financial information which will be used to evaluate your loan request. 
• Await a decision: LendingClub indicates many applicants receive loan approvals within hours. 
• Get funded: If approved, you could receive loan funds in as little as one day. 

Compare LendingClub with Other Personal Loan Lenders

	LendingClub	LightStream	Rocket Loans
APR Range	9.57%–35.99%	7.49%–25.49%	9.12%–29.99%
Loan Amount	$1,000–$40,000	$5,000–$100,000	$2,000–$45,000
Loan Terms	24–60 months	24–144 months	36–60 months
Recommended Minimum Credit Score	660	680	640
Origination Fee	8.00	None	9.00
Time to Receive Funds	3 days	Same day	1 day

The Bottom Line

LendingClub offers a competitive personal loan product with a low minimum loan amount and quick funding. But it charges origination fees and its APRs are higher than certain competitors. That said, this financial company does offer helpful perks like the option to pre-qualify for its loans and direct payment to creditors, making it worth researching if you’re in the market for a personal loan. 

Is LendingClub a Credible Lender?

LendingClub is a legitimate financial services company, with accreditation from the Better Business Bureau and a positive rating from Trustpilot. The company has been in business since 2007 with more than 4.7 million members nationwide.

What Credit Score is Necessary for a LendingClub Personal Loan?

LendingClub requires a minimum credit score of 660 to qualify for a personal loan. Borrowers with higher credit scores can qualify for higher loan amounts and lower interest rates, typically. Some lenders have lower credit score requirements, however, so if your credit score is below 660 you may wish to explore other lender options.

How Long Does it Take to Receive Funds from LendingClub?

After loan approval, LendingClub can transfer funds to customers within 3 business days. There are other lenders that can provide account funding the same day or next day following loan approval, however.

What is the Maximum Loan Amount from LendingClub

LendingClub offers personal loan amounts up to $40,000 with repayment terms between 2 and 5 years. There are lenders that provide larger loan amounts up to $100,000 in some cases, however. How much you can ultimately qualify to borrow is dependent on your state of residence and creditworthiness.

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (Advertised APR, fees, and six other factors): 29.25%
• Loan terms (Loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (Credit score, membership requirement and six other factors): 28.5%
• Additional features (Online application, pre-qualification, and eight other factors): 20%

Read our full personal loans methodology to learn more.