Lending Club Review

Lending Club has become the go-to name in online personal loans, through its streamlined application process, positive customer service and its ability to approve loans for people who traditionally couldn’t get approved.

Lending Club: Overall

Best for: Everyone. Lending Club is the gold standard in online personal loans.

Pros: Easy to use, available to those with average credit, partial loans available.

Cons: Customer service can be a little slow.

Lending Club: Rates and Fees

Lending Club’s rates fluctuate depending on your credit and other factors that it uses to determine your eligibility.

  • APR: 5.99% to 32.99%
  • Interest Rate: 5.9% to 25.9%
  • Origination Fee: 0.99% to 5.99%
  • Late Fee: $15 or 5%, whichever is greater
  • Check Processing: $15

Lending Club: Loan Amounts

The maximum loan amount for Lending Club is $35,000, while the minimum loan amount is $1,000, which is the lowest minimum among online person loan providers.

Lending Club: Qualifications

Like traditional loans, you need certain qualifications to get approved. Lending Club looks for an Average credit score or above, along with proof of income and a low debt-to-income ratio. You must also be 18 to apply.

Lending Club: Loan Process

Lending Club has one of the simplest loan processes of any online loan provider. First, you fill out an application that includes personal and financial information. You are then assigned a “grade” to will determine your interest rate and tell investors how desirable you are as a borrower. You will be presented with multiple loan offers, and you can choose one or decide to cancel your application. Once you pick a loan offer, your application will be reviewed and approved, and then presented to individual investors (who are screened by Lending Club.) Investors have 1-2 weeks to decide whether to fund your loan. If your loan is fully funded, it is deposited into your account within 4 business days.

Lending Club: Partial Loans

Yes, Lending Club offers partial loans. If investors commit to at least 60% of your loan, you can decide to accept the partial amount or turn it down and apply for a new loan.

Lending Club: User Reviews

  • Overall
  • Rates and Fees
  • Loan Amounts
  • Qualifications
  • Loan Process
  • Partial Loans


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