LendingClub reviews from customers and expersts are excellent for a long list of reasons. The company is an online lender and bank that offers several financial products, from loans to banking products. LendingClub is a subsidiary of LendingClub Corporation, which operates several organizations in the financial world.
Through its online platform, customers can find multiple personal loan and debt consolidation options, as well as banking tools, including checking and savings accounts. Additionally, the company’s site offers a wide range of educational tools through its Resource Center tabs.
We’ll take a look at LendingClub’s offerings, focusing on its benefits and drawbacks, to help you make an informed decision about whether using its services could fit your financial needs and goals.
Compare LendingClub Rates Vs. Other Lenders
Pros
Low credit score requirements for loan products
Direct debt consolidation payments to creditors are available
Initial soft credit inquiry won’t affect your credit score
Highly rated among consumers and experts
Joint borrowing available
Cons
Rate discounts aren’t available for autopay
Loan origination fees of 3% to 8% apply to loan products
Offers more limited loan amounts than some competitors
Lowest interest rates are higher than some competitors
LendingClub Reviews: Features and Benefits
LendingClub’s many financial tools appeal to a wide range of customers. Its personal loan and debt consolidation offerings stand out. Each has made it onto our annual list of the best personal loan companies and the best debt consolidation companies. Here’s what the company has to offer:
- Fixed APRs for loans and consolidation
- Direct payments to creditors for debt consolidation loans
- 50-state availability
- Soft credit inquiry to determine eligibility
- Joint applications for borrowing and other banking products
- Low average origination fees for loan products
- Can work with borrowers with credit scores as low as 600
- FDIC-insured banking products are available
- Mobile app allows account tracking and payment portal
- Free credit monitoring
- High-yield savings accounts available
- Cash-back checking
- ATM fee rebates
- Choose your best loan option before taking a hard credit inquiry
- Payment date flexibility
LendingClub Reviews: Editorial Ratings
Trusted Company Reviews Rating Score for LendingClub personal loans: 8.3
Trusted Company Reviews Rating Score for LendingClub debt consolidation: 7.8
Our LendingClub personal loan reviews and LendingClub debt consolidation reviews differ primarily due to what’s important for borrowers in varying financial situations. Flexibility is essential when shopping for a personal loan provider, and LendingClub scores highly in this category against our rating criteria. The company scores 8.3 out of 10 based on our research results.
Saving as much money as possible is crucial for those looking to consolidate debt. While LendingClub can be an excellent tool for this purpose, it’s just a little behind some of its competition, depending on what’s important to you. Additionally, your credit score can affect your experience.
Our rating score of 7.8 out of 10 for debt consolidation reflects the results of comparing a couple of borrowing scenarios. The best results will be experienced by those with fair to good credit, in which case, you can find reasonable interest rates and lower-than-average origination fees.
Regardless of the LendingClub product you choose, your loan and banking selections through LendingClub will be subject to credit approval. Your score and credit history will ultimately determine the APRs and origination fees that will accompany your loan application.
| Soft initial credit check | ✔ |
| Flexible payment dates | ✔ |
| Joint loan applications | ✔ |
| Secured loan options | |
| Banking services | ✔ |
About LendingClub
LendingClub became available to the public in 2007 and has since accumulated over five million members. Members take advantage of the company’s banking services and personal loan products for multiple reasons. LendingClub’s personal loans are available as unsecured loans that are usable for virtually any purpose.
With the exception of using personal loan money for illegal spending, making investments, or paying for secondary education, there are few restrictions on how you can use your LendingClub personal loan funds. Debt consolidation, consolidating credit cards, covering unexpected expenses, paying for events, home improvements or repairs, and making purchases top the lists.
A LendingClub loan or consolidation will include an origination fee of between 3% and 8%, which will be deducted from the amount you borrow. This is an important detail to consider if you need a specific dollar amount to cover the cost of whatever you’re using the loan for. If you need $5,000, and your origination fee is 5%, you’ll need to borrow $5,250 to receive the $5k and cover the fee.
When applying for a LendingClub personal loan, you’ll need to input your personal and financial information. The company will then perform a soft credit inquiry, which won’t affect your credit score or appear on your credit report. After the inquiry, LendingClub will provide you with your borrowing options, for which you’ll likely be approved. You can choose one of the options offered.
While final approval isn’t guaranteed, it’s highly likely if you choose one of the options offered to you and the financial information you’ve provided is accurate. You’ll receive funding within one week, on average, after final approval. Debt consolidation customers can opt for direct creditor payments at this point.
LendingClub Loan Requirements
Regardless of the lender you choose for a personal loan or debt consolidation loan, you’ll be subjected to the minimum approval requirements for the institution you choose. LendingClub is no different. You must meet the following criteria to gain approval for a LendingClub personal loan.
- Have a credit score of 600 or above (higher credit scores will qualify for the lowest APR)
- Have a debt-to-income ratio (DTI) of below 40%
- Provide proof of sufficient income
- Prove U.S. citizenship, not including U.S. territories
- Be 18 years old or older
- Have an existing bank account
LendingClub Interest Rates and Payment Terms
LendingClub offers a wide range of interest rates that change from time to time. The origination fee ranges from 3% to 8% of the loan amount and will be deducted from your total borrowing amount. However, it will not reduce the amount that you owe.
That, combined with your interest rate, will determine your monthly payment amounts. Monthly payment amounts will be fixed over a period of between two and five years or 24 to 60 months, depending on your specific loan terms.
| Fixed rates | 8.91% – 35.99% |
| Loan amounts | $1,000 – $40,000 |
| Terms | 2 – 5 years |
| Origination fee | 3% – 8% |
| Minimum credit score | 600 |
| Approval time | 24 hours + |
| Funding time | 1 week (on average) |
Availability
LendingClub’s minimum requirements for borrowing include a side note. While the company’s services are available in full to residents in each of the 50 states and Washington, D.C., U.S. territories are not included. This means you must live in the continental United States, Hawaii, or Alaska to be eligible for LendingClub products and services.
How to Apply for a LendingClub Personal Loan or Debt Consolidation
You can apply for LendingClub products on the company’s website. However, you can also use Credible’s website. Credible works closely with LendingClub and offers numerous other lending options as well.
While on Credible’s site, you can compare offers from several of its other partners, a couple of which also land on our recommended lender reviews, including Best Egg and Upstart, which are also excellent options for borrowers with fair or short credit histories. More information is available in our Credible review.
Whichever you choose, LendingClub will offer you a pre-approval process in which you can see what you’re likely to be approved for before taking a hit on your credit score. However, after pre-approval, you’ll need to make a formal loan application to obtain the loan offer of your choice, which will have a temporary negative effect on your credit score.
LendingClub Reviews
LendingClub reviews from experts are excellent, averaging between 4.3 and 4.9 out of five stars. LendingClub reviews from consumers are a little less rosy, at between 2.7 and the mid-four-star range.
However, the company has been accredited by the Better Business Bureau since 2008 and it carries an A+ grade at the organization. Additionally, Trustpilot reviewers award LendingClub a 4.6-star average based on just under 6,000 reviews as of January 2025. Eighty-eight percent of those reviews have five stars associated with them.
Positive reviews often cite helpful products, attentive customer service, and speedy approvals and funding.
LendingClub Reviews Vs. Contenders
While we recommend LendingClub and its products, the best experiences are had by those with fair to good credit. Customers with credit scores near LendingClub’s minimum of 600 are likely to encounter a high interest rate and a high origination fee. Here’s how LendingClub stacks up against some other fintech lenders that we’ve evaluated.
| Lender | APR Range | Loan Amounts | Minimum Credit Score |
| SoFi | 8.99% – 29.99% | $5,000 – $100,000 | Does not disclose |
| LendingClub | 8.91% – 35.99% | $1,000 – $40,000 | 600 |
| Upstart | 7.80% – 35.99% | $1,000 – $50,000 | 620 |
| Best Egg | 6.99% – 35.99% | $2,000 – $50,000 | 640 |
| Upgrade | 9.99% – 35.99% | $1,000 – $50,000 | 580 |
| Lendingtree | 5.99% – 35.99% | $1,000 – $50,000 | 580 |
| LightStream | 6.94% – 25.29% | $5,000 – $100,000 | 695 |
| OneMain Financial | 18% – 35.99% | $1,500 – $20,000 | No minimum |
Is LendingClub Worth It?
LendingClub is worth the time it takes to investigate how to use it to your advantage. Borrowers with higher credit scores will qualify for loans with lower APRs and smaller origination fees. However, because LendingClub generally accepts and approves loan applications from those with scores as low as 600, it can be a good financial solution for them as well.
Keep in mind that approval isn’t guaranteed, even after going through the pre-approval step. However, LendingClub works diligently to avoid awarding pre-approvals if there is a significant chance of denial.
Who LendingClub is Best For
LendingClub products are best for those with fair to good credit and at least a few years of credit history on their reports. While customers with lower credit scores can be approved for a LendingClub loan, they’ll often face a higher interest rate and origination fee than they were expecting. However, borrowers who apply on Credible for a LendingClub personal loan will also have the option of checking out other lenders for consideration.
LendingClub Alternatives
While LendingClub offers some excellent financial tools, it may not fit your needs perfectly. For that situation, we’ve also evaluated numerous other lenders and their various financial products. Check out some of these to help identify your best options:
Frequently Asked Questions
Is LendingClub safe and legit?
Does a LendingClub loan hurt your credit?
What is the LendingClub scandal?
Source
Sources:
- LendingClub.com
- BBB.org
- trustpilot.com
Deane Biermeier
