How long does LendingClub take to approve and fund a loan?

An applicant’s LendingClub approval odds are highest when they have a credit score of at least 660, at least 36 months of credit history, and a steady income. They should also have a debt-to-income ratio of less than 40%, not including mortgages or the loan amount they’re requesting. In addition, it’s best to have at least two open revolving credit accounts and no more than 5 credit inquiries in the past 6 months (not counting mortgages or auto loans).… read full answer

Your LendingClub approval odds will decline with each requirement you do not meet. But it’s still possible to get approved if another area makes up for it (e.g. a high income and a low credit score).

LendingClub assigns letter grades to potential borrowers based on their creditworthiness before posting their loan request on the site. An “A” grade is the least risky, while “G” indicates the most risk. These grades take into account the borrower’s entire profile, including credit score, income and existing debt levels. The better your letter grade is, the better your approval odds should be.

Around 78% of all approved LendingClub loans have been graded “A” through “C.” LendingClub does not disclose what percentage of applications that receive each grade get approved. But it’s clear that LendingClub issues far fewer loans to people with more risky profiles.

Estimated LendingClub Approval Odds, Based on Loans Issued

There is a quick and free way to get an idea of your LendingClub approval odds. Just plug in a few details into WalletHub’s personal loan pre-approval tool, and you’ll be able to check your odds of getting a loan with LendingClub and multiple other lenders. You’ll also get an idea of what rates you might receive if approved. This check does not affect your credit score in any way, and it can help you avoid applying for the wrong loans.

LendingClub's requirements include being at least 18 years old, having enough income or assets to make the monthly payments and having a Social Security number. You will also need to have a verifiable bank account to qualify for a LendingClub personal loan.

LendingClub Requirements for Borrowers

• Credit Score: 600 - 640, according to multiple third-party sources… read full answer
• Income: Not disclosed
• Age: At least 18 years old
• Citizenship: U.S. citizen, permanent resident or long-term visa holder living in the U.S.
• Identification: Social Security number
• Bank Account: Verifiable bank account
• Residency: All states except Iowa and U.S. territories

Before you apply for any personal loan, it’s a good idea to pre-qualify. While meeting all of the requirements gives you a good chance of approval, it’s never guaranteed. To pre-qualify with multiple lenders at once, check out WalletHub’s free pre-qualification tool.