Adam McCann, Financial Writer
@adam_mcan
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).
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
| Letter Grade | Loans Issued Since 2007 | Share of Loans Issued Since 2007 |
| A | 470,087 | 19.8% |
| B | 696,686 | 29.3% |
| C | 677,330 | 28.5% |
| D | 339,221 | 14.3% |
| E | 139,003 | 5.8% |
| F/G | 54,016 | 2.3% |
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.
People also ask
What credit score is needed for LendingClub?
You need a minimum credit score of 600 to get a personal loan from LendingClub, according to multiple third-party sources. That means you can get a personal loan from LendingClub with at least fair credit. Generally, a higher credit score will give you better approval odds for a LendingClub loan and will also likely get you better loan terms.
LendingClub Credit Score Requirement & Loan Terms
| Category | ... |
How long does it take to get a personal loan?
It takes 7 business days or less to get a personal loan in most cases. The fastest you can get a personal loan is the same day you apply. The longest the process can take is over 30 business days. There are many factors that go into a personal loan decision and how long it takes to come. Two important ones are your creditworthiness and the accuracy of the information on your application.
The...
read full answer by Adam McCann, Financial WriterDid we answer your question?
Important Disclosures
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers. For full transparency, here is a list of our current advertisers.
Advertisers compensate WalletHub when you click on a link, or your application is approved, or your account is opened. Advertising impacts how and where offers appear on this site (including, for example, the order in which they appear and their prevalence). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Advertising enables WalletHub to provide you proprietary tools, services, and content at no charge. Advertising does not impact WalletHub's editorial content including our best picks, reviews, ratings and opinions. Those are completely independent and not provided, commissioned, or endorsed by any company, as our editors follow a strict editorial policy.