LendingClub Review

LendingClub Review Summary

LendingClub personal loans can be a good option for people with bad-to-fair credit, as there are reports of applicants being approved with credit scores between 600 and 640. However, people with subpar credit will likely find themselves at the upper end of the LendingClub interest rate range, which is 6.53% - 35.99%.

Unfortunately, LendingClub loans aren’t fee-free. The LendingClub origination fee is 0% - 8%, and it will be deducted from the original amount you receive. The fee depends on your credit, income and other factors. All LendingClub loans are for 24 - 72 months.

Below, you can find more information about how we rate LendingClub loans across three major dimensions - terms, requirements and reputation - and see how they compare to offers from other lenders.

LendingClub Rates, Fees & Other Terms

Category Rating: 66% (3.3 out of 5)

• Overall APR range: LendingClub offers fixed-rate personal loans with an APR range of 6.53% - 35.99%. While not the cheapest, LendingClub’s maximum APR is still reasonable compared to most options available to people with below-average credit.
• How rates are determined: The exact rate you can get is determined by many different factors, including your credit score, income, and existing debts.
• Origination Fee: LendingClub charges an origination fee ranging from 0% - 8%of the loan amount, depending on your creditworthiness.
• Loan amounts & timelines: LendingClub loan amounts range from $1,000 - $60,000, and their repayment terms range from 24 - 72 months.

LendingClub Requirements & Application Info

Category Rating: 60% (3 out of 5)

• Minimum credit score: Not disclosed, but multiple third-party sources place the minimum score required to qualify between 600 and 640.
• Citizenship: You must be a U.S. citizen, permanent resident, or long-term visa holder living in the U.S.
• Identification: You must have a Social Security number.
• Pre-qualification: You can check your potential rates online by entering some personal information. This will have no effect on your credit score, though actually submitting an application will.
• Ways to apply: The only way to apply for a LendingClub personal loan is online or by phone.
• Joint loans: LendingClub accepts co-applicants. That means you can apply with someone who has a better credit score and income to improve your chances of being approved.
• Application status: You can check the status of a LendingClub loan application any time by logging into your online account.

LendingClub Reviews & Transparency

Category Rating: 70% (3.5 out of 5)

• Better Business Bureau: LendingClub currently has an “A+” rating from the BBB and it has been accredited since 2008. The BBB site also advises that scammers have impersonated LendingClub, in some cases. Consumers should be cautious of anyone claiming to be LendingClub unsolicited.

• Consumer Financial Protection Bureau: The CFPB has catalogued over 489 complaints about LendingClub personal installment loans. Some of the complaints include difficulties making payments and being charged amounts that were higher than expected. LendingClub has provided a “timely” response to almost all existing complaints.

• WalletHub: LendingClub has a user score of 4.6/5, across more than 3,900 reviews.

• Transparency: LendingClub is transparent about their personal loan terms, which can be found on their website. They could stand to be more open about minimum credit and income requirements, though.

LendingClub scores well for their high level of clarity about their terms and requirements, as well as their overwhelmingly positive user ratings. However, they do have a fair amount of complaints, too.

Summary: LendingClub Scores by Review Category

Other Key Things to Know

• Age: You must be at least 18 years old.
• Bank Account: You must have a verifiable bank account. Once approved, the loan amount will be deposited into your account.
• Minimum Income: LendingClub does not disclose minimum income requirements.
• Late Fee: There is a late fee of 5% of payment (min. $15). You will only be charged this fee for payments that are 15 days or more overdue.
• Prepayment Fee: LendingClub does not charge any fees for paying off a loan early.

LendingClub vs. Popular Competitors

Methodology

In order to provide the most accurate LendingClub personal loan review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.

1. The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. LendingClub terms do not fluctuate significantly by state, however.
2. The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
3. The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.

The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.

Disclosure from LendingClub:

¹Checking a rate through us generates a soft inquiry on a person’s credit report, which does not impact that person’s credit score. A hard credit inquiry, which may affect that person’s credit score, only appears on the person’s credit report if and when a loan is issued to the person.

²Loan Payment Cash Back provides the opportunity to earn 2% cash back for on-time qualifying LendingClub loan payments made electronically from a LevelUp Checking account. Direct Deposit into LevelUp Checking account required for eligibility to receive cash back. Please visit LendingClub.com/LevelUp-Checking for additional information about LevelUp Checking, including details relating to cash back requirements. LevelUp Checking account must be open and active at the time the cash back is credited. Accounts subject to approval which may include credit approval. No minimum opening deposit required. Please see Product Terms and Conditions for additional product details. Member FDIC. FDIC-insured up to $250,000 per depositor for each ownership category.

Between Jan 2025 to June 2025, 55% of LendingClub Personal Loans that were approved for funding (which is after your loan application is approved) on a given business day were disbursed within 24 hours. Actual availability of funds may vary and is dependent on multiple factors, including, but not limited to your receiving bank’s processing times and policies. A business day is defined as Monday through Friday and excludes the weekend and bank holidays.

A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $24,046 for a term of 36 months, with an interest rate of 12.99% and a 6.00% origination fee of $1,443 for an APR of 17.37%. In this example, the borrower will receive $22,603 and will make 36 monthly payments of $810. Loan amounts range from $1,000 to $60,000 and loan term lengths range from 24 months to 84 months. Some amounts, rates, and term lengths may be unavailable in certain states.

For Personal Loans, APR ranges from 6.53% to 35.99% and origination fee ranges from 0.00% to 8.00% of the loan amount. APRs and origination fees are determined at the time of application. The lowest APR may be available to borrowers with excellent credit subject to additional factors including, but not limited to, loan amount, loan term, and sufficient investor commitment. Advertised rates and fees are valid as of November 7, 2025 and are subject to change without notice.

Loans are made by LendingClub Bank, N.A., Equal Housing Lender ("LendingClub Bank"), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Credit eligibility is not guaranteed. Loans are subject to credit approval and may be subject to sufficient investor commitment. Credit union membership may be required. "LendingClub" and the "LC" symbol are trademarks of LendingClub Bank.

LendingClub Bank is not an affiliate of this platform, which is an unrelated third party ("third party"). LendingClub Bank is not responsible for any products and services provided by this third party, which may receive compensation if you visit the LendingClub Bank’s websites or use any of its products or services. Certain information that LendingClub Bank subsequently obtains as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that your request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan. Loan closing is contingent on accepting all required agreements and disclosures.

Ask the Experts

To help people learn more about LendingClub, WalletHub's editors posed the following questions to a panel of experts. You can meet our panelists and read their responses below.

1. What should people keep in mind when they consider peer-to-peer lenders?

2. What general company information should consumers look into before they take out a loan from any lender?

3. What are some pieces of advice people should follow when comparing personal loan offers from different lenders?