LendingClub is a digital marketplace bank that offers personal loans, business loans, auto refinancing, and medical financing. The company does not finance loans directly but rather connects borrowers with investors willing to finance loans in return for interest. Here is a quick overview of LendingClub:
Pros:
[company-user-reviews id="13306775"]/5 average rating among users
The WalletHub rating is comprised of reviews from both WalletHub users and ratings on other reputable websites. The rating was last updated on 12/02/2025.
LendingClub personal loans offer the potential for decent APRs but are not quite as attractive as offers from competing lenders that don’t charge origination fees. LendingClub loans are reportedly easier to get than the average unsecured personal loan, however, with a credit score requirement somewhere between 600 and 640. Many personal loan providers ask for 660+.
LendingClub, a WalletHub partner, facilitates transactions between borrowers and investors. The loan amounts range from $1,000 - $50,000 for 24 - 72 months. The APR range is 7.04% - 35.99%, and the origination fee is 0% - 8% of the loan amount. The origination fee is deducted from the funds received at the beginning.
Customers can put in some basic personal information to see if they qualify for any LendingClub loan offers without hurting their credit score. Then, they can choose to apply for one of the available options, at which point LendingClub will do a hard pull of their credit to finalize approval.
LendingClub Review Highlights:
LendingClub rates:7.04% - 35.99%
Origination fee:0% - 8%
Loan amounts:$1,000 - $50,000
Loan timelines:24 - 72 months
Co-applicants: Allowed
LendingClub requirements: 600-640 credit score, 18+ years old, SSN.
Approval and funding timeline: 22-hour funding upon approval
Late fee:5% of payment (min. $15), but there’s a 15-day grace period before LendingClub charges the fee
In all, LendingClub personal loans are a good choice for people with high credit scores. They will have the best chance to get the lender’s lowest rates and lowest origination fee. Loans for people with lower credit scores will be more expensive, but LendingClub does provide a good opportunity for people to get a personal loan with a score below 660. Another selling point of LendingClub is that while most personal loans only accept people who are U.S. citizens or permanent residents, LendingClub also accepts people who have a valid long-term visa, as long as they also have an SSN. Below, you can see how WalletHub rates LendingClub loans in our three major categories: Terms, Requirements & Application, and Reviews & Transparency.
LendingClub Ratings by Category:
Category
Editor’s Rating
Terms
3.3/5
Requirements & Application
4/5
Reviews & Transparency
4/5
Overall Score
11.3/15
These scores reflect how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
Product: LendingClub Personal Loans
Comment
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LendingClub
James Cutrell @cutrelljames
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1 Star Rating
These people turned me down before I ever applied. I had a loan with them years ago and paid it off without missing a payment. They kept contacting me to take out a new loan, and when I checked just to see my rate, they rejected me. What a farce. Beware.
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Product: LendingClub Personal Loans
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LendingClub
karen Rhodes @katyrose48
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1 Star Rating
Verified Customer
I paid off a loan from them in 2014 or 2015. I was approved for this loan and money was sent to my credit union, which sent it back to LC. On September 25, an email confirmed approval and money was funded, but I never received it. They canceled it.
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Product: LendingClub Personal Loans
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LendingClub
KJ CHUN @kjchun
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1 Star Rating
To close the CD, I needed to call in. Customer support was lacking. It was also frustrating that there was no way to stop the CD from auto-renewing. It'll just autorenew, and then you get hit with penalties later for wanting to close it.
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Product: LendingClub CDs
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LendingClub
jennifer1544 @jennifer1544
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1 Star Rating
I have been a customer since 2023 with two loans. I have never been late on a single payment. I have lost my job and they will only offer me a hardship plan for one of my loans. When I cannot pay the other, they will report it to the credit bureau and possibly send it to collections. There is no help whatsoever for a customer in good standing who is having a rough time with no job. Do not use.
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Product: LendingClub Personal Loans
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LendingClub
Sheila Wilson @Twister36
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1 Star Rating
Verified Customer
Credit was in the Americor debt consolidation plan. I paid this debt company to pay off my debt, but they held onto my deposits so that I would be 3 months late before they would pay on my account. Lending Club was informed well in advance about my funds being held before the first payment was late due to Americor holding onto my funds instead of paying my debt. They are a fraudulent company, and whoever reported these late payments on my credit report did not report the true facts. My 5 plus year with a lending Club was excellent payment history until Americor held my payment .
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Product: LendingClub Personal Loans
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LendingClub
illiteach @illiteach
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1 Star Rating
Absolutely awful customer service. When trying to get a loan, they have appalling communication and the right hand doesn't know what the left hand is doing. One minute, they tell you a requirement that is needed and the next, they tell you something completely contradictory. I have used them once and paid off the loan without having a problem because I never had to speak to someone. Then, when applying again, I had to interact with customer service and it was disgracefully bad. Never use them!
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Product: LendingClub Personal Loans
Comment
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0
LendingClub
Marsheena Crutcher @marsheenac
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5 Star Rating
Verified Customer
Paid off! I love that there is no prepayment penalty! It helped me when no one else would! The monthly payment was very manageable for me, but I'm so happy it's behind me so I can concentrate on the rest of my debt! Thank you!
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Product: LendingClub Personal Loans
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LendingClub
Albert Bonilla @albertlapaix19
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1 Star Rating
Worst company to have a personal loan with. If you are a young person reading this, or anyone in general, do yourself a favor and stay away from this company.
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Product: LendingClub Personal Loans
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LendingClub
jonfamod @jonfamod
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1 Star Rating
"Oh, LendingClub, you scoundrel! You've got more tricks up your sleeve than a magician at a kids' birthday party. Let's dive into this financial fiasco, shall we?
1. The Approval Scam: First off, you "approve" everyone for a loan, right? Oh, how generous! But wait, there's a catch - you approve them for a loan they'll never get. It's like being invited to the fanciest party in town, only to find out it's just a photo shoot for a scam magazine.
2. The Interest Rates Shenanigans: Interest rates? More like "interest in draining your bank account completely." They start you off with a rate that seems reasonable, but then it skyrockets faster than my blood pressure after reading their terms. It's not a loan; it's a lifetime subscription to Debt Island.
3. The Fee Fiesta: Oh, the fees! There's an origination fee that's like paying for the privilege of being misled. And if you're late? They hit you with fines that would make even a pirate blush. It's like they've got a fee for breathing their air.
4. Customer Service? What Service? Their customer service is about as helpful as a chocolate teapot. You call for help, and you're more likely to get through to a voicemail in the Bermuda Triangle than an actual human. And if you do reach someone, they're trained in the art of not answering your questions.
5. The Loan Disbursement Drama: You think you'll get your money fast? Ha! It's like waiting for Santa Claus in July. They've got your funds, but they're holding onto them tighter than a miser with his last penny. By the time you get it, if you do, you've forgotten what you needed it for.
6. The Great Bait-and-Switch: They promise you one thing, give you another. It's like ordering a gourmet meal and getting a cold slice of pizza. You're pre-approved, then suddenly you're not, or the terms change faster than a chameleon in a bag of Skittles.
7. Security? More Like Insecurity: They might as well ask for your firstborn's name and future address because the amount of personal info they demand is absurd. It's less "loan application" and more "identity theft starter kit."
8. The Loan Repayment Rollercoaster: Paying back this loan is like trying to get off a rollercoaster in the middle of the ride. They make it so convoluted that you'll wish you had never heard of them. Auto-debit? Sure, if you want them to take more than agreed upon because, oops, they "forgot" to update your payment plan.
9. The FTC's Favorite: Even the FTC got tired of their games, forcing them to return millions because, apparently, "hidden fees" was their middle name. But rest assured, they've probably just found a new, sneakier way to cheat you.
10. The BBB's Blessing? An "A" rating from the BBB? Well, I guess if you're good at misleading, you can manipulate the ratings system too. It's like giving a gold medal to a pickpocket for "most hands in pockets."
Conclusion: LendingClub, you're not a club I'd want to join unless the membership included lessons in how to scam-proof your life. If you're looking for a loan, maybe try asking a leprechaun for his pot of gold; you've got better odds of success, and at least you'll get a good story out of it.
So, to anyone considering LendingClub for a loan - run, don't walk, to the nearest exit. Your wallet will thank you, and you'll still have your dignity.
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Product: LendingClub Personal Loans
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LendingClub
Britni Rhinehart @brhinehart
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2 Star Rating
I previously had a loan with The Lending Club, which was fine and I had no issues. When I had about $4,000 left to pay, The Lending Club offered me a top-up loan with a $360 origination fee. They deposited the loan money into my account, but it was $329.85 short. I have called three times about this matter and every time the representative says it will show up in a few days. It has been a week and a half since the initial deposit took place, and they said today that there's a 10 business day turnaround from the 21st (not sure why the 21st when my initial deposit was on September 12) and so the $329.85 should be deposited by October 4. I'm not expecting it to. The last time I called, the representative hung up on me because I was asking her questions and she didn't want to deal with me anymore. I will not get a loan with Lending Club again once I pay this one off.
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Product: LendingClub Personal Loans
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LendingClub
Rachel Wall @rachonthego247
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1 Star Rating
This company is absolutely HORRIBLE! Despite their "no hidden fees" and "no upfront fees" policies, I have now paid almost $4,000 in "transfer fees," "withdrawal fees," and "loan insurance" and still have not received my loan! DO NOT trust them!
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Product: LendingClub Personal Loans
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LendingClub
Linda Jimenez @lindajimenez727
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1 Star Rating
Verified Customer
Lending Club is awful. They reported me 30 days late on an account when I tried to pay my bill, and my card that they had on file had been compromised. They never even called me; they just reported me and impacted my credit. Stay away from this company and run as fast as you can.
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Product: LendingClub Personal Loans
Comment
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LendingClub
Cari Hayes @carih_3
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1 Star Rating
Verified Customer
DO NOT USE THIS COMPANY!!! It is fairly easy to obtain a loan with them but forget about getting any questions answered if you have them. DO YOUR RESEARCH before doing any type of business with Lending Club. They are notorious for reporting incorrect payment history to credit bureaus and they WILL NOT correct. If you use them for banking good luck closing your account. This could be a good company of they would do an entire overhaul with their customer service department. Even those claiming to be "managers." My payments have never, ever been late so I am not writing this as a customer scorned. They are really just that bad. The lure you in with one interest rate but then after you sign your paperwork you find you have a totally different rate. Check the BBB. Check the FTC. Check the CFPB. Most of the complaints are for the same thing....horrible customer service and giving out wrong info to their clients. BEWARE!!!
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Product: LendingClub Personal Loans
Comment
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LendingClub
Mike Tartaglione @napoli0524
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1 Star Rating
Verified Customer
There are predatory lenders; I have filed a complaint with the state against them. I paid $20,000 in interest and still owe $34,000 on a $37,000 loan.
Get answers to your questions about LendingClub below. Editorial and user-generated content is not provided, reviewed or endorsed by any company. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered.
LendingClub's rates range from 7.04% - 35.99% on personal loans. LendingClub also charges an origination fee of 0% - 8% of the loan amount. This fee is not built into the APR.
The LendingClub personal loan APR range is about average compared to other personal loan providers. Some competitors have minimum APRs closer to 6%, though, and few can top LendingClub's maximum APR. It's one of the highest on the market.
LendingClub's average APR for personal loans is 12.74%. The average has stayed below 15% from 2012 through 2019. Currently, 36-month loans have an average APR of 11.5%, while 60-month loans have an average of 14.35%. So it's often cheaper to get a shorter loan.
Below, you can see how the overall average APR has changed over time.
LendingClub's Average Rate by Year
Year
Average APR
2010
12.43%
2011
13.18%
2012
14.57%
2013
14.80%
2014
14.06%
2015
12.94%
2016
13.46%
2017
13.63%
2018
12.74%
2019
12.67%
LendingClub assigns loans a grade of A through G depending on the borrower's creditworthiness. A-grade loans have had average APRs well below 10% from 2012 onward. In contrast, G-grade loans averaged around 20% in 2012 and now have an average APR of over 30%.
LendingClub has a few other rates you should know about, too, since they offer more than just personal loans. APRs on LendingClub business loans range from 9.77% to 35.98%. On auto loans, LendingClub's rates are 3.99% to 24.99%. And for patient financing (medical loans), there's a possibility for a 0% APR at first, but rates can go as high as 26.99%.
Those are all the important rates for the borrowing side of LendingClub. Applicants' loans are funded by investors, rather than LendingClub itself. If you decide that you want to be an investor, you'll have to pay some of the interest you make on loans to LendingClub. The site charges investors a fee which is typically a rate of 1% of each monthly payment received.
Yes, LendingClub offers auto refinancing loans. These loans allow people with an existing car loan to pay off that loan and move the balance to LendingClub. The purpose of this is to lower the car loan's costs. LendingClub only refinances existing auto loans; they do not offer loans to buy a car outright.
Depending on your credit, income and other factors, a LendingClub auto refinance loan could be very cheap or very expensive. The...
Your LendingClub approval odds are good if you have a low debt-to-income ratio and meet LendingClub's requirements to get a loan. Some requirements include being at least 18 years old, having enough income to make monthly payments and having a credit score of 600 - 640, according to multiple third-party sources. If you meet all the requirements, your approval odds are high, but approval is never guaranteed.
Your LendingClub final review may be taking a long time because LendingClub is having trouble deciding whether or not you are qualified for a loan. One reason this might happen is that LendingClub is unable to quickly verify the information on your application. Another reason could be that you are right on the borderline based on creditworthiness. A closer, manual look could be needed to determine if your income is high enough to outweigh your...
The best LendingClub alternatives are the peer-to-peer lenders Prosper, Upstart, Payoff and Peerform, as well as LightStream, Marcus, American Express and Achieve Personal Loans when it comes to online lenders, banks and credit unions. While LendingClub is a decent lender, rated 4 stars out of 5 by WalletHub, its loans are a bit more expensive than loans from the best competitors.
For example, LendingClub personal loan APRs range from 7.04% - 35.99% and the origination fees range from 0% - 8% of...
Yes, LendingClub does allow a second loan, but no more than that until one is paid off. LendingClub's website says that borrowers may only have up to two active LendingClub personal loans at once. Businesses that apply for LendingClub's business loans also can get a second loan (but not more than two). And an individual or guarantor for a loan cannot have more than three LendingClub products open in total. For example, a person could...
If a LendingClub loan is funded but “in review,” that means the loan process is almost complete. LendingClub works a little bit differently from other personal loan providers. Potential borrowers put up requests for loan funding and investors decide whether or not to back those loans. While LendingClub is not the source of funding, it does facilitate the approval process. LendingClub reviews all borrowers' credit history, income and other factors to make sure they are...
LendingClub says it can take 3 to 7 days to deposit money after you apply for a personal loan, depending on the bank you use. The funds are sent as a direct deposit to your bank account, and some banks may not process the transaction as quickly as others. But the whole process, from application to receiving the funds, generally takes up to 7 business days.
LendingClub does have a credit card, though it's not really advertised as such. LendingClub's “Patient Solutions” division offers a revolving line of credit for medical procedures, in partnership with Comenity Capital Bank. Most parts of LendingClub's site simply refer to this product as a “line of credit” (which functions the same way a credit card does, just without a physical card). But LendingClub's fine print refers to it as a “credit card,” as does the...
Yes, you can refinance a LendingClub personal loan using either a new personal loan or a balance transfer credit card from a different lender. By paying off your remaining LendingClub balance with a new, lower-interest loan or credit card, you will shift what you owe to the new lender and save money on finance charges.
How to Refinance a Loan from LendingClub With a New Loan
Check your credit score. Checking your credit helps you...
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