LendingClub

LendingClub's rates range from 6.95% to 35.89% on personal loans. LendingClub also charges an origination fee of 1% to 6% 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

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. But LendingClub is a peer-to-peer lending site, meaning that 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 APRs range from 7% to 24.99%, though there are no origination fees or prepayment penalties. There may also be a fee to transfer the title of your vehicle from your old lender to LendingClub, depending on where you live. At the very least, you'll need to fill out a Limited Power of Attorney (LPOA) form to make this switch. It's important to consider all of the loans' terms and requirements before making a decision on whether to apply.

LendingClub Auto Refinance Loan Offer:

• APR: 7% to 24.99%
• Loan size: $5,000 to $55,000
• Origination fee: $0
• Prepayment penalty: $0
• Other fees: Auto title transfer fees or other state fees (min/max not disclosed)
• Loan length: The current length of your auto loan OR 12 months longer
• Eligible vehicles: Personal vehicles with fewer than 120,000 miles that are 10 years old or newer
• Loans eligible for refinancing: Must have an outstanding balance of $5,000 to $55,000, be at least 1 month old, and have 24+ months of payments left
• Other requirements: Credit score of 510+ (reportedly); 18+ years old; U.S. citizen, permanent resident or immigration-visa holder; LPOA form to transfer auto title to LendingClub

If you want to see your chances of getting approved for a LendingClub auto refinancing loan before applying, you can get pre-qualified. This process won't affect your credit, and it'll show you the rates you might get if approved. Just select your state and click “Check Your Rate” to get started.

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 credit score or vice versa.

LendingClub says the entire application, approval and funding process takes 7 business days or fewer, on average. So if it hasn't yet been 7 business days, there's no reason to worry. Anecdotal evidence from credit forums shows that some people have had to wait more than a week and a half for the final review to conclude. But if you're concerned about your LendingClub final review taking a long time, you can always call customer service for help. The number is 1 (888) 596-3157.

It's also helpful to be fully aware of how LendingClub's application process works. When a potential borrower applies, LendingClub goes through a pre-qualification process. This tests whether the applicant meets some basic requirements. If the applicant makes it through this process, they are able to post their loan request on LendingClub's marketplace for funding by investors. During this process, LendingClub will do an in-depth review of the borrower's profile. That includes a hard pull of their credit. Usually this final review takes place during the funding process. But depending on how quickly LendingClub is able to verify the applicant's information, it may take longer.

LendingClub says it can take up to “a few days” to deposit money after they approve an application, depending on the bank the borrower uses. The funds are sent as a direct deposit to the borrower's 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 7 business days or fewer (sometimes as few as 4 calendar days).

Keep in mind that there's a difference between a LendingClub loan being “funded” and the money being deposited. LendingClub is a peer-to-peer lending site, so each loan request needs investors to commit to paying out the loan. In some cases, investors may commit to funding the loan before LendingClub gives final approval for the loan to proceed. In that case, you'll have to wait for the loan to be approved, and then may need to wait an additional few days for the money to move to your bank.

You should also keep in mind that the interest on your LendingClub loan starts accruing as soon as you receive final approval. That means you may start owing interest a few days before the money gets deposited in your bank account. Your first payment is also due one month from the approval date.

The best LendingClub alternatives are the peer-to-peer lenders Prosper, Upstart, Payoff and Peerform, as well as LightStream, Marcus, American Express and FreedomPlus 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% - 35.89% and the origination fees range from 1% to 6% of the loan amount. On the other hand, LightStream – one of the best LendingClub alternatives – offers APRs that range from 3.49% - 19.99%, as well as a $0 origination fee.

Some of LendingClub's competitors offer larger loans and lower credit score requirements, too.  LendingClub offers loans of $1,000 to $40,000, and most of its loans require a credit score of 660+. In contrast, competitors like LightStream and Upstart can provide $50,000+ in funding, and some lenders like Peerform have credit score requirements as low as 600.

Best LendingClub Alternatives:

• LightStream: APRs of 3.49% - 19.99%. $0 origination fee. Loans of $5,000 to $100,000. Credit score of 660 needed.
• Marcus by Goldman Sachs: APRs of 6.99% - 19.99%. $0 origination fee. Loans of $3,500 to $40,000. Credit score of 660 needed.
• American Express: APRs of 6.98% - 19.98%. $0 origination fee. Loans of $3,500 to $25,000. Credit score of 660 needed.
• FreedomPlus: APRs of 7.99% - 29.99%. 1.99% to 4.99% origination fee. Loans of $7,500 to $40,000. Credit score of 620 needed.
• Prosper: APRs of 7.95% - 35.99%. 2.41% to 5% origination fee. Loans of $2,000 to $40,000. Credit score of 640 needed.
• Upstart: APRs of 5.35% - 35.99%. 0% to 8% origination fee. Loans of $1,000 to $50,000. Credit score of 620 needed.
• Payoff: APRS of 5.99% - 24.99%. 0% to 5% origination fee. Loans of $5,000 to $40,000. Credit score of 640 needed.
• Peerform: APRS of 5.99% - 29.99%. 1% to 5% origination fee. Loans of $4,000 to $25,000. Credit score of 600 needed.
• Navy Federal Credit Union: APRs of 7.49% - 18%. $0 origination fee. Loans of $250 to $50,000. Credit score requirements not disclosed.

There's an easy way to find the best LendingClub alternatives for you. You can use WalletHub's free personal loan pre-qualification tool to show you which lenders will give you the highest approval odds, as well as estimate what rates you can look forward to if approved.