LendingClub Personal Loans Review 2023

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You won’t see a LendingClub location while driving to the grocery or dropping the kids off at school. As the first public U.S. neobank and a full-spectrum financial technology (fintech) marketplace bank, LendingClub is fully online.

LendingClub’s acquisition of Radius Bank in 2020 launched the organization into the world of personal banking, with high-yield savings accounts and checking accounts, CDs and more. But since 2007, more than 4 million members have relied on LendingClub for investments and loans. Since then, LendingClub has grown into one of the largest online lenders for personal loans.

Neobanks are tech companies that provide online banking services. Get details about this digital banking frontier from our neobank explainer.

LendingClub Personal Loans

Best for Small Loans

3.5 out of 5 Overall

Key Features
  • Low minimum credit score requirement
  • Small loan amounts available
  • Ability to add a co-borrower
You won’t find the lowest rates or most flexible loan terms with LendingClub, and if you have a $100,000 project to fund, you should look elsewhere. LendingClub is designed for those with bad credit (or who are on the path to good credit). With a low minimum credit requirement and small loan amounts, LendingClub personal loans give borrowers a low-risk shot at improving their credit score.
LendingClub Personal Loans

8.05% to 36.00%
Loan terms
3 or 5 years
Loan amounts
$1,000 to $40,000
Origination fees
2% to 6%
Prepayment penalty
Minimum credit score requirement

LendingClub Loans: At a Glance

As mentioned above, you can now use LendingClub as a complete finance solution — open a checking account, tie it to a savings account and even start an investment account. Let’s drill down to the loan portion of LendingClub’s business specifically. With LendingClub, you can apply for:

  • Personal loans up to $40,000
  • Business loans up to $10 million
  • Auto loan refinancing
  • Financing for patient care (health and dental)

In our LendingClub personal loans review, we’ll specifically focus on the pros and cons of a LendingClub personal loan.

While you can fund most goals with a personal loan, LendingClub specifically advertises credit card consolidation loans, balance transfer loans, debt consolidation loans and home improvement loans.

LendingClub Personal Loan Review

Still not sure if a LendingClub personal loan is right for you? Let’s dive in deeper to the specifics of the unsecured personal loans offered:


The lowest APR for a LendingClub personal loan is 8.05%. This is not competitive with some of the best personal loans on the market, but those other lenders require strong credit scores (and an automatic payment discount) to secure their very best offer.

The high end of LendingClub’s APR window is 36.00%, which can quickly make a $1,000 loan quite costly. For reference, the average credit card APR is just over 19%, so a personal loan rate that high is unattractive.

Borrowers with credit scores in the higher 600s should expect a rate closer to the low end of LendingClub’s APR range — and borrowers with good or excellent credit scores can expect the minimum APR. However, if you have a strong credit score, we strongly encourage you to consider an alternative for your personal loan, like Marcus by Goldman Sachs, SoFi or LightStream, the top three in our roundup of the best installment loans.


LendingClub boasts a lack of application fees and prepayment penalties, but that’s table stakes in today’s competitive personal loan market. Where other personal loan providers shine is in their lack of origination fees, and here, LendingClub falls short.

Currently, LendingClub charges an origination fee of 2% to 6%. On a $10,000 loan, a 2% origination fee is $200 and a 6% origination fee is $600. That makes this a costly loan even before the interest kicks in.

However, lenders that don’t charge origination fees likely also won’t lend to borrowers with a 600 credit score. Those with bad credit should expect less than favorable terms when applying for a personal loan.

Make 2023 the year you get your credit score in shape. We've got the 10 moves to make your credit score soar.


LendingClub may not offer the best rates or fees, but it excels when you dig into the actual loan process. For starters, you can pre-qualify online with only a soft credit pull. Soft credit pulls do not affect your credit score. The financial institution only performs a hard credit inquiry when issuing the loan.

It’s easy to apply for a LendingClub loan with a co-borrower. It’s the first step when applying online. Applying jointly means that you might get a lower rate and might be approved for a larger loan amount than you would if it were just your name on the personal loan application.

Managing your loan with LendingClub on the go is super easy. The mobile app has above-average scores on both the Apple App Store and on Google Play, and the online Member Center makes managing money and credit very easy. Using this resource, you can quickly check your credit score, credit utilization and debt-to-income ratio.

Borrowers with LendingClub loans for debt consolidation can even allow LendingClub to pay creditors directly on their behalf.

Some lenders are able to fund bank accounts the same day of loan approval. LendingClub falls short here, depositing loan funds within 48 hours on average. However, this is middle of the road; some lenders take even longer.


The loan amount with LendingClub isn’t very flexible. Loans top out at just $40,000, though we do appreciate that you can take out a loan for as little as $1,000.

Loan terms are very rigid. You can choose either a three- or five-year repayment plan.

However, a small win for flexibility: LendingClub allows borrowers to change their payment date, if needed.

Customer Satisfaction

LendingClub has been in business for nearly two decades and boasts more than 4 million customers. Mobile app scores showcase how much consumers appreciate the ease of use of the smartphone app, but online review sites also demonstrate how much customers appreciate their loan provider.

At publishing, LendingClub carries an A on Better Business Bureau, 4.8 out of 5 stars on Trustpilot and 4.0 out of 5 stars on Consumer Affairs.


Credit where credit is due: LendingClub is an ideal personal loan provider for borrowers who are repairing their credit score. LendingClub has a 600 minimum credit score requirement and looks for a debt-to-income ratio of 40% or lower for borrowers. (Co-borrowers should have a debt-to-income ratio of 35% or lower.)

With loan amounts as low as $1,000, LendingClub offers an easy way for borrowers to build a credit history, and the risk is low, as monthly payments for a $1,000 loan over three years, should be quite manageable even with a higher interest rate.

LendingClub Personal Loan: Pros and Cons

If you are thinking about taking out an unsecured personal loan from LendingClub, whether to consolidate debt, finance a wedding or small purchase or complete a major home renovation, weigh the pros and cons before making a decision.

  • LendingClub offers loans as small as $1,000, great for funding small projects and building up a credit history with low risk and low payments.
  • LendingClub does not charge any application fees or prepayment penalties.
  • Though the range for APR is wide, the starting APR for a LendingClub personal loan is 8.05% — much lower than the average credit card APR.
  • LendingClub personal loans are attainable for those with fair credit; the minimum credit score requirement is 600.
  • LendingClub has been around for nearly two decades, giving it more stability than other, newer online lenders.
  • LendingClub offers joint loans, which lowers monthly payments and can allow for larger loan amounts.
  • For a debt consolidation loan, LendingClub can pay creditors directly.
  • You can pre-qualify with only a soft credit check.

  • They only offer three- or five-year terms.
  • LendingClub personal loans cap at $40,000; other lenders grant personal loans more than double the size.
  • LendingClub charges an origination fee; many of the personal loan providers on our list of the best installment loans do not charge an origination fee.
  • The minimum APR is 8.05%; other personal loans are available with APRs considerably lower.
  • APRs can top out as high as 36.00%, though this merely reflects that LendingClub will approve a borrower with a lower credit score.
  • It can take more than two days to receive the loan funds in your bank account.
  • LendingClub doesn’t offer rate discounts for auto pay.

Frequently Asked Questions (FAQs) About LendingClub Personal Loans

Still have questions about opening a LendingClub loan? Here are the answers to some of the most common questions asked by our readers:

What is the Minimum Credit Score for LendingClub?

The credit score requirement for a personal loan from LendingClub is 600 or higher.

How Much Can LendingClub Loan You?

Personal loans from LendingClub range from a loan amount of $1,000 to $40,000. With low loan amounts, LendingClub offers a way for borrowers to build a credit history. For example, the risk is low as monthly payments for a $1,000 loan over three years should be manageable even with a higher interest rate.

Does LendingClub Have a Bank Account?

Yes, you can open checking and savings accounts with LendingClub, in addition to applying for loans and opening investment accounts.

How Much Does a LendingClub Personal Loan Cost?

LendingClub charges an origination fee of 2% to 6% for personal loans. You will also pay interest on your loan.

How Quickly Does LendingClub Deposit Loan Funds?

In most cases, LendingClub deposits personal loan funds into your bank account within 48 hours after approval.

Does LendingClub Do Small Loans?

Yes, the smallest loan amount you can apply for with LendingClub is $1,000. The largest loan amount available through LendingClub is $40,000.


Can I Pay off My LendingClub Loan Early?

Yes, you can pay off a personal loan with LendingClub early. There are no prepayment penalties for paying off the full loan amount ahead of schedule.

The Bottom Line

LendingClub’s personal loan option isn’t competitive in terms of rates and fees, but it offers convenience, easy-to-use technology and strong customer support. If you have bad credit and are on the road to rebuilding your credit score, LendingClub is one of the better loan options available.

Timothy Moore covers banking and investing for The Penny Hoarder from his home base in Cincinnati. He has worked in editing and graphic design for a marketing agency, a global research firm and a major print publication. He covers a variety of other topics, including insurance, taxes, retirement and budgeting and has worked in the field since 2012. Contributor Chloe Goodshore contributed to this report.