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LendingClub Personal Loans Review

If you let LendingClub pay your creditors directly, you could get a lower rate to pay off your credit cards or other debt.

Matt Carter Matt Carter Updated October 7, 2020

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

Best for:

  • Credit card debt consolidation
  • Home improvement loans
  • Borrowers with a strong credit score and low debt-to-income ratio

LendingClub helped pioneer online personal loans and peer-to-peer lending. The company matches borrowers to investors who have money to lend, which could mean a lower interest rate for borrowers with good credit.

Here’s everything you need to know about borrowing through LendingClub.

In this post:

  • LendingClub personal loans: Interest rates and loan details
  • LendingClub personal loans review
  • How LendingClub compares to other lenders
  • How to take out a personal loan with LendingClub

LendingClub personal loans: Interest rates and loan details

LendingClub offers fixed-rate loans from $1,000 to $40,000, with either a 3-year or 5-year repayment term. Origination fees range from 1% to 6%.

lendingclub personal loans
Fixed rates10.68% - 35.89% APR
Loan size$1,000 to $40,000
Loan terms3 or 5 years
Minimum credit score600
Time to get fundsUsually takes about 3 days†
IncomeVerifiable income must support ability to repay
ResidencyNot available in Iowa or U.S. territories
Fees
  • Origination fees of 1% to 6%
  • No prepayment penalty
  • $15 late fee, or 5% of overdue monthly payment
Loan usePay off credit cards, consolidate debt, pay for special events, make major purchases, funding for unexpected home repairs or medical bills
Key benefitsBeing turned down does not hurt your credit score
Best if you:
  • Have a strong credit score and low debt-to-income ratio
  • Want to pay off credit card debt
  • Have a proven history handling payments on multiple credit lines
Loan servicerLendingClub
†Based on a majority of borrowers from LendingClub's marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary.
All APRs reflect autopay and loyalty discounts where available | Read more about Rates and Terms

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LendingClub personal loans review

As a peer-to-peer lender, LendingClub is transparent on how it evaluates borrowers and sets interest rates on loans.

Interest rates are determined by the letter grade — A, B, C, or D — that’s assigned to every eligible loan. The letter grade is calculated using a formula that takes into account not only your credit score, but other “indicators of credit risk” from your credit report and loan application.

During the first three months of 2019, interest rates for personal loans funded by LendingClub averaged:

  • Grade A: 7.7%
  • Grade B: 11.59%
  • Grade C: 15.23%
  • Grade D: 20.26%

Balance transfer loan

If you’re taking out a LendingClub personal loan to pay off credit cards or other debt, you may get a lower rate if you let LendingClub pay your creditors directly. The LendingClub balance transfer loan lets you pay off up to 12 different creditors, with any money left over deposited to your bank account.

More than two-thirds of LendingClub borrowers use their loans to refinance existing debt or to pay off their credit cards — a strategy that can boost your credit score.

Learn More: How Do Personal Loans Affect Your Credit Score?

The low rates available to borrowers with good credit can also make LendingClub personal loans a good choice for home improvement projects. Unlike a home equity loan, you don’t have to put your home up as collateral.

Learn More: What You Can Use a Personal Loan For

How to qualify

In an effort to reduce investors’ exposure to riskier loans, in May 2019 LendingClub stopped approving loan requests graded as “E.” As a result, the minimum credit score needed to get approved for a LendingClub personal loan increased to 660 (up from 600).

Learn More: Personal Loan Requirements: What You Need to Know to Prequalify

Repayment

You can choose to repay LendingClub personal loans over three years (36 monthly payments) or five years (60 monthly payments). As is the case with most lenders, you’ll be offered a lower rate on loans with a repayment term of three years. Spreading your payments out over five years will make your monthly payments more manageable, but you’ll pay more interest charges.

LendingClub accepts automatic payments or payment by check or phone. Borrowers are granted a 15-day grace period to make payments with no penalty.

Learn More: How Do Personal Loans Work?

How LendingClub compares to other lenders

lendingclubpayoffupgrade
Fixed rates10.68% - 35.89% APR5.99% - 24.99% APR6.94% - 35.97% APR
Loan Amounts$1,000 up to $40,000$5,000 up to $40,000$1,000 up to 50,000
Compare rates from these lenders without affecting your credit score. 100% free!

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All APRs reflect autopay and loyalty discounts where available | Read more about Rates and Terms

How to take out a personal loan with LendingClub

LendingClub can be a good match for borrowers with good credit who are interested in shopping around for the best rate. But it’s also a good idea to request rates from other types of lenders who offer personal loans to get a more complete picture of your options.

You can use Credible to request personalized rates from the best personal loan companies, including LendingClub. Credible’s process uses a soft credit inquiry that doesn’t affect your credit score when checking to see what rates you prequalify for and you can see rates in just minutes.

Ready to find your personal loan?
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  • One simple form, easy to fill out and your info is protected
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How LendingClub can improve

While LendingClub has been a pioneer in online, peer-to-peer lending, it could improve in the following areas:

  • Faster funding of loans: Many online lenders can now deliver funds on the same day or overnight.
  • Provide personal loans for fair credit borrowers: Rather than rejecting borrowers with fair credit, LendingClub could charge them higher rates to manage risk

Learn More: Personal Loans for Fair Credit

 
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.

About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.

About the author
Matt Carter
Matt Carter

Matt Carter is a Credible expert on student loans. Analysis pieces he’s contributed to have been featured by CNBC, CNN Money, USA Today, The New York Times, The Wall Street Journal and The Washington Post.

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Discover Student Loans Disclosure

The interest rates depicted on Credible represent the APR. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.375% as of July 1, 2018. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of The Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit http://www.discover.com/student-loans/interest-rates.html for more information about interest rates.

Citizens Bank Disclosures

Student Loan Rate Disclosure

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 4.07%-12.04% (4.07%-11.94% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 5.25%-12.19% (5.25% – 12.09% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown requires application with a cosigner, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

Citizens Bank - Refi - Disclosures

Education Refinance Loan Rate Disclosure:

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 2.75%-8.20% (2.75%-8.20% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.