LendingClub Personal Loans Review, October 2025

If you need cash to consolidate debt or refinance credit cards, you might consider a LendingClub personal loan. LendingClub offers personal loans of up to $60,000, but this lender isn't for everyone. To get the most out of LendingClub personal loans, you’ll need a credit score on the high end of the FICO fair credit range (580-669) or better, among other requirements.

What is LendingClub best for?

LendingClub was, at one time, a peer-to-peer lender. Perhaps as a result of its original business model, the online experience with LendingClub was designed to be easy. 

However, you'll need a credit score of at least 660 to qualify, which means borrowers with bad credit and many with fair credit are unlikely to be approved. LendingClub also charges an origination fee between 0% and 8% of your loan amount, depending on your credit history.

Best for low rates on closed loans

According to 12 months of Credible personal loans data, borrowers with fair credit scores or better received very low rates, on average, relative to other Credible partner lenders. 

Although LendingClub's minimum APR is competitive, borrowers with excellent credit are most likely to receive the lowest rates. 

Great for debt consolidation

If you’re taking out a LendingClub personal loan to consolidate debt or refinance credit cards, you may get a lower rate than what you're currently paying and a lower rate relative to other lenders. Plus, LendingClub offers a rate discount for sending money directly to your creditors.

If you use the loan to pay off one or more credit cards, you might also boost your credit score within a month (as long as you keep the cards open). This is because you’ll reduce your credit utilization, which contributes up to 30% to your FICO credit score, and most credit cards report monthly to the bureaus. 

Methodology

Credible evaluated 32 lenders across 1,216 data points based on customer experience, minimum fixed interest rates, maximum loan amounts, funding times, loan terms, fees, discounts, third-party reviews, and more. Credible's team of experts gathered information from each lender's website and from our partners directly. We also considered each of our partner lenders' statistics over a 12-month period — including average funding times, average credit scores for approved applicants, and average rates.

Learn more about how Credible rates lenders by exploring our personal loans lender rating methodology.

Pros and cons of LendingClub personal loans

LendingClub personal loans have many benefits and drawbacks, which should all be weighed before you apply. Here are the pros and cons that you should keep in mind: 

Pros

• Potentially low rates for fair credit or better: According to 12 months of Credible personal loans data, borrowers with fair, good, very good, and excellent credit scores received some of the lowest rates on average compared with those of other Credible lending partners.
• Low minimum income requirement: LendingClub does not have a minimum income requirement, other than that you earn some income annually. But you’ll need to have enough to afford loan payments. 
• Offers joint personal loans: LendingClub is one of the few lenders that let you apply with a co-borrower for a joint personal loan. With a joint personal loan, you and your co-borrower have access to the loan funds and share responsibility for repayment.
• Available in all states: LendingClub accepts applications from all 50 states and the District of Columbia.

Cons

• Origination fee: Origination fees can range from 0% to 8% and are deducted from the initial loan amount, meaning you’ll receive less than the amount you borrowed.

Check Out: Best Personal Loans With No Origination Fee

How to qualify for a LendingClub personal loan

To qualify for a LendingClub personal loan, you’ll need to start by meeting some basic requirements:

• Be at least 18 years old
• Be a U.S. citizen or legal resident
• Live in a U.S. state or Washington, D.C. (those living in U.S. territories do not qualify)
• Have a verifiable bank account

If you meet these basic requirements, you’ll then need to meet LendingClub’s standards for the following: 

Credit score and financial history

You’ll need a FICO score of at least 660 to get approved for a LendingClub personal loan through Credible — which is at the top end of the fair credit range. But you’ll have a better chance of approval and may qualify for a lower rate if you have at least good credit (a FICO score of 670 or higher). 

Income and employment status

Your income and employment status give LendingClub an idea of whether you can afford to pay back your loan. Although it doesn’t have a set minimum income amount, LendingClub will expect you to have an income that covers the cost of your basic expenses plus monthly loan payments. Ideally, you can show a record of stable employment as well.

LendingClub personal loan purposes

LendingClub allows the following loan purposes:

• Debt consolidation
• Credit card refinancing
• Home improvement
• Moving and relocation
• Vacation
• Unexpected expenses

However, there are a few things LendingClub prohibits you from using your loan for:

• Secondary education expenses 
• Investing
• Purchasing cryptocurrency
• Unlawful activity

LendingClub personal loan fees and penalties

Here’s a breakdown of the fees and penalties charged by LendingClub: 

Loan origination fees

LendingClub may charge an origination fee from 0% to 8% of the loan amount. Your origination fee will vary depending on your credit score and history. 

No early repayment penalties

Like most lenders, LendingClub doesn’t charge a prepayment penalty if you repay your loan early. 

Late fees

If you can’t make your monthly loan payment on time, LendingClub will charge you 5% of your late payment or $15 (whichever is greater). However, it will give you a 15-day grace period before doing so. 

How LendingClub compares to other lenders

How to contact LendingClub

The best way to contact LendingClub is by calling (888) 596-3157. Its representatives are available to talk to you:

• Monday to Friday: 5 a.m. - 5 p.m. (PT)
• Saturday: 8 a.m. - 5 p.m. (PT)

If you already have a LendingClub personal loan, you can make payments by check by mailing them to:

USPS: 

LendingClub Bank 

Lockbox Services - 134268

P.O. Box 884268

Los Angeles, CA 90088-4268

FedEx or UPS:

Lockbox #0134268

LendingClub Bank

3440 Flair Dr. 

El Monte, CA 91731

If you’re having trouble making payments, you can call 877-227-5011 or email LendingClub at [email protected]. 

About LendingClub personal loans

LendingClub helped pioneer online personal loans and peer-to-peer lending. The company matched borrowers to investors, which often meant a lower interest rate for borrowers of all credit types. Now, LendingClub operates like a traditional lender but still offers reasonable rates and loan amounts to borrowers with fair, good, and excellent credit.