LendingClub 2025 Personal Loan Review

LendingClub personal loans are a great option for fair- to excellent-credit borrowers looking to consolidate debt or finance large purchases.

This lender is an especially good choice for debt consolidation because it offers a rate discount and direct payment to creditors on debt consolidation loans.

» MORE: Compare the best personal loans

LendingClub personal loans at a glance

• Disclosure from LendingClubDisclosure from LendingClub

  Between January 1, 2025 to March 31, 2025. 56% of Personal Loans issued by LendingClub Bank during the same period were funded in as little as 24 hours after loan approval. The time it takes for a loan to be funded is not guaranteed and individual results vary based on multiple factors, including but not limited to investor demand. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $17,413 for a term of 36 months, with an interest rate of 12.49% and a 6.00% origination fee of $1,045 for an APR of 16.86%. In this example, the borrower will receive $16,369 and will make 36 monthly payments of $582. Loan amounts range from $1,000 to $50,000 and loan term lengths range from 24 months to 72 months. Some amounts, rates, and term lengths may be unavailable in certain states. For Personal Loans, APR ranges from 7.90% to 35.99% and origination fee ranges from 0.00% to 8.00% of the loan amount. APRs and origination fees are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of Apr 22, 2025 and are subject to change without notice. Loans are made by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. LendingClub Bank is not an affiliate of NerdWallet, which is an unrelated third party (“third party”). LendingClub Bank is not responsible for any products and services provided by this third party. Credit eligibility is not guaranteed. Loans are subject to credit approval and may be subject to sufficient investor commitment. Credit union membership may be required. Certain information that LendingClub Bank subsequently obtains as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that your request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan. Loan closing is contingent on accepting all required agreements and disclosures at LendingClub.com. “LendingClub” and the “LC” symbol are trademarks of LendingClub Bank.

Where LendingClub personal loans stand out

Option to pre-qualify: You can pre-qualify on LendingClub’s website to check your potential rate, loan amount, repayment term, monthly payment and total interest costs. Applicants may be shown multiple offers. Pre-qualifying generates a soft credit pull, which won't hurt your credit score. Once you apply, LendingClub does a hard credit pull, which is typical among lenders and temporarily knocks a few points off your score.

Direct payment to creditors: LendingClub’s balance transfer loan helps borrowers pay off debt by sending the loan proceeds to up to 12 creditors, simplifying the consolidation process. This type of loan may come with an additional rate discount, though LendingClub doesn’t disclose how much.

» COMPARE: Best debt consolidation loans

Fast approval and funding: Applications are typically approved within one hour, and the majority of borrowers can expect the money in their account in one to two business days. This means you could submit an application and receive funds within 24 hours.

Joint loan option: LendingClub allows joint loan applications. Applying for a personal loan with a co-borrower who has strong credit may boost your chances of qualifying and getting a lower rate or larger loan. It may be especially helpful if you’re consolidating high-interest credit card debt, since you’ll want to prioritize getting the lowest rate possible.

» MORE: Personal loans for co-signers and co-borrowers

Option to choose and change payment date: Borrowers can choose their repayment date before signing a loan agreement and change the date during repayment. Payment date flexibility can be helpful if you change jobs, for example, and get paid on a different date.

Where LendingClub personal loans fall short

Origination fees: LendingClub may charge an origination fee up to 8%. This fee is deducted from the loan before a borrower receives funds, reducing the total loan amount. If you’re consolidating debt, you’ll need to borrow a higher amount than what you owe to pay off all your debts. Origination fees are common among online lenders.

» MORE: Best loans with no origination fee

How to use LendingClub personal loans

Do you qualify for a LendingClub personal loan?

LendingClub’s minimum borrower requirements are typical for a fair- or good-credit lender, but borrower averages are slightly higher. A high credit score and strong income will give you the best chance of qualifying. Loans are available in all 50 states and Washington, D.C.

LendingClub’s borrowing requirements

• Minimum credit score: 600.

• Minimum annual income: None.

• Maximum debt-to-income ratio: 40%.

• Minimum credit history: Three years and two accounts.

• Must be a U.S. citizen, provide a Social Security number and provide proof of residency. 

• Must have a valid U.S. bank account, government-issued photo ID and email address.

• Must provide proof of employment or income.

LendingClub’s average borrower snapshot

• Average borrower’s credit score: 700 or higher.

• Average debt-to-income ratio: 20%.

• Average annual income: $100,000.

• Average loan amount: $19,000 to $21,000.

• Average APR: 17%.

• Most common loan purposes: Debt consolidation.

» MORE: How to get a personal loan

How we rate LendingClub

NerdWallet writers and editors rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s how we scored LendingClub this year: