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LendingClub Personal Loans: 2019 Review

June 19, 2019
Loans, Personal Loans, Personal Loans Reviews
At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.
4.0 NerdWallet rating

Good for: Good credit

LendingClub, whose name is often synonymous with online personal loans, attracts borrowers with established financial histories and a record of responsible borrowing.

LendingClub may be a good fit for you if:

  • You carry a long credit history. Borrowers average 17 years of credit history.
  • Your income is high. The average annual income of a LendingClub borrower is $79,145.
  • You have a low debt-to-income ratio. The average borrower’s ratio — how much they owe versus how much they earn each month — is 18.29%, excluding mortgages.

LendingClub loan rates and terms

Loan amounts$1,000 - $40,000
Typical APR6.95% - 35.89%
FeesOrigination fee: 1% - 6%

Late fee: Greater of $15 or 5% of payment after 15-day grace period

Check processing fee: $7

Prepayment fee: None
Time to fundingIn as few as 3 days
RepaymentsMonthly over 3 to 5 years
Soft credit check?Yes
How to qualifyMinimum credit score of 600

Minimum credit history of 3 years

Debt-to-income ratio of less than 40% for single applications, 35% for joint applicants
Best forBorrowers with good credit
Click "Check rates" to get started with LendingClub.

» MORE: Best loans for good credit

LendingClub personal loan review

To review LendingClub, NerdWallet collected more than 30 data points from the lender, interviewed company executives and compared the lender with others that seek the same customer or offer a similar personal loan product. Loan terms and fees may vary by state.

LendingClub helped pioneer the business model of “peer-to-peer” or “marketplace” lending, which matches borrowers with investors willing to fund their loans. It’s the largest online lender for personal loans in the United States, having facilitated more than $45 billion in loans since it was founded in 2007.

Grades for borrowers: LendingClub assigns a grade to every approved borrower using credit and income data. Your grade determines what range of interest rates you qualify for and helps investors decide whether to fund your loan. Borrowers can’t see their grades; only investors can.

Help with debt consolidation: In June 2019, LendingClub introduced a balance transfer loan to help borrowers pay off credit cards and consolidate debt. LendingClub will send your loan proceeds to up to 12 creditors, paying off your balances and simplifying the debt consolidation process. The loan carries the same rates, terms and qualifications as other loans.

Co-sign option: LendingClub is one of a handful of online lenders that allow joint loan applications. To qualify for the joint loan, one borrower has to have a score of 600 and above, while the other borrower can have a credit score as low as 540. Their maximum combined DTI ratio must be under 35%.

Flexibility: LendingClub allows some borrowers who have trouble making payments to go on a hardship plan; borrowers can make interest-only payments for three months’ time to help them get back on their feet.

Loan example: For a borrower with good credit, a $40,000 personal loan with a repayment term of 48 months at 18.0% APR would carry monthly payments of $1,175, according to NerdWallet’s personal loan calculator.

How LendingClub compares



6.95% - 35.89%

Minimum credit score


Origination fee

1.0% - 6.0%

Best for

Good credit borrowers


6.95% - 35.99%

Minimum credit score


Origination fee

1.0% - 5.0%

Best for

Debt consolidation


5.74% - 16.24% (with autopay)

Minimum credit score


Origination fee


Best for

New credit borrowers

Click “Check Rate” to pre-qualify and receive a personalized rate from multiple lenders on NerdWallet.

Prosper, another large lender that connects borrowers with investors, has comparable loan terms and rates and a slightly smaller loan amount window than LendingClub. Read our comparison of LendingClub and Prosper.

For borrowers new to the lending game, SoFi provides valuable career services on top of competitive rates. However, borrowers tend to have strong credit scores and high incomes, so it’s not for those in need of a financial boost. Read our comparison of LendingClub and SoFi.

How to apply for a LendingClub loan

You can apply on LendingClub’s website, or you can compare loans on NerdWallet. NerdWallet recommends comparing loans to find the best rate for you. Click the button below to pre-qualify and receive a personalized rate from multiple lenders on NerdWallet.


Before you shop for a personal loan:

NerdWallet’s ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews. Read our editorial guidelines.

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