LendingClub stopped originating small-business loans in April 2019, and now connects prospective borrowers to one of two lending partners.
Customers who fill out a business loan pre-qualification form on LendingClub’s website are referred to either Opportunity Fund or Funding Circle.
Opportunity Fund makes loans to underserved small businesses that don’t qualify for traditional bank loans, while Funding Circle lends to more established businesses with good credit.
LendingClub personal loans may be used for business purposes, but carry smaller loan amounts than typical business loans.
If you’re looking for a business loan, consider these other options:
- Business expansion loans.
- Business debt consolidation loan options.
- Unsecured business loans for collateral-free cash.
Compare business loans
If you’d like to compare loan options, NerdWallet has a list of small-business loans that are best for business owners. All of our recommendations are based on the lender’s market scope and track record and on the needs of business owners, as well as rates and other factors, so you can make the right financing decision.