LendingClub Personal Loans: 2021 Review

LendingClub is a fair-credit lender offering personal loans, including one specifically for debt consolidation.

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Our Take


NerdWallet rating 

The bottom line: LendingClub loans have limited term lengths, but you can add a co-signer or borrower to help your chances of qualifying for a lower rate.

Lending Club

on LendingClub's website

on LendingClub's website

Min. Credit Score


Est. APR

8.05 - 35.89%

Loan Amount

$1,000 - $40,000

Pros & Cons


  • Offers co-signed and joint loan options.

  • Offers direct payment to creditors with debt consolidation loans.

  • Soft credit check with pre-qualification.


  • Borrowers can choose from only two repayment term options.

  • Rates are high compared with other online lenders.

  • Charges an origination fee.

Compare to Other Lenders

Lending Club
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Est. APR

8.05 - 35.89%

Est. APR

7.95 - 35.99%

Est. APR

6.95 - 35.99%

Loan Term

3 to 5 years

Loan Term

3 to 5 years

Loan Term

3 to 5 years

Loan Amount

$1,000 - $40,000

Loan Amount

$2,000 - $40,000

Loan Amount

$1,000 - $50,000

Min. Credit Score


Min. Credit Score


Min. Credit Score


Compare estimated rates from multiple lenders

Compare Rates

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Full Review

To review LendingClub’s personal loans, NerdWallet collected more than 40 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’s personal loans are a fit for borrowers with fair or good credit scores, though they have high rates compared with competitors.

These loans can be used for most large expenses, but credit card refinancing and debt consolidation are popular loan purposes, the lender says. Borrowers can get a balance transfer loan specifically designed to help borrowers with debt consolidation.

LendingClub started in 2007 as a peer-to-peer lender, connecting borrowers with investors willing to fund their loans. The company says it’s helped over 3 million customers borrow more than $50 billion.

For 2021, the lender will turn to more traditional online lending and begin funding loans through LendingClub Bank, according to a company spokesperson. The lender says changes to the loan product aren’t expected and active loans from its peer-to-peer lending platform will be serviced as usual.

LendingClub is best for borrowers who:

  • Have fair or good credit (FICO of 630 to 719).

  • Want help building credit and managing a budget.

  • Want to consolidate debt and qualify for a rate that lowers their interest costs.

LendingClub at a glance

Credit building

  • Soft credit check to pre-qualify.

  • Reports payments to three major credit bureaus.


  • APRs are high among competitors.

  • Charges origination and late fees.

  • No rate discount for autopayments.

Loan flexibility

  • Allows borrowers to change a payment due date.

  • Offers only three- or five-year repayment terms.


  • Rates, fees and terms are displayed in the site’s footer.

  • Robust FAQ page answers many borrower questions.

Customer experience

  • Fully online application and loan approval process.

  • Offers Member Center to help borrowers manage their money and credit.

Where LendingClub stands out

Help with debt consolidation: LendingClub’s balance transfer loan is specifically designed 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 the company’s other loans.

Joint and co-signed loan options: LendingClub is among the lenders that allow joint and co-signed loan applications. The two borrowers' maximum combined debt-to-income ratio, or DTI, on a joint loan must be under 35%.

Soft credit pull: LendingClub lets you check your rate through its website. Getting your rates generates a soft credit pull, which doesn’t impact your credit score. The company does a hard credit pull once a loan is issued.

Member Center: LendingClub’s Member Center helps customers manage their money and credit. The Credit Profile tool within the Member Center shows customers information like their debt-to-income ratio, credit utilization and credit score.

Compare LendingClub with other loan companies:

Where LendingClub falls short

Expensive overall loan: LendingClub’s personal loans have higher starting rates than loans from many of its competitors. The loans also come with origination and late fees but don’t include a rate discount for setting up autopay, which some lenders offer to encourage borrowers to make on-time payments.

Limited term lengths: Borrowers can choose a three- or five-year loan repayment term. That’s somewhat common for online lenders, but it doesn’t give you the option to choose a shorter term and pay less interest, or a longer one to lower your monthly payments.

How to qualify for a LendingClub loan

LendingClub categorizes its borrowers into prime (660 or higher FICO) and near-prime (600 - 659 FICO) borrowers, using the FICO 8 credit scoring model. The averages for the two borrower types differ.

Here’s a snapshot from the company of each type of borrower.

LendingClub prime borrower averages:

  • Credit score: 705.

  • Income: $84,647.

  • Average loan size: $15,369.

  • Interest rate range: 8.46% - 20.74%.

  • Common uses: credit card refinancing, new large purchases, debt consolidation.

LendingClub near-prime borrower averages:

  • Credit score: 640.

  • Income: $69,082.

  • Average loan size: $8,412.

  • Interest rate range: 15.54% - 30.99%.

  • Common uses: credit card refinancing, debt consolidation.

Loan example: A $15,000 loan with a 23.4% APR and a three-year repayment term would have monthly payments of $584. You would pay $6,024 in total interest on that loan.

How to get a LendingClub loan

Check rates from other lenders

Rates, terms and features vary among lenders, so NerdWallet recommends pre-qualifying with multiple lenders to compare loan offers. Pre-qualifying allows you to receive personalized rates from lenders that partner with NerdWallet. Pre-qualifying will not have an impact your credit score.

Apply on LendingClub

You can apply for a personal loan on LendingClub’s website. You’ll be given several loan options to choose from.

on LendingClub's website

Personal Loans Rating Methodology

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.

Frequently asked questions