The bottom line:
LendingClub loans have limited term lengths, but you can add a co-borrower to help your chances of qualifying for a lower rate.
Pros & Cons
- Offers joint loan options.
- Offers direct payment to creditors with debt consolidation loans.
- Soft credit check with pre-qualification.
- Option to change the payment date.
- Borrowers can choose from two repayment term options only.
- Charges an origination fee.
- Borrowers can’t use this loan to refinance another personal loan.
Compare to Other Lenders
3 to 5 years
3 to 5 years
3 to 5 years
Min. Credit Score
Min. Credit Score
Min. Credit Score
Compare estimated rates from multiple lenders
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LendingClub’s personal loans are a fit for fair-credit borrowers looking to consolidate debt or finance large purchases. Though not the lowest-cost loan out there, LendingClub offers borrowers flexible payments, and it's transparent about qualifications and fees.
LendingClub is best for borrowers who:
Have fair credit (FICO of 630 to 689).
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
Key terms to know about personal loans
» COMPARE: Best online lenders
Where LendingClub stands out
Help with debt consolidation: LendingClub’s balance transfer loan helps 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.
» MORE: Best debt consolidation loans
Joint loan options: LendingClub is among the lenders that allow joint loan applications. The two borrowers' maximum combined debt-to-income ratio, or DTI, on a joint loan must be under 35%.
Soft credit pull: You can check your rate on LendingClub’s website. Getting your rate 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 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
Fees without discounts: LendingClub’s loans 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, which is 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.
No refinance option: LendingClub doesn’t allow borrowers to use its personal loans to refinance an existing loan — from LendingClub or another lender. Many online lenders offer some kind of refinancing option. If you qualify for a lower rate, refinancing can help you pay off the loan faster or lower your loan payments.
What to know about LendingClub
In July 2021, LendingClub agreed to pay $18 million to settle a lawsuit after the Federal Trade Commission alleged that the company didn't disclose to loan applicants upfront the hidden fees it charged. The FTC also alleged LendingClub told consumers they had been approved when they hadn’t and took money from consumers’ bank accounts without approval.
In response, LendingClub removed the "No Hidden Fees" statement from marketing materials and updated its loan options page to include origination fees and the total loan amount the consumer receives.
How to qualify for a LendingClub loan
LendingClub categorizes its borrowers into prime (660 or higher FICO) and near-prime (600-659 FICO) borrowers. 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.
Average loan size: $15,355.
Interest rate range: 8.46% - 20.74%.
Common uses: Credit card refinancing, large purchases and debt consolidation.
LendingClub near-prime borrower averages:
Credit score: 640.
Average loan size: $8,399.
Interest rate range: 15.54% - 30.99%.
Common uses: Credit card refinancing and debt consolidation.
Loan example: A $15,000 loan with a 20.5% APR and a three-year repayment term would have monthly payments of $561. A borrower would pay $5,196 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 won't have an impact your credit score.
Apply on LendingClub
You can apply for a personal loan on LendingClub’s website. You’ll be asked some basic questions about yourself and the loan you want. If you qualify, you’ll be shown several loan options.
on LendingClub's website
Personal Loans Rating Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 30 lenders. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read our editorial guidelines.
Frequently asked questions
The minimum credit score needed for a LendingClub loan is 600, the company says. However, the average prime borrower (660 or higher FICO) has a 705 credit score and the average near-prime borrower (600-659 FICO) has a 640 credit score.
Annual percentage rates on LendingClub loans don't exceed 36%, which is a rate cap that most consumer advocates recommend. The company also uses information like credit history and income to evaluate a borrower's ability to repay, which many payday and other predatory lenders don't.
LendingClub is transparent about its fees and answers questions about its loans on a frequently asked questions page.
LendingClub says personal loans are approved in 24 hours and funded within two days, on average.