LendingClub Personal Loans: 2025 Review

LendingClub personal loans are a fit for good- or fair-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.

Though not the lowest-cost lender, LendingClub loans stand out for flexibility, transparency and credit report insights.

» COMPARE: Best debt consolidation loans

Table of Contents

LendingClub loans at a glance

Where LendingClub personal loans stand out and fall short

How to use LendingClub personal loans

LendingClub personal loan customer reviews

Do you qualify for a LendingClub personal loan?

How to apply for a LendingClub personal loan

Compare LendingClub to other lenders

How we rate LendingClub 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.

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Where LendingClub personal loans stand out

Help with debt consolidation: LendingClub’s balance transfer loan helps borrowers pay off credit cards and consolidate debt, potentially at a reduced rate. LendingClub will send your loan proceeds to up to 12 creditors, paying off your balances and simplifying the consolidation process. The balance transfer loan’s rate can be up to five percentage points lower than other LendingClub loans, but the terms and qualifications are the same.

Joint loan options: 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 amount. It may be especially helpful if you’re consolidating high-interest credit card debt.

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

Soft credit pull: 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 doesn’t impact your credit score. If you get a loan, the company does a hard credit pull when the funds are sent.

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.

Member Center: LendingClub’s Member Center helps customers manage their money and credit. Many lenders provide a free credit score, but the additional insights in the Member Center, like debt-to-income ratio and credit usage, are rare.

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 aren’t especially rare among online lenders.

» MORE: Best loans with no origination fee

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How to use LendingClub personal loans

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LendingClub personal loan customer reviews

As of August 2024, LendingClub has 4.7 stars on Trustpilot, a website that collects consumer reviews. Customers mention the company’s fast application process and customer service. The lender’s mobile app received 3.3 stars across 1,660 reviews on Google Play and 4.3 stars across 2,600 reviews on the Apple App Store.

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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.

To apply for a LendingClub personal loan, you must be:

• A U.S. citizen, permanent resident or living in the U.S. on a valid visa.

• At least 18 years old in most states.

• Able to provide a verifiable bank account.

Here are the lender’s minimum requirements to qualify for a loan. (Meeting these requirements doesn’t guarantee approval.)

• Minimum credit score: 600. LendingClub uses FICO 8 and VantageScore 2.0, in addition to a proprietary scoring system.

• Minimum credit history: 36 months and two accounts.

• Maximum debt-to-income ratio: 40% for individual and joint applications.

• Minimum annual income: None, but borrowers must show proof of income.

• LendingClub's average borrower snapshot

  • Average credit score: 700.

  • Average annual income: $100,000.

  • Average loan amount: $18,000.

  • Average debt-to-income ratio: 19.1%

  • Average loan term: Three years.

  • Most common loan purpose: Debt consolidation.

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How to apply for a LendingClub personal loan

Here are the steps to apply for a LendingClub loan.

1. Pre-qualify on LendingClub’s website. You’ll be asked how much you want to borrow and what the funds are for, as well as some personal information like your name, birthdate and address. The lender may ask for your Social Security number, but there’s no hard credit pull at this stage.

2. Preview loan offers and accept the one that fits your budget. Once you accept a loan offer, you’ll submit a formal personal loan application. This could require more documents to confirm the information you gave during pre-qualification. If you get a loan, LendingClub will do a hard credit check when the loan funds are sent, so your credit score may temporarily dip.

3. Stay on top of your loan payments. LendingClub reports loan payments to all three major credit bureaus, so on-time payments will help build your credit score, but missed payments will hurt it. Setting up automatic payments and keeping an eye on your budget are two ways to manage your loan payments.

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Compare LendingClub to other lenders

Personal loan lenders offer different rates, loan amounts and special features, so it pays to weigh your options. The best personal loan is usually the one with the lowest APR.

Like LendingClub, SoFi and Upgrade are strong options for debt consolidation but can be used for other expenses.

SoFi

» MORE: Read our review of SoFi

Upgrade

» MORE: Read our review of Upgrade

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How we rate LendingClub personal loans

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

• Category definitionsCategory definitions

  Affordability (25%)

  An affordable loan has low rates and fees compared to other similar loans and may offer rate discounts.

  Customer experience (20%)

  A good customer experience includes allowing borrowers to choose and change their repayment date, a fully online application process, a mobile app to manage the loan and a customer service team with wide availability.

  Underwriting and eligibility (20%)

  The lender reviews borrowers’ credit reports and credit history and tries to understand their ability to repay a loan. It offers loans in most states and doesn’t restrict eligibility by requiring a pre-existing relationship.

  Application process (20%)

  Borrowers can pre-qualify to check their potential rate, loan amount, repayment term and APR without affecting their credit score. They can easily find answers to questions about the personal loan on the lender’s website. The application process is fast enough to allow funding within a couple of days or less.

  Loan flexibility (15%)

  A flexible loan is one that offers a wide range of loan amounts and repayment term options. It includes common features like additional loan types and direct payment to creditors on debt consolidation loans.

  Discretionary

  A lender’s star rating can be reduced if the lender is sued by a state or federal regulator for unfair consumer practices or has been accused by a reputable source of suspicious business practices.

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