LendingClub Personal Loans: 2022 Review

LendingClub offers personal loans to good- and fair-credit borrowers, including one specifically for debt consolidation.
May 2, 2022

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Our Take


NerdWallet rating 

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.

Lending Club
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Get rate

on LendingClub's website

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.

Compare to Other Lenders

Lending Club
NerdWallet rating 
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Loan term

3 to 5 years

Loan term

2 to 7 years

Loan term

3 to 5 years

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Min. credit score


Min. credit score


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Compare estimated rates from multiple lenders

Compare Rates

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Full Review of LendingClub

LendingClub personal loans are a fit for good- or fair-credit borrowers looking to consolidate debt or finance large purchases. Though not the lowest-cost lender, LendingClub offers flexible payments, and it's transparent about rates and fees.

The lender says half of its borrowers return to LendingClub for a second loan.

LendingClub personal loans are best for borrowers who:

  • Have good or fair 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 interest costs.

LendingClub personal loans at a glance


  • Charges origination and late fees.

  • No rate discount for autopayments.


  • Performs soft credit check to pre-qualify.

  • Reports on-time payments to the three major credit bureaus.

  • Rates, fees and terms are displayed on the lender's website.

  • Robust FAQ page answers many borrower questions.

Loan flexibility

  • Funds loans within one to two days of approval.

  • Allows borrowers to change their payment due date.

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

Customer experience

  • Fully online application and loan approval process.

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

  • Doesn't offer a mobile app to manage a loan.

Key terms to know about personal loans

Annual percentage rate

Annual percentage rate is the interest rate on your loan plus all fees, calculated on an annual basis and expressed as a percentage. Use the APR to compare loan costs from multiple lenders.

Origination fee

An origination fee is a one-time, upfront fee that some lenders charge for processing a loan. The fee can range from 1% to 10% of the loan amount, and lenders typically deduct it from your loan proceeds.

Debt-to-income ratio

The debt-to-income ratio divides your total monthly debt payments by your gross monthly income, giving you a percentage. Lenders use DTI — along with credit history and other factors — to evaluate a borrower's financial ability to repay a loan.

Soft credit check

Lenders that offer pre-qualification typically do so using a soft credit check, which allows you to see rates and terms you qualify for without affecting your credit score. If you accept the loan offer, the lender will perform a hard check to confirm your information. Hard checks knock a few points off your credit score.

Where LendingClub personal loans stand 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 balance transfer loan’s rate can be up to five percentage points lower than other LendingClub loans, but terms and qualifications are the same.

Joint loan options: LendingClub is allows joint loan applications. The two borrowers' maximum combined debt-to-income ratio, or DTI, on a joint loan must be under 40%.

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. Members have access to information like their debt-to-income ratio, credit utilization and credit score.

Compare LendingClub with other loan companies

Where LendingClub personal loans fall short

Fees without discounts: LendingClub loans come with origination fees from 2% to 6% and late fees. There's no rate discount for setting up autopay, which some lenders offer to encourage borrowers to make on-time payments.

Limited term lengths: Borrowers can choose either a three- or five-year loan repayment term. Some lenders offer shorter or longer term options. A longer term lowers your monthly payment but costs more in overall interest.

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 personal loan

LendingClub considers information like credit history, income, existing debts and cash flow when making a loan decision. Here are the minimum requirements to get a loan.

  • Minimum credit score: 600.

  • Maximum DTI: 60%; 40% for joint applicants.

  • Minimum credit history: More than 18 months.

  • Minimum number of accounts on credit report: Two revolving accounts.

  • Monthly income after paying other debts and living expenses should be enough to cover the new personal loan payments.

The average borrower has a higher credit score and lower debt-to-income ratio than the minimums, though.

  • Average credit score: Above 700.

  • Average income: $100,000.

  • Average debt-to-income ratio: 19%.

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 $5,206 in total interest on that loan.

How to get a LendingClub personal 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 may be shown several loan options.

on LendingClub's website


NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. 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 more about our ratings methodologies for personal loans and our editorial guidelines.

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