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
3 to 5 years
2 to 7 years
2 to 5 years
Min. credit score
Min. credit score
Min. credit score
Compare estimated rates from multiple lenders
Get more smart money moves — straight to your inbox
Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love.
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
Key terms to know about personal loans
» COMPARE: Best online lenders
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.
» MORE: Best debt consolidation loans
Joint loan options: LendingClub is among lenders that allow 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.
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.
Frequently asked questions
The minimum credit score needed for a LendingClub loan is 600, the company says. However, the average qualified borrower's credit score is above 700.
LendingClub is a legitimate online lender. It offers personal loans with annual percentage rates that don't exceed 36%, which is a rate cap that most consumer advocates recommend.
LendingClub says personal loans are approved in 24 hours and funded within one or two business days.