• Interest Rates: 5.99-35.89%
  • Loan Amounts: $1,000-40,000
  • Min Credit Score: 600
  • Pros
  • Highly reputable company
  • User friendly site, easy process
  • Soft inquiry doesn’t hurt your score
  • Fewer fees than banks
  • Fewer fees than other peer-to-peer lenders
  • Cons
  • Loan approvals aren’t as fast as similar services

Lending Club Personal Loans Review

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Lending Club is a peer-to-peer lending company, claiming the title of the world's largest online credit marketplace. Lending club has emerged as a leader in making low-interest personal loans.

As a peer-to-peer lender, Lending Club allows borrowers to access low-interest rates via a user-friendly online or mobile interface. Loans are available with repayment terms of up to 5 years. When you apply for a loan with Lending Club, they perform a soft credit inquiry so that it does not hurt your score, an added bonus when shopping for a loan.

Lending Club operates completely online, keeping costs low and delivering a satisfying user experience. The result is interest rate savings for borrowers. Part of Lending Club's mission is to create an efficient online marketplace, transforming banking into a straightforward, transparent and efficient business while helping people meet their financial goals.

Terms, Interest Rates, and Fees

There is no fee for applying for a loan with Lending Club, and all subsequent fees are disclosed up front with your loan offer. Interest rates are fixed, so the payment remains the same for the term of the loan. There is no prepayment penalty for paying off loan balances ahead of time. There is a loan origination fee charged by Lending Club. They take this fee from your loan amount before turning over funds to you.

Successful loan application candidates receive a menu of loan offers. Each borrower is assigned a grade from A to G. The interest rate, loan origination fee and annual percentage rate (APR) are tied to the grade assigned your loan. The APR indicates the loan cost on an annual basis, allowing easy comparison with other loan or credit card products. The Lending Club APR includes both the interest rate and the loan origination fee.

Lending Club's A to G loan terms table shows a range of interest rates, fees, and APRs depending on your loan grade and the terms of your loan. Interest rates are as low as [DATA:2], with a 1% loan origination fee for the most qualified borrowers, but rates and fees can climb steeply from there depending on your credit score and loan terms.

For borrowers with good credit, Lending Club offers low to competitive rates on personal loans. But for those with lower credit scores or a high debt-to-income ratio, loans may be denied or offered at a higher interest rate. For the best rates from Lending Club, borrowers will need a high credit score. Check your report for errors that can affect the score prior to applying.

You can keep your interest rate down accepting a 36-month loan term (rather than a 60-month term). However, it's important to keep your eye on the amount of the payment with a 36-month loan. Can you afford the payment?

Here are two sample loan scenarios from the Lending Club site:

In the case of a $6,000 36-month loan, with an interest rate of 6.99% and a 2% origination fee of $120.00, the borrower receives a loan amount of $5,880 and makes 36 monthly payments of $185.24 at an APR of 8.36%.

In another scenario, generating a $20,000 loan over 60 months at a rate of 7.62% with a 3% origination fee of $600.00 results in a loan funding amount of $19,400 requiring 60 monthly payments of $401.90 at an APR of 8.91%.

There are some other fees charges by Lending Club in specific situations should they arise. The Unsuccessful Payment Fee of $15 is charged should your automatic payment from your bank fail. The Late Payment Fee is charged after a 15 day grace period, at the greater of 5.00% of the unpaid installment amount, or $15. Borrowers who choose to make payments via paper check are charged a fee of $7.00 to process the check. There is no fee for making your payments via automatic debit.

Application and Approval Process

Lending Club is able to quote an interest rate quickly, just a couple of screens and a few minutes into the process. Lending Club touts their application process as fast and easy. Borrowers can apply from their computer or mobile device in minutes, with no impact on their credit score. Note that Lending Club does not make loans in Idaho or Iowa.

After you apply, The Lending Club verification team may contact you to request financial information. In some cases, they may contact your employer. Applicants can also upload financial documents online.

Lending Club generates loan offers for upon approval with a variety of loan terms and interest rates. You can accept the loan offer that looks right to you. Lending club posts your loan for investors to view. Interested investors back your loan online, without knowing your personal information. The approval and funding process typically takes about a week.

You can check online on the funding of your loan. Once your loan is funded, the money is deposited to your bank account within four business days.

Loan Tools and Resources

Once your loan application is approved, instructions are provided to guide you through to the bank account verification process. It is recommended to sign up for automatic payments to avoid the $7 check processing fee.

Approved borrowers can log into their Lending Club Account Summary at any time to view the status of their funding process and loan details, as well as to upload financial documents such as pay stubs or bank statements.

You can watch the progress of your loan funding on your account summary page. In rare cases, borrowers may have to re-list their loans if they are not funded in two weeks.

While the account summary is a useful tool, consumer reviewers rate Lending Club's customer service as average.

Is Lending Club Safe and Secure?

Lending Club has established itself as a leader in the dynamic peer-to-peer lending market. Founded by Renaud Laplanche in 2007, this well-funded company believes that borrowers are less likely to default to members of their own community. Lenders and borrowers are matched using an in-house algorithm designed to minimize risk.

Lending Club is great for those who want to consolidate debt, pay down credit card balances or fund a home improvement project. With its ease of use, soft credit check, low-interest rates and quick turn around, Lending Club gets a thumbs up as one of the best options available.

Customer reviews and company reputation are two great ways to determine whether or not you might want a Lending Club personal loan. On the Better Business Bureau, Lending Club is an Accredited Business with an A+ score. Trustpilot, a website that ranks companies purely from customer reviews, rates Lending Club an 8.1/10. Keep in mind that the experiences of one customer are not representative of the company as a whole, but it is important to spot potential issues you may have with the company early nonetheless.


Lending Club is a well-established company with a good reputation. They are also more widespread that other peer-to-peer lenders and is available in every state except Idaho, Nebraska, and Maine.

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Lending Club Reviews

Average Customer Rating

20 User Reviews

User Rating Distribution

5 Stars 11
4 Stars 6
3 Stars 3
2 Stars 0
1 Star 0
Recommended Friendly staff High interest rates

Although the interest rates were high, I highly recommend the lending club. Their staff are really helpful and can answer any questions and they make the whole process super easy.

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Recommended Staff were polite Slow process and high interest rates

Apart from the friendly staff, this was a complete waste of time. The process was dragging and when I chased it up they wanted more information that I had to send across and after 3 weeks of waiting I cancelled the application, just wasn't worth it.

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Recommended Super fast and easy process No cons

I was looking for a loan to pay off my credit cards, but I was worried about my credit rating. Lending club were just amazing, the staff are knowledgable and made the process easy and quick.

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Recommended Initial application is easy Trouble applying for a second loan

I first signed up to lending club a year ago and have since paid off my loan in full, no problems. A couple of months ago I tried to sign up for a second loan and was declined, I called customer services and they stated if I wanted to apply for a second loan I had to use a different email address?!!!

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Recommended Great to improve credit rating No cons

Finally managed to get a loan to consolidate my credit cards and within a few months I noticed the difference in my credit rating.

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Recommended Helpful staff and efficient None

After my friend recommended the Lending Club to me I applied for a loan and I don't normally write reviews, but I was so impressed with the staff and the ease of the loan application. The staff are helpful and efficient and if you are trying to improve your credit rating I really recommend the Lending Club.

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Recommended Good for people with bad credit Confusing

I looked at applying with lending club, but the whole process just seemed really confusing. The staff were not very helpful with my questions.

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Recommended Easy and quick application None

Thanks to the lending club I now only make one payment a month, all my debts are consolidated and the interest rate is really good.

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Recommended Fast process None

From start to finish it was easy. Money was in my account within a week of applying.

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Recommended Customer service is the best None

This is my second loan from the lending club and both times it has been stress free and the staff are always on hand if you have any questions.

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Recommended Fast payment and great customer reps None

Recommend lending club! Needed a loan for car repairs and lending club were quick and efficient, thank you!

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Recommended Fast approval High interest rates

I was so amazed with Lending Club. My credit rating is really bad, and this was my last attempt to get help with my credit and to consolidate my cards and they accepted my application really quickly and although the interest rates are high, my financial stresses are over!

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Recommended Easy None

Thank you Lending Club for making it so easy and fast to consolidate my debts!

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Recommended Great interest rates None

A really easy process and the interest rates are some of the best.

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Recommended Application process is easy Not easy to make extra payments

When signing up with lending club the process is so easy and really quick, with help from the customer service reps. My only issue with them is that if you want to pay a bit extra one month, instead of just topping it up, like you normally would you have to contact them by phone and go through the process as if you're setting up a new direct debit!

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Recommended Customer service and low apr No cons

Lending club are a great role model for loan companies out there. Customer service is fantastic and they will bend over backwards to help, the initial process is quick and easy and the interest rates are really competative.

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Recommended Application is easy None

I have used the Lending Club once before and both times the process was quick and easy with no problems and the process took less than a week. When trying to consolodate a debt, Lending Club are the company to go to, professional and very helpful.

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Recommended Low interest rates None

Having a few debts on credit cards with a high interest, I decided to try to apply for a loan with lending club. The application process was really fast and I was so surprised at how low the interest rate on my loan was, thanks to lending club my credit card debt has been consolidated and nearly paid off.

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Recommended Great customer support Have to supply a lot of information initially

I would recommend Lending CLub to anyone looking to get a personal loan. I decided to take a 2 year loan to help consolidate another small loan and a credit card. The application was quick and easy, I had to give them quite a bit of information, but once that was all done and I had been accepted the money was in my bank within 3 days. I can now sleep better at night thanks to Lending Club, as the interest is low meaning my monthly repayments are easily affordable. The customer support has also been amazing, whenever I have called up with any questions they are helpful and polite and always give me answers quickly, there is no "I'll call you back"and never do. Problems are sorted there and then.

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Recommended Customer service Cannot get a second loan

I took out a loan with Lending Club a year ago and throughout that time I have had no problems, the inital application was easy and their customer services is fantastic. However when I tried to apply for a second loan they would not allow me to. There does not seem to be any explanation as to why, but if you have a loan with them already you cannot get a second loan. Which is very disapointing when I know how helpful and trustworthy they are.

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