LendingClub Personal Loans: Rates, Terms & What to Know
Key Features
At a Glance
| APR Range | 9.57% – 35.99% |
| Loan Amounts | $1,000 – $40,000 |
| Repayment Terms | 24 – 60 months |
| Min Credit Score | 600 |
| Origination Fee | 3% - 8% |
| Funding Speed | Within days |
Pros and Cons
Pros
- Accepts credit scores starting at 600, which is lower than many competitors
- Offers joint applications, potentially improving approval odds
- Can send loan funds directly to creditors for debt consolidation
- Hardship programs may provide relief during financial setbacks
Cons
- −Origination fees range from 3% to 8% and are deducted from loan proceeds
- −Maximum loan amount of $40,000 is lower than some competitors
- −Funding may take several days rather than next-day disbursement
- −Limited to 60-month maximum term
What Makes LendingClub Different
LendingClub started as a peer-to-peer lending platform and has evolved into a full-service digital bank. The company has facilitated billions of dollars in personal loans since its founding. One distinguishing feature is the ability to add a co-borrower to your loan request through a joint application, which may improve your chances of approval or help you access a lower rate.
For borrowers seeking debt consolidation, LendingClub can send loan funds directly to your existing creditors. This streamlines the consolidation process and ensures the loan proceeds are used as intended. Direct payment to creditors is optional and depends on the borrower's preference.
Understanding LendingClub Rates and Fees
LendingClub offers APR ranging from 9.57% to 35.99%, with your specific rate determined by your credit profile, income, and other financial factors. Origination fees range from 3% to 8% of the loan amount and are deducted from your loan proceeds before disbursement.
There are no prepayment penalties, so you can pay off your loan early without additional charges. Late payment fees may apply if your payment is more than 15 days past due. LendingClub also offers hardship programs for borrowers experiencing financial difficulties, which may include temporary payment reductions or modified terms.
Repayment Terms and Options
LendingClub offers repayment terms of 24, 36, 48, or 60 months. Shorter terms mean higher monthly payments but less interest paid overall, while longer terms provide lower monthly payments at the cost of more total interest. Consider using a loan calculator to compare monthly payments across different term lengths to find what works within your budget.
Eligibility Requirements
- 1Minimum credit score of 600
- 2Must be a U.S. citizen or permanent resident
- 3Must be at least 18 years old
- 4Must have a verifiable income source
- 5Debt-to-income ratio generally should not exceed 40%
Explore Your Personal Loan Options
Submit your information to see what offers may be available from lenders in our network.
Get StartedSee What You May Qualify For
Submit your information and we will help connect you with a lender from our network.
Related Resources
Upstart vs LendingClub
Compare Upstart and LendingClub side by side.
Learn moreCompare Personal Loan Lenders
View all lender options in one table.
Learn moreUpstart Personal Loans
Review Upstart rates and terms.
Learn moreUpgrade Personal Loans
Review Upgrade rates and terms.
Learn morePersonal Loan Calculator
Estimate monthly payments and total costs.
Learn morePersonal Loans Hub
Browse all personal loan resources.
Learn moreReady to Explore Your Options?
Submit your information and we will help connect you with a lender from our network.
Submitting your information is free and does not affect your credit score.
Ready to explore your personal loan options?
Submit your information in minutes. Free, no obligation.
Explore your loan options
Get Started