LendingClub Personal Loan Review

LendingClub is a loan platform that connects borrowers to other lenders that offer loans from $1,000 to $40,000.
LendingClub Loan Review
Mateo Beltroy
Author: Mateo Beltroy

Money4Loans Score


TrustPilot Score

About LendingClub

LendingClub is a financial services company that started as a peer-to-peer lender, but now offers loans to its customers. LendingClub is a fully digital platform with no physical branches. 

The company connects investors, peer-to-peer lenders, and other sources to consumers to provide personal loans between $1,000 and $40,000.

LendingClub is headquartered in San Francisco, CA and was founded in 2006. It has since gone public and its shares trade under the ticker symbol LC (NYSE).



LendingClub Loan Details
Minimum credit score/credit range
8.05% - 36%
Loan amounts
$1,000 - $40,000
24 - 60 months
Approval turnaround
Next business day
All States (Except IA)
Late fee - $15 or 5%
Other fees
Origination fee - 2% to 6%

Who Is LendingClub Best For

LendingClub is best for borrowers with fair to excellent credit that are looking for flexibility in the loan amount borrowed. 

LendingClub may not be a great option for borrowers with high credit scores as they do not offer better terms or lower APR for those with excellent credit scores. Even with an excellent credit score, LendingClub still charges fees and with interest, the loan can end up being expensive in the long run.

LendingClub does allow joint applications which can improve the likelihood of approval for borrowers with lower credit scores.

LendingClub Personal Loan Uses

LendingClub allows loans to be used for credit card and debt consolidation, balance transfers, medical bills, and home improvement expenses.

They do not allow their personal loans to be used for post-secondary educational expenses, investments, and illegal activities.

How to Contact LendingClub

LendingClub does not have physical branches, meaning their customer support can only be reached by phone.

Their customer service team can be reached at 833-536-3639 Monday through Friday from 5:00 AM to 5:00 PM PT and Saturday from 8:00 AM to 5:00 PM PT.

Our Verdict

LendingClub has great loan amount flexibility for borrowers with fair credit scores. If you only need a $1,000 loan, you can get that without needing to borrow more and pay more in interest.

LendingClub also offers fast approval turnaround and allows joint applications to improve the chances of getting approved for borrowers with fair credit scores.

LendingClub falls short in its term inflexibility. They do not offer great terms for borrowers with excellent credit scores. Additionally, they have origination fees for all loan amounts, regardless of financial history.

There are other lenders available that offer similar loan amounts with better terms for borrowers with excellent credit. For example, you may consider Upstart, Avant, or SoFi as alternatives if you have better credit. If you have a lower credit score, you can consider alternatives like Upgrade.

Compare Top Lenders

Get cash not rejected

money loans

Compare Top Lenders

Get cash
not rejected

money loans

Get Cash Not Rejected

Get personalized offers in under 2 minutes -
with no impact on your credit score