LendingClub personal loans: 2025 review

Where LendingClub personal loans stands out

• Prequalification available: Borrowers can check their eligibility without impacting their credit.
• Joint applications available: LendingClub is one of the few lenders offering a co-borrowing option. Borrowing jointly could result in a better offer for those with imperfect credit.
• Option to change due date: Borrowers can make a one-time date change for their upcoming payment or permanently change their due date. A 15-day grace period is also available for late payments.
• Direct payment to creditors: LendingClub gives borrowers the option to have payments sent directly to their creditors, streamlining the debt consolidation process.

Where LendingClub personal loans falls short

• Origination fee: LendingClub charges an origination fee of 3 to 8 percent of the loan amount.
• Higher rates: Even with excellent credit, the lowest annual percentage rate (APR) borrowers can get is percent, which is higher than average.
• No autopay discount: Most competitors offer some sort of rate reduction for borrowers who enroll in automatic payments — LendingClub lacks this.

How to apply for a personal loan with LendingClub

LendingClub’s application process can be done entirely online or over the phone with the help of a representative. That said, applying online is often the more expedient way.

1. Get a quote: Start by providing some basic information about yourself, such as your date of birth, contact details and annual income. You’ll also be asked to create an account to view potential loan offers.
2. Add information and finalize your application: If you prequalify, you’ll see the APR, origination fee, terms and maximum amount you can borrow. Select the amount and terms that align with your borrowing needs and submit any required documents. These may include copies of pay stubs and proof of identification.
3. Review the loan details: Log in to your LendingClub account to see the status of your application. If your loan is approved, read through the details and — if you're satisfied — sign your agreement.

Borrowers taking out a consolidation loan can opt for direct payment to creditors. Though LendingClub doesn’t guarantee a specific funding timeline, the average LendingClub borrower on Bankrate gets their funds in about four days.

Methodology

Bankrate considers 20 factors when reviewing lenders. We weigh what makes a lender competitive on the market and appealing to borrowers with varying needs. The Bankrate Score for personal loans consists of four categories:

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

What customers think

What people across the web are saying about LendingClub

LendingClub borrowers have rated it 4.83 out of 5 on its website, with over 68,800 reviews as of Dec. 8, 2024. The reviews posted on the LendingClub website are collected and authenticated by Bazaarvoice. The lender also has a 4.6 out of 5 rating on Trustpilot with over 5,800 LendingClub reviews. 

Ease of application and quick approval are the main points of satisfaction among most customers across the customer reviews the Bankrate team evaluated.

"I received a reply fairly quickly and the best part was the communication. No guessing and I was kept in the loop of the process. Furthermore, I was able to pick my due date for my monthly payment. I appreciate how easy it all was."

— Trustpilot User

Problems with customer support and funding timelines are some of the most common issues in negative customer reviews. LendingClub also has not replied to any negative Trustpilot reviews at time of writing.

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.

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