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Disclosure
1Between April 2023 and June 2023, Unsecured loans from LendingClub Bank were funded within 44 hours after loan approval, on average. The time it requires for a loan to become funded isn't guaranteed and individual results vary based on multiple factors, including although not limited to investor demand.
2Checking the loan rate generates a soft credit inquiry on your credit report, which is visible only to you. A tough credit inquiry, that is visible to you yet others, and which may affect your credit score, only appears in your credit report assuming a loan is issued for you. Your loan APR will be based upon your credit score and other key financing characteristics, including but not restricted to the total amount financed, loan term length, and your credit usage and history.
A representative illustration of payment terms for any Personal bank loan is as follows: a borrower receives a loan of $16,980 for any term of 36 months, with an interest rate of 13.49% and a 6.00% origination fee of $1,019, to have an APR of 17.89%. In this example, the borrower will get $15,961 and will make 36 monthly obligations of $576. Loan amounts vary from $1,000 to $40,000 and loan term lengths range from Two years to 5 years. Some amounts, rates, and term lengths may be unavailable in a few states.
For Personal Loans, APR ranges from 8.30% to 36.00% and origination fee ranges from 3.00% to 6.00% from the loan amount. APRs and origination fees are determined during the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and costs are valid as of July 11, 2023 and therefore are susceptible to change without warning.
Loans are created by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. LendingClub Bank is not an affiliate of Experian which is an unrelated third party (“third party”). LendingClub Bank isn't responsible for any products and services supplied by this 3rd party and could receive compensation if you visit the third party's websites or use any of its services or products.
Credit eligibility isn't guaranteed. APR and other credit terms rely on credit rating and other key financing characteristics, including but not restricted to the total amount financed, loan term length, and credit usage and history. Loans are subject to credit approval and could be susceptible to sufficient investor commitment before they may be funded or issued. Certain information that LendingClub Bank subsequently obtains as part of the application (including but not restricted to information in your consumer report, your earnings, the loan amount that your request, the objective of the loan, and qualifying debt) is going to be considered and could affect your ability to obtain a loan. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com. “LendingClub” is a trademark of LendingClub Bank.
LendingClub is a peer-to-peer lending platform that suits borrowers with investors who are able to fund their loans. The platform offers competitive interest rates, but isn't the best available on the market, and it charges an upfront origination fee that may be avoided with other lenders.
But if you're looking for a joint personal bank loan with someone else, LendingClub might help, and it is quick funding times might help borrowers out in a pinch. If you're considering LendingClub personal loans, here's what to understand before you apply.
See if you're eligible
Recommended FICO® Score*
Fair – Exceptional
Est. APR
8.30 – 36.00%
Term
36
Amount
Available loans: $1,000 to $40,000
Est. payment per month: $30 to $1,698
Grace period: 15 days
Application fee: $0
Loan Details
- Check your rate without any impact for your credit score1
- Get your funds in as little as 2 days, upon approval2
- We offer flexible amounts and terms, without any pre-payment penalties
- Take advantage of unique offerings-balance transfer loans, joint applications, automotive loans, along with other member perks
Disclosure
| Pros | Cons |
|---|---|
| May be accessible for many fair-credit borrowers | Charges an origination fee |
| Compare rate offers without hurting your credit | High minimum APR |
| Allows joint funding | Only two repayment terms |
| Offers funding in as little as Twenty four hours |
| LendingClub Customer Service 888-596-3157 LendingClub Corp. Dept. 34268 P.O. Box 39000 San Francisco, CA 94139 |
Experian Review
LendingClub launched in 2007 as one of the pioneers in peer-to-peer lending. Borrowers can get between $1,000 and $40,000, which is funded by investors as opposed to the company itself.
You can choose between a 36-month and 60-month repayment term, which isn't as flexible as terms offered by other lenders but nonetheless offers plenty of time for payoff. When you get approved for a financial loan, the money could be deposited directly into your money as soon as 24 hours later.
If you need to consolidate debt, the lending platform offers some convenient options, and joint loans are also available if you want to share the funds and payment obligation with another borrower.
Convenient Debt consolidation reduction Options
LendingClub offers loan options especially for credit card debt consolidation and general debt consolidation reduction. If that is your purpose for borrowing money, the lender can make a payment directly to your overall creditors so you do not have to.
Depending on your credit profile, a debt consolidation reduction loan will let you save money by reduction of your interest rate and making it easier to pay off your financial troubles faster. The APR range offered on LendingClub loans is 8.30% to 36.00%, the low end which is underneath the average charge card rate of interest of approximately 18.43%, based on the Fed.
But even if your interest rate on the new loan with LendingClub isn't significantly less than what you are paying on your charge cards, the set payment per month amount and repayment term might help give you more structure and predictability as you try to eliminate the balance.
Fixed Monthly Payments and Rates
LendingClub offers fixed rates of interest and payments, which means you do not have to worry about your monthly payment amount changing as market rates fluctuate. Another lenders offer variable interest rates that can change over time and perhaps cause your monthly payment to increase over time.
Joint Applications Available
Some personal bank loan companies allow borrowers to apply having a cosigner, but that person does not have equal accessibility loan funds, and they typically only part of to make payments if the primary borrower can't.
With joint personal loans, both borrowers share access to the loan funds, as well as the obligation to repay the debt. If you prefer this method, LendingClub has you covered.
How to Qualify for a LendingClub Personal Loan
LendingClub offers unsecured loans in most 50 states and Washington, D.C. LendingClub has its own set of eligibility criteria and limitations for loan borrowers, and it is vital that you understand them before applying for a financial loan.
Loan Requirements
To be eligible for a an unsecured loan with LendingClub, you will need to meet the following requirements:
- Be a U.S. citizen, permanent resident or someone residing in the U.S. on a valid, long-term visa
- Be at least 18 years old
- Have a verifiable banking account
- Have a credit rating of 600 or higher
LendingClub will review factors including info on your application, your credit score and reports and other details. Your debt-to-income ratio and income are both factors which will play a role in LendingClub's decision to approve the loan.
Your very best chance of scoring low interest rate has a high credit score, a low debt-to-income ratio and a long good reputation for on-time credit payments.
Limitations
LendingClub personal loans can be used as almost anything, but the lender specifically prohibits the following uses:
- Secondary education expenses
- Investments, including cryptocurrency purchases
- Illegal activities
Also, note that in case your credit rating is between 600 and 659, the most you can borrow is $25,000.
LendingClub Personal Loan Fees
While you compare personal loan options, you need to understand fees that you may encounter, in addition to fees you cannot escape. This is what to anticipate with LendingClub:
- Origination fee: 3% to 6% of the loan amount, deducted out of your disbursement
- Application fee: None
- Prepayment penalty: None
- Late fee: If you miss a payment by more than 15 days, you'll be charged late fees of 5% of the payment amount, with a $15 minimum.
How to Apply for a LendingClub Personal Loan
LendingClub offers quick approvals with an easy online application. Before beginning, you are able to share just a little details about yourself and obtain prequalified having a soft credit assessment, which won't affect your credit score. You will be inspired to supply the following details:
- Full name
- Date of birth
- Address and contact information
- Annual income
Once you have received an interest rate quote, you are able to compare it to offers using their company lenders. If you choose to proceed with LendingClub, you may be inspired to submit documents to prove your earnings, such as pay stubs, recent bank statements or perhaps a W-2 or 1099 form. You could also have to verify your address with a copy of the government-issued photo ID, lease agreement, electricity bill or any other accepted documents.
Depending on your financial situation and the source of your income, you might be asked for other documents to verify the information you've provided. If LendingClub approves the application, you might receive your funds in as little as 24 hours.
Additional Info
| Loan amounts: $1,000 – $40,000 | Origination fee: 3% – 6% |
| Estimated APR: 8.30% – 36.00% | Late fee: 5% of the payment amount ($15 minimum) |
| Loan terms: 36 or 60 months | Prepayment fee: None |
| Funds received: As low as 24 hours |
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†The information found here is for educational purposes only and cannot be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees that have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you ought to talk to your own financial advisor regarding your particular needs.
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Shop Around Before Choosing a Personal Loan
LendingClub offers an easy online application process and may offer reasonable interest rates for those who have qualifying credit. However, its starting interest rates really are a bit high compared with other lenders that market loans to borrowers with higher credit or better.
Additionally, some personal lenders don't charge an origination fee, which could save you hundreds of dollars upfront within the fees charged by LendingClub.
If you'd like to compare your options without going through each lender's prequalification process, you will get matched with loans from LendingClub along with other lenders based on your credit profile with Experian CreditMatch™.
If you are considering a personal loan, especially if you have good credit or excellent credit, look at your credit score and take your time shopping around. In addition to loan rates of interest, also compare fees, funding times, customer satisfaction along with other factors that matter most for you.