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Lending Club Personal Loans Review

7 Customer Comments & Reviews - see all comments
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Lending Club is an online lending marketplace that provides an alternative solution to traditional bank loans.

With Lending Club, lenders are matched with investors who provide capital for personal loans, business loans, and elective medical procedures. Lending Club offers fixed monthly payments and even allows prepayment options to reduce costs of your personal loan.  
 
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Call: (888) 596-3157

How is Lending Club rated?

Breakdown

3.5/5
Flexibility
4.0/5
Interest Rates
3.5/5
Discounts & Fees
3.5/5
Customer Service and Reputation

Overall Rating: 3.6 / 5 (Very good)

Landing the best rates at Lending Club's will mean having a lengthy credit history and better than average credit rating.

They are one of the few online lenders that allow joint loan applications, loans that are made to two or more borrowers for which they are equally financially responsible.

Other positive features are their flexibility in loan use, and that they report customer payments to major credit reporting bureaus, which can help improve credit by being on-time with payments.

Negatives for Lending Club include how long they take to disburse a borrower's funds—many other lenders will take just one or two days to do so—, and that they do not offer personal loans to residents of Iowa, Guam, or Puerto Rico.

Lending Club Loan Specifics

Loan Specifics - 3.5 / 5

Lending Club offers peer-to-peer loans from $1,000 up to $40,000, with a term length of 3 and 5 years.

After being approved for a loan they will deposit the funds directly into a borrower's bank account or transfer them to any credit providers they list to pay down existing balances. This disbursement process will usually take over a week.

Lending Club loans cannot be used for anything related to education after high school, making investments, or anything illegal.

Loan Uses

Debt/Credit Card Consolidation
Buy Home
Major Purchase
Home Improvement
Medical Expenses
Wedding
Moving/Relocation
Vacation
Start Business
Education
Taxes
Loan Minimum
$1,000.00
Loan Maximum
$40,000
Term Length
3 - 5 years
Direct Deposit
Yes
Pay Creditors Directly
Yes
Disbursement Time
Funding in as few as 3 days
Credit Insurance
No
Unemployment Protection
No

Representative Loan Sample

A representative example of loan payment terms is as follows: you receive a loan of $13,411 for a term of 36 months, with an interest rate of 12.16% and a 5.30% origination fee of $711, for an APR of 15.99%. In this example, you will receive $12,700 and will make 36 monthly payments of $446.46.

Lending Club Qualification

Qualifications & Flexibility - 3.5 / 5

Although Lending Club's minimum FICO score is 600, they have reported that the average among borrowers is 700.

Their maximum debt-to-income ratio for borrowers is 40%, but the average is around 18.32%, and they recommend applicants stay below 30% DTI.

Lending Club will perform a soft credit inquiry before customers choose a loan to find rates that fit their profile. Then, once they have chosen which loan to apply for, they'll make a hard credit pull on your score.
Minimum FICO Score
600
Personal Income Considered
Yes
Education Requirements
none
Debt to Income Ratio
40% maximum debt-to-income ratio
Verify Bank Account
Yes
U.S. Citizen
Yes
Hard Credit Pull
Yes (only upon funding)

Alternative Factors to Credit Score Considered

Military status

Lending Club Cost of Loan

Costs, Interest Rates, Discounts & Fees - 4 / 5

Lending Club's average APR is in the 8.05% to 35.89% range. They have no prepayment fees, which means you won't be charged for paying your debt early but do have an origination fee of 2 to 6% and a credit check processing fee.

They also charge $15 for unsuccessful automatic bank payments. Paying late means customers will be charged $15 or 5.00% of their unpaid payment, whichever is the greater amount.
APR Range
8.05% - 35.89%
Origination Fee
2 to 6%
Missed Payment Penalty
5.00% of your unpaid payment or $15, whichever is greater

Other Fees

Application Fee
Pre Payment Penalty
Administration Fee
Returned Check Fee
Check Processing Fee

Lending Club Reputation

Customer Service and Reputation - 4 / 5

Lending Club has been linking borrowers to investors since 2007. They are currently accredited by the BBB and have an A+ rating with them.

Their composite BBB score is a great 4.1, but their Trustpilot score is more mixed, standing at a 5.8. The company also has a notable number of complaints on the CFPB Complaint Database.
Type of Institution
Peer to Peer
Marketplace
Year Founded
2007
BBB Rating
A+
Number of BBB Positive Reviews
26
Number of BBB Negative Reviews
59
Trust Pilot Rating
5.8 out of 5
Consumer Financial Protection Board (CFPB) Complaints
213
Date Collected
2018-03-07
NMLS
A representative example of loan payment terms is as follows: you receive a loan of $13,411 for a term of 36 months, with an interest rate of 12.16% and a 5.30% origination fee of $711, for an APR of 15.99%. In this example, you will receive $12,700 and will make 36 monthly payments of $446.46. Loan amounts range from $1,000 to $40,000 and loan term lengths are 36 months or 60 months. Some amounts and term lengths may be unavailable in certain states. APR ranges from 8.05% to 35.89% and is determined at the time of application. Origination fee ranges from 3% to 6% of the loan amount. Lowest APR is available to borrowers with excellent credit. Advertised rates are subject to change without notice. Loans are made by LendingClub Bank, N.A., Member FDIC (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Loans are subject to credit approval and sufficient investor commitment before they can be funded or issued. Certain information that we subsequently obtain as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that your request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan from us. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com. “LendingClub” is a trademark of LendingClub Bank.
Headquarters Address
595 Market St. Suite 200, San Francisco, CA, 94105
Homepage URL
https://www.lendingclub.com

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7 Customer Comments & Reviews

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C
Chaya c
10/6/2018
My daughter apply from personal loan. It first they told her she got approved for 32000.one day later they deposit 800 dollars and told her take that money out and put it on Google play card. They did that 5times. when she told them she doesn't want the loan . They told her if she doesn't pay for loan closing tax she's going to take her pay check

R
Resa l
2/25/2018
I got scammed out of money I really didn't have be careful there is a Matthew Ray who takes you for everything

Bill S
11/27/2017
Rates are high, search for other companies

J
Jimmy
8/10/2017
Like what I read and I know I know I'm making the right choice. Good to know there's company loans still like this still out there.

D
Dana
3/26/2017
I just applied for a loan last week what i was told and thought was this company only to find out afterwards i got a email saying i was denied and the man saying he worked for this company named himself as justin green did not work for this company he scammed me and received almost 500 dollars of mine all that i had. Really broke me down very upset! Just know most of the time these online loans all turn out as scams.

M
MiltonL
12/31/2015
I received a pre-qualified letter from the lending club. I have a good credit score 685 and have never been late with any of my payments. However, I do have a-lot of credit cards and debt that I want to consolidate, which is the purpose of the program right? After I applied I was denied because I have too many accounts with high amounts. Those are the debts I wanted to consolidate. So in actuality this program is not geared to assist with debt consolidation because if you have debt they won't approve you to consolidate. What sense does that make?

L
Latoya B
10/29/2015
The process was fast and easy. I received an offer in the mail for sometimes now but i wasn't interested in applying. Sometime last down the line, I decided to combine some credit card bills and i went on-line and put in my information. My application was in process it also told me the next steps to do for me it was confirming my email address. I also downloaded the app to my phone. I received with-in 2 days a request to upload (2) W-2 and current income tax. I also received a call stating the same thing and the call from the representative took less then 10 minutes. Once i did that i was approved and had the amount i requested with-in one week.

Our Partner
  • Loan Amount: $1,000 - $40,000
  • APR: 8.05% - 35.89%
  • Loan Term: 36 and 60 months
  • Fast online application in just minutes
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