Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
Who is LendingClub Best For?
LendingClub might be a good option for you if your credit isn't in the best shape, because there is no minimum credit requirement. You can also borrow as little as $1,000. That could make the lender an ideal choice if you only need a small loan amount.
It could also be an option to consider if you need a home improvement loan, though other lenders may get you your money quicker.
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LendingClub Personal Loan Features
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Loan amounts:
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LendingClub Personal Loans Pros and Cons
How to Apply for a LendingClub Personal Loan
1. Prequalify on LendingClub's website. Choose your loan's purpose and amount and enter your name, Social Security number, and income history. You'll get an estimated monthly payment and APR range. You can also choose if you want to add a co-borrower to your loan.
2. Submit your application and wait for approval. When sending in an application, you'll need to attach proof of income, like a W-2, tax returns, or other financial documents.
3. Make a plan to repay your loan. Work your monthly payments into your budget, and make sure you have enough money to cover all of your financial responsibilities.
LendingClub Frequently Asked Questions
Is LendingClub legit?
Is it easy to get approved for a LendingClub personal loan?
Yes, LendingClub is relatively easy to get approved for, particularly compared to other lenders who require higher credit score minimums. LendingClub has no official minimum credit score requirement, so it's an option to consider if you need to get a loan with bad credit.
Does a loan from LendingClub hurt your credit?
A LendingClub loan will only hurt your credit if you fall to make on-time payments in full. If you pay consistently and reliably, your credit score will likely improve as a result of your personal loan.
What credit score is needed for a LendingClub personal loan?
You'll need a credit score of at least 600 to qualify for a LendingClub personal loan. However, the lower your credit score, the higher the interest rates you'll be offered on a loan.
How can i get in contact with LendingClub customer service?
You can contact LendingClub's customer service by phone at 888-596-3157 between 5 a.m. and 5 p.m PT Monday through Friday and 8 a.m. to 5 p.m. PT on Saturday.
LendingClub Personal Loans Competitors
LendingClub Personal Loan vs. LendingPoint Personal Loan
LendingClub has a minimum credit score of 600 to qualify for its standard loans, while LendingPoint has a minimum of 580. LendingClub's fee range is
LendingClub Personal Loan vs. Best Egg Personal Loan
Best Egg's credit score floor is 640, compared with 600 for LendingClub. Importantly, the lower your credit score, the higher an APR you will probably have to pay.
Both LendingClub and Best Egg will charge you a late fee of at least $15. Best Egg's origination fee ranges from
You may receive your funds slightly faster with Best Egg than with LendingClub. LendingClub says most customers will get their money in two to four business days, and Best Egg states that the majority of customers will receive their money within one to three business days.
Why You Should Trust Us
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
See more on how we rate personal loans >>