LendingClub Reviews: 1,772 User Ratings (2023)

LendingClub is a peer-to-peer lending site that offers personal loans, business loans, auto refinancing, and medical financing. The company does not finance loans directly but rather connects borrowers with investors willing to finance loans in return for interest. Here is a quick overview of LendingClub:


  • 4.4/5 average rating among users
  • Pre-qualification available
  • No pre-payment fees


  • Only available online
  • SSN required

You can learn more from WalletHub’s full editor’s review of LendingClub as well as the LendingClub reviews from users below.... show more

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LendingClub Reviews

The WalletHub rating is comprised of reviews from both WalletHub users and ratings on other reputable websites. The rating was last updated on 05/07/2023.


1,772 reviews

from WalletHub and across the web

1,772 reviews from WalletHub and across the web

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4 Star Rating

editor's review

LendingClub Review for 2023

LendingClub personal loans offer the potential for decent APRs but are not quite as attractive as offers from competing lenders that don’t charge origination fees. LendingClub loans are reportedly easier to get than the average unsecured personal loan, however, with a credit score requirement somewhere between 600 and 640. Many personal loan providers ask for 660+.

LendingClub personal loans are peer-to-peer transactions. That means LendingClub, a WalletHub partner, facilitates transactions between people who need to borrow and people who make funds available for borrowing. The loan amounts range from $1,000 - $40,000 for 36 or 60 months. The APR range is 8.05% - 35.89%, and the origination fee is 1% - 6% of the loan amount. The origination fee is deducted from the funds received at the beginning.

Customers can put in some basic personal information to see if they qualify for any LendingClub loan offers without hurting their credit score. Then, they can choose to apply for one of the available options, at which point LendingClub will do a hard pull of their credit to finalize approval.

LendingClub Review Highlights:

  • LendingClub rates: 8.05% - 35.89%
  • Origination fee: 1% - 6%
  • Loan amounts: $1,000 - $40,000
  • Loan timelines: 36 or 60 months
  • Co-applicants: Allowed
  • LendingClub requirements: 600-640 credit score, 18+ years old, SSN.
  • Approval and funding timeline: As few as 4 business days
  • Late fee: 5% of payment (min. $15), but there’s a 15-day grace period before LendingClub charges the fee

In all, LendingClub personal loans are a good choice for people with high credit scores. They will have the best chance to get the lender’s lowest rates and lowest origination fee. Loans for people with lower credit scores will be more expensive, but LendingClub does provide a good opportunity for people to get a personal loan with a score below 660. Another selling point of LendingClub is that while most personal loans only accept people who are U.S. citizens or permanent residents, LendingClub also accepts people who have a valid long-term visa, as long as they also have an SSN. Below, you can see how WalletHub rates LendingClub loans in our three major categories: Terms, Requirements & Application, and Reviews & Transparency.

LendingClub Ratings by Category:

CategoryEditor’s Rating
Requirements & Application4/5
Reviews & Transparency3.8/5
Overall Score11.3/15

These scores reflect how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.






5 Star Rating

Verified Customer

Easy and painless process for a loan approval. There was no running around or endless requests for approval like many other lenders.

Product: LendingClub Personal Loans




1 Star Rating

Verified Customer

First of all, I urge anyone to not have any dealings with this company they used to be good when they were peer to peer lending. They are no longer the company they used to be. As a matter fact, I think there a company under another company called accelerated investments LLC this is what they do. I got Covid was hospitalized for seven months on a ventilator couldn’t speak during this time on and off during the hospital stay I communicated with them as much as I could on my iPhone until I couldn’t. They were not willing to work with me. They had no empathy or compassion they could care less about people. Even when writing to them, they sent me the canned back answers with no help during this time and still I am not able to speak fully and I let them know this and they kept telling me to call them on the phone like they didn’t even read what I said. Step forward to now after being more than 90 days late because I was in the hospital , these individuals sent me to a company called accelerated investments strategies. LLC. What I learned is that when you default with lending club they have a company that acts as a debt buyer when in fact, they’re the same company then they get another company to do their collections which is called credit control LLC I did some research and I found out that they have filed so many lawsuits against so many borrowers during Covid while Covid was going on and immediately after Covid. I find it really disturbing that lending club would have another company pretend to buy my particular loan when they’re basically one in the same company because that’s for lending club loses to Sue everyone and then they actually have another company that collects or tries to collect the debt so it’s like a three tier system, which I don’t think is legal but I’ll have to get with my attorney

Product: LendingClub Personal Loans




4 Star Rating

Verified Customer

While the Lending Club Personal Loan has its benefits, such as competitive interest rates and flexible repayment terms, there are occasional website issues that can be frustrating. At times, I have experienced difficulties with the website, including slow loading times and glitches when managing my loan account online. However, the customer service has been responsive in resolving these issues. Despite these occasional hiccups, I appreciate the convenience of the online application process and the transparency of loan terms. The funds were disbursed promptly upon approval, and the monthly payments have been manageable. Overall, while the website issues can be a downside, the Lending Club Personal Loan has provided me with the financial assistance I needed with reasonable terms and helpful customer service.

Product: LendingClub Personal Loans




5 Star Rating

Verified Customer

I appreciate the customer service and low interest rates. I’ve been able to consolidate my debt and improve my credit score. A great resource for both.

Product: LendingClub Personal Loans




5 Star Rating

Verified Customer

Easy to work with, and fair rate. Money deposited quickly to my account. Website is easy to navigate and payoff can be seen quickly if needed.

Product: LendingClub Personal Loans




1 Star Rating

The worst banking experience ever. On 3/10 I open what I think is a joint saving account. I request they take funds from an existing account to fund this new account. I log into my banking with them, and can’t find the new account. I call and they can’t find the account but assure me they’ll take care of it. 19 days after I thought I was opening the account I get notification it has been established. Only one problem, it’s not a joint account. I call to have the account cancelled. 2 days after I cancelled the account, they make the transfer into it. Apparently, it was not cancelled. To add insult to injury, the funds are now on a hold until 4/5.
So done with this bank.

Product: LendingClub Investments




4 Star Rating

Verified Customer

Was very grateful for loan.Interest was pretty high but interest is high on everything without excellent credit.Would suggest to anyone to try Lending Club for a loan

Product: LendingClub Personal Loans




5 Star Rating

Verified Customer

When I called them to say my hours was less they immediately worked with me; and put me on a hardship plan. They was great about that. I appreciate that they understood people go through hard times.

Product: LendingClub Personal Loans


Joseph Orlowsky


5 Star Rating

Awesome company! They are great for all of your financial needs. The customer service is by far the best around and very fast and responsive. Will be a long time customer.

Product: LendingClub Personal Loans


Review LendingClub

LendingClub Offers

Car Loans



Medical Loans

Personal Loans



LendingClub Q&A(76 questions)

Can LendingClub be trusted?





Grace Enfield, Content Writer


Yes, LendingClub can be trusted because is a legitimate online lender that has a “A-” BBB rating and has been an accredited business since 2008. LendingClub also has an average rating of 4.4/5 among users on WalletHub, and WalletHub's editors gave the company's personal loans a rating of 3.5/5.

Why LendingClub Is Trustworthy

  • LendingClub has a A- rating from the Better Business Bureau.
  • LendingClub has been BBB-accredited since 2008.
  • LendingClub has an average user rating of 4.4/5 on WalletHub.
  • WalletHub's editors gave the company's personal loans a 3.5/5 rating.
  • The company lists product terms and conditions on its website.
  • The company's website is secure.

To read more, check out the full LendingClub personal loan review on WalletHub. Then, you can estimate your potential rates with our free pre-qualification tool.


What are LendingClub's rates?





Adam McCann, Financial Writer


LendingClub's rates range from 6.95% to 35.89% on personal loans. LendingClub also charges an origination fee of 1% to 6% of the loan amount. This fee is not built into the APR.

The LendingClub personal loan APR range is about average compared to other personal loan providers. Some competitors have minimum APRs closer to 6%, though, and few can top LendingClub's maximum APR. It's one of the highest on the market.

LendingClub's average APR for personal loans is 12.74%. The average has stayed below 15% from 2012 through 2019. Currently, 36-month loans have an average APR of 11.5%, while 60-month loans have an average of 14.35%. So it's often cheaper to get a shorter loan.

Below, you can see how the overall average APR has changed over time.

LendingClub's Average Rate by Year


Average APR





















LendingClub assigns loans a grade of A through G depending on the borrower's creditworthiness. A-grade loans have had average APRs well below 10% from 2012 onward. In contrast, G-grade loans averaged around 20% in 2012 and now have an average APR of over 30%.

LendingClub has a few other rates you should know about, too, since they offer more than just personal loans. APRs on LendingClub business loans range from 9.77% to 35.98%. On auto loans, LendingClub's rates are 3.99% to 24.99%. And for patient financing (medical loans), there's a possibility for a 0% APR at first, but rates can go as high as 26.99%.

Those are all the important rates for the borrowing side of LendingClub. But LendingClub is a peer-to-peer lending site, meaning that applicants' loans are funded by investors, rather than LendingClub itself. If you decide that you want to be an investor, you'll have to pay some of the interest you make on loans to LendingClub. The site charges investors a fee which is typically a rate of 1% of each monthly payment received.


Is LendingClub legit?





Adam McCann, Financial Writer


Yes, LendingClub personal loans are legit because LendingClub is a legitimate online lender registered to do business in the states it services, which is a legal requirement to be a legitimate lender. Another reason why LendingClub personal loans are legit is that the lender has a rating of A- from the Better Business Bureau. The company also is accredited with the Bureau.

Why LendingClub Personal Loans Are Legit

  • LendingClub is registered as a business in the states it services.
  • LendingClub has a Better Business Bureau rating of A-.
  • LendingClub has been around since 2006.
  • LendingClub has an average user rating of 4.5/5 on WalletHub.
  • LendingClub personal loans have a rating of 3.5/5 from WalletHub's editors.
  • LendingClub has a secure website, which you can tell by the fact that the URL has "https" in front of it.

While LendingClub personal loans are legit, they may or not be the best choice for you. It's important to compare the terms and requirements of LendingClub personal loans against your other options before submitting an application.


Is LendingClub hard to get approved for?





Grace Enfield, Content Writer


A personal loan from LendingClub is not hard to get approved for if you have a credit score of 600 - 640, according to multiple third-party sources, enough income to afford the loan, and a valid bank account. Approval by LendingClub is never guaranteed, though, even if you meet all the requirements.

Requirements to Get Approved by LendingClub

  • Credit Score: 600 - 640, according to multiple third-party sources
  • Income: Not disclosed
  • Age: 18 years old
  • Citizenship: U.S. citizen, permanent resident or long-term visa holder living in the U.S.
  • Identification: Social Security number
  • Bank Account: Verifiable bank account
  • Residency: All states except Iowa and U.S. territories

For more information, check out the full LendingClub personal loan review on WalletHub. Then, you can estimate your potential rates with our free pre-qualification tool.

Does LendingClub offer auto loans?






Adam McCann, Financial Writer


Yes, LendingClub offers auto refinancing loans. These loans allow people with an existing car loan to pay off that loan and move the balance to LendingClub. The purpose of this is to lower the car loan's costs. LendingClub only refinances existing auto loans; they do not offer loans to buy a car outright.

Depending on your credit, income and other factors, a LendingClub auto refinance loan could be very cheap or very expensive. The APRs range from 7% to 24.99%, though there are no origination fees or prepayment penalties. There may also be a fee to transfer the title of your vehicle from your old lender to LendingClub, depending on where you live. At the very least, you'll need to fill out a Limited Power of Attorney (LPOA) form to make this switch. It's important to consider all of the loans' terms and requirements before making a decision on whether to apply.

LendingClub Auto Refinance Loan Offer:

  • APR: 7% to 24.99%
  • Loan size: $5,000 to $55,000
  • Origination fee: $0
  • Prepayment penalty: $0
  • Other fees: Auto title transfer fees or other state fees (min/max not disclosed)
  • Loan length: The current length of your auto loan OR 12 months longer
  • Eligible vehicles: Personal vehicles with fewer than 120,000 miles that are 10 years old or newer
  • Loans eligible for refinancing: Must have an outstanding balance of $5,000 to $55,000, be at least 1 month old, and have 24+ months of payments left
  • Other requirements: Credit score of 510+ (reportedly); 18+ years old; U.S. citizen, permanent resident or immigration-visa holder; LPOA form to transfer auto title to LendingClub

If you want to see your chances of getting approved for a LendingClub auto refinancing loan before applying, you can get pre-qualified. This process won't affect your credit, and it'll show you the rates you might get if approved. Just select your state and click “Check Your Rate” to get started.


LendingClub Contact

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opens at: Opens at: 2pm

Corporate Headquarters

595 Market Street, Suite 200

San Francisco, CA 94105

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What is LendingClub final review? ›

During this process, LendingClub will do an in-depth review of the borrower's profile. That includes a hard pull of their credit. Usually this final review takes place during the funding process. But depending on how quickly LendingClub is able to verify the applicant's information, it may take longer.

Is it hard to get approved for LendingClub? ›

LendingClub loans are reportedly easier to get than the average unsecured personal loan, however, with a credit score requirement somewhere between 600 and 640. Many personal loan providers ask for 660+. LendingClub personal loans are peer-to-peer transactions.

How reliable is LendingClub? ›

LendingClub Corporation has a 4.43 star and B+ BBB rating. Similarly, LendingClub's positive reviews on Trustpilot have earned the lender a 4.8-star rating. Satisfied customers generally report that the application process is easy and funds were received quickly.

Does LendingClub approve right away? ›

Most LendingClub members are approved within 24 hours, and you should receive their loans within two days of approval. LendingClub provides a to-do list so that you can get all the information into their system and be approved as quickly as possible.

What are the downsides of LendingClub? ›

Cons. Origination fee. Late fee. No mobile app to manage loan.

How do I know if LendingClub approved me? ›

At LendingClub, you apply online and find out instantly whether you're pre-approved and what your offer is. If you choose to take the offer, we may ask you for documentation to verify your identity, employment, or income.

Does LendingClub check your bank account? ›

Linking your bank account with your LendingClub account is simple and automatic. You're the only one who sees your bank login information when you use this method—we never have access to it. Once you've signed your Truth in Lending disclosure and the Borrower Agreement, you'll be asked to link your bank account.

What is the minimum credit score for LendingClub? ›

Applicants must have a credit score of at least 600 to qualify for a LendingClub loan. The higher an applicant's credit score, the lower the APR and origination fee will be. The average LendingClub personal loan borrower has a credit score of 711 and pays an APR of 15.95%.

What is the minimum loan from the LendingClub? ›

LendingClub Bank offers loans starting as low as $1,000 up to $40,000.

How long does it take LendingClub to verify documents? ›

Document Verifications

It usually takes about two business days for us to review your documents.

How long does it take for LendingClub to verify income? ›

Document verifications

It usually takes about two business days for us to review your documents.

What is the average loan size for LendingClub? ›

LendingClub is based in San Francisco, California. All loans are made by federally regulated issuing bank partners. More information is available at LendingClub.com. Average savings is $895 and average loan size is $15,206 for balance transfer-eligible members.

How long does final loan review take? ›

Final Underwriting And Clear To Close: At Least 3 Days

This document goes over the final details of your loan, including the loan amount, your interest rate, estimated monthly payment, closing costs and the total amount of cash you'll need to bring to closing.

What does it mean when your loan is in final approval? ›

At this step of your loan, you've met the requirements and conditions to close on your mortgage. Underwriting has fully inspected your documents and verified that you meet the requirements of the loan type and mortgage amount you've requested.

What does it mean when your loan is under review? ›

Typically, a loan review is conducted on commercial loan files, either internally by bank or credit union staff, or by hired third-party auditors. These investigators check for completeness of loan documentation and/or evaluate loan performance.

What does it mean when LendingClub says your loan is in the process of issuing? ›

Issuing—the loan has been originated. LendingClub issues Notes corresponding to the loan within 2–5 days. Issued—the loan has passed credit review, received full funding, and has been issued. Not Yet Issued—this umbrella status includes loan applications within the In Funding, In Review, and Issuing statuses.


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