Lending Club

7.8 Total Score
4 reviews
WalletStars

Our rating is based on a combination of expert staff and user ratings.

7.8Expert Score
Support
8
Affordability
7.5
Benefits
8.5
Application Process
7
8.2User's score
Support
7.3
Affordability
8.3
Benefits
7.5
Application Process
9.8
PROS
  • America's Biggest Online Lender
  • Good For A Wide Variety of Uses Including Debt Consolidation and Home Improvement
CONS
  • Borrowers Need Good Credit and Extensive Financial History
  • Origination Fees of 1% - 6%
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Average Score 7.8
PROS:
  • America's Biggest Online Lender
  • Good For A Wide Variety of Uses Including Debt Consolidation and Home Improvement
CONS:
  • Borrowers Need Good Credit and Extensive Financial History
  • Origination Fees of 1% - 6%

Introduction

APR 6.95% – 35.89%
Loan Amount $1,000 – $40,000
Loan Duration

3 to 5 Years

About
Lending Club is a U.S.-based peer-to-peer lending club which matches borrowers with investors willing to fund their loans. Currently, they have over 2.5 million customers and they have facilitated over $4.4 billion in loans since 2007. Lending Club is the largest online lender in the United States. When borrowers apply, their credit and income data are assigned a grade which only investors can see. That grade determines what interest rates the borrower will qualify for. As a borrower, you can apply online in minutes, select a loan offer suitable for you, and receive the money within 7 days deposited directly into your bank account.

Ideal Borrower
Lending Club best suits borrowers who have good credit and a long credit history. Lending Club requires a minimum credit score of 600 and its borrowers average 17 years of credit history. According to NerdWallet, the average annual income of a LendingClub borrower is $79,145, so the ideal borrower has a high income. You should also make sure that your debt-to-income ratio is low.

Best For
Lending Club allows for a multitude of loan purposes. You can refinance your credit cards or simplify your debt with fixed monthly payments. You can start upgrading your home now without having to wait for a home equity loan or line of credit. Or, you can use an installment loan to finance your wedding, a dream vacation, or to cover any unexpected expense.

How to Qualify
In order to qualify for a personal loan at Lending Club, you need a minimum credit score of 600 and a minimum credit history of 3 years. Lending Club requires a debt-to-income ratio of less than 40% for single applications and less than 35% for joint applicants. You can apply for a loan on Lending Club’s website.

Additional Fees
Lending Club has an origination fee of 1-6%. There is a late fee for greater of $15 or 5% of payment after a 15-day grace period. There is also a check processing fee of $7, but no prepayment fees.

 


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