LendingClub: an honest look at the rates and the fine print
LendingClub is a long-running marketplace lender that accepts joint applications and pays creditors directly for consolidation. It reaches fair-credit borrowers banks decline, but origination fees of up to 8% and high top-end APRs mean the total cost can climb quickly — always compare on APR, not rate.
LendingClub
Personal loans · Marketplace · NMLS #167439 · Founded 2007
- Personal loan APR8.98–35.99%
- Loan amounts$1,000–$40,000
- Terms24–60 months
- Origination fee3–8%
- Min credit score600 (est.)
- FeatureJoint applications
Independent profile. Loans Advisor is not affiliated with, or compensated by, this lender.
Where LendingClub fits
Strengths
- Accepts co-borrowers
- Direct creditor payoff for consolidation
- Reaches fair credit
Watch-outs
- Origination fee up to 8%
- Max $40,000
- High APR ceiling
What a $10,000 loan could cost
Using LendingClub's published APR range of 8.98%–35.99% on a $10,000 loan over 3 years, here is the spread between its best and worst pricing:
The low figure assumes LendingClub's best advertised rate (8.98% APR); the high figure its ceiling (35.99% APR). Your actual rate depends on your credit. A origination fee of 3–8% is charged separately and typically comes out of your funded amount. Run your own numbers in the personal loan calculator.
Best for
Based on its rates and products, LendingClub is most relevant if you're looking at:
Terms worth knowing
Quick definitions for the fine print on this page:
LendingClub: common questions
Is LendingClub a legitimate lender?
Yes. LendingClub is a long-running marketplace lender founded in 2007 and headquartered in San Francisco, CA, operating under NMLS #167439. It connects borrowers with funding and can pay creditors directly for consolidation. Verify current terms with LendingClub before applying.
What credit score do you need for a LendingClub loan?
LendingClub reaches fair-credit borrowers, with an estimated minimum score around 600 — lower than most banks. It also accepts joint applications, so adding a co-borrower can improve your odds or your rate if your own profile is thin.
What fees does LendingClub charge?
LendingClub charges an origination fee of 3 to 8%, typically deducted from your loan proceeds. Combined with a top-end APR of 35.99%, the total cost can climb quickly for lower-credit borrowers, so always compare offers on APR rather than the headline rate.
How much can you borrow from LendingClub?
LendingClub personal loans range from $1,000 to $40,000 with terms of 24 to 60 months. The $40,000 ceiling limits larger needs, but the ability to add a co-borrower and to have creditors paid directly makes it a practical debt-consolidation option.
Figures are researched from public rate sheets and regulatory filings and change often — verify current terms with LendingClub before applying. Loans Advisor is not affiliated with, or paid by, LendingClub, and earns no referral fee from this profile.