LendingClub Personal Loans Review

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Avant offers similar personal loan amounts and APRs as LendingClub, however, its personal loans may be costlier. Avant’s loans feature a higher starting APR than LendingClub and Avant doesn’t allow joint applications. LendingClub is best for borrowers who have fair credit and need a small loan amount. However, LendingClub loans do come at a price—especially for less creditworthy borrowers. Prospective borrowers who are willing to apply with a co-borrower may be able to qualify for a higher loan amount and more competitive rates. Bankruptcy — Consumers who have more debt than they can deal with may consider the last-resort option of bankruptcy.

  • This review focuses on personal banking products and services offered by LendingClub Bank.
  • Therefore, income from LendingClub loans could be taxed at a higher rate than investments taxed at the capital gains rate.
  • The offers that appear on this site are from companies that compensate us.

The LendingClub Certificates of Deposit have terms that range from six months to five years. Katrina Ávila Munichiello is an experienced editor, writer, fact-checker, and proofreader with more than fourteen years of experience working with print and online publications.

Review methodology

Loan amounts range from $1,000 to $40,000 for terms of 36 or 60 months, and applicants can have a credit score as low as 600. However, the amount of the 3%-6% origination fee and interest rate, which ranges from 9.57%-36%, are based on credit score and debt-to-income ratio. Debt.org wants to help those in debt understand their finances and equip themselves xcritical courses scam with the tools to manage debt. Our information is available for free, however the services that appear on this site are provided by companies who may pay us a marketing fee when you click or sign up. These companies may impact how and where the services appear on the page, but do not affect our editorial decisions, recommendations, or advice.

Within each category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at credit score requirements, whether the lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated LendingClub’s support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps. LendingClub is a digital marketplace that offers totally branchless banking and personal loans between $1,000 and $40,000.

Great APY, meh app

You can apply for a LendingClub personal loan with a co-applicant if you’d like (in this case it would be a joint loan). Co-applicants are different from co-signers, in that they share equal responsibility for repaying the loan. If you apply with a co-applicant, LendingClub will consider their credit history and financial information as part of the approval process. See our picks for the best personal loans or the best personal loans for bad credit for more options.

Overall customer feedback is excellent, with LendingClub garnering high ratings and positive reviews across multiple third-party sites. We independently evaluate all recommended products and services. Mariner Finance offers loans as small as $1,000 and accepts joint applications, but applicants may have to visit a branch in one of 24 states.

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Not only that but we have a great rate on our high yield savings account. The one area of opportunity is better transaction descriptions and classifications. Other than that, I see no reason to leave Radius Bank and have already recommended them to my colleagues at work. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site.

What LendingClub doesn’t allow loan funds to be used for

LendingClub’s loans can’t be used to finance higher education costs, invest, buy cryptocurrency, or partake in illegal activities. LendingClub can be a great option if you need to borrow money for a small or midsize expense. However, there are some drawbacks you must consider to determine if this is the right lender for you. In August 2020, the company discontinued its secondary trading platform, hosted by Folio, reducing liquidity for existing peer-to-peer investors.

Just like LendingClub was, Prosper is a peer-to-peer lender that offers joint loan applications. However, Prosper offers personal loan amounts up to $50,000 — a higher cap than LendingClub, which may make it a better lender if you’re looking to finance a bigger expense. Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions.

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Its online application is similar to LendingClub’s, and approval and the loan deposit may be available as soon as 24 hours. LendingClub offers a competitive personal loan product with a low minimum loan amount and quick funding. But it charges origination fees and its APRs are higher than certain competitors. That said, this financial company does offer helpful perks like the option to pre-qualify for its loans and direct payment to creditors, making it worth researching if you’re in the market for a personal loan. LendingClub has become one of the more reputable destinations for online personal loans, a good option to borrow for a special need like credit card debt consolidation.

Therefore, income from LendingClub loans could be taxed at a higher rate than investments taxed at the capital gains rate. Upgrade provides personal loans to borrowers in all credit bands. Like LendingClub, Upgrade offers direct scammed by xcritical payment to creditors and rate discounts on debt consolidation loans, but Upgrade’s minimum credit score is slightly lower than LendingClub’s. Unlike LendingClub, Upgrade offers a secured loan option and a mobile app.

Borrower Requirements

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional. xcritical xcritically has a Better Business Bureau (BBB) rating of A, which is an indicator of great customer service. You can find more xcritical reviews at other review sites as well. LendingClub will then do a hard pull on your credit, which does affect your credit score and becomes listed as an inquiry.

Time to Receive Funds

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37,000+ locations nationwide Support – We’re always here to help. Send/receive secure messages or chat live with your support team. LendingClub’s unsecured personal loans range from $1,000 to $40,000 with decent annual percentage rates (APRs), but not the lowest available. LendingClub charges origination fees and requires fair to excellent credit to qualify.

Check out our other personal loan reviews below to continue exploring your options. LendingClub doesn’t charge a prepayment penalty, but they do charge a few other fees in certain situations. For example, there is a $15 charge for unsuccessful payments, like if your check bounces. In addition to interest, you also have to pay an origination fee that ranges from 1% to 6%.

The color scheme of the app is light green, dark green, black, white, and gray. Also if you deposit a check on Friday don’t expect to get that money in your account until Monday or Tuesday as they don’t seem to process check on the weekends. The only thing keeping me with them is the high APY on my checking account. If they made a pleasant to look at and use app I’d be much happier.

LendingClub says that while its average customer may be a high earner, they also have high debt. The most common reason for a personal loan is credit card payoff and debt consolidation. The bank’s primary checking account is the LendingClub Bank Rewards Checking. Rewards Checking accounts—with an average balance of $2,500 or more per month or that receive total monthly qualifying direct deposits of $2,500 or more—earn 1.00% cash back on debit card purchases. LendingClub connects investors with potential borrowers and charges an origination fee of 3.00 percent to 8.00 percent for the service. For example, if you borrow $10,000 with a 3.5 percent origination fee, you’ll only receive $9,650.