LendingClub is one of the original peer-to-peer lending platforms, now operating as a fully licensed bank. Its standout feature is joint application support — if your credit score isn't strong enough to qualify alone, you can apply with a co-borrower to improve your approval odds or secure a lower rate.
Before accepting any loan offer, calculate the total cost of the loan (principal + all interest + fees). A lower monthly payment often means paying thousands more over the life of the loan.
LendingClub accepts borrowers with credit scores as low as 600 and offers loan amounts from $1,000 to $40,000. It's a solid choice for debt consolidation, with direct-pay options available to send funds directly to creditors.
LendingClub Personal Loan
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Rates, Fees & Key Terms
Upstart| Feature | Details |
|---|---|
| APR Range | 8.98% – 35.99% |
| Loan Amount | $1,000 – $40,000 |
| Loan Terms | 24, 36, 48, or 60 months |
| Origination Fee | 3% – 8% |
| Late Payment Fee | $15 or 5% of payment (whichever is greater) |
| Prepayment Penalty | None |
| Minimum Credit Score | 600 |
| Joint Applications | Yes |
| Funding Speed | 2–4 business days |
✓ Pros
- Joint applications accepted — apply with a co-borrower
- No prepayment penalty
- Direct pay to creditors for debt consolidation
- Soft pull to check rate
- Established lender with $90B+ in loans funded
- Loan amounts as low as $1,000
✗ Cons
- Origination fee of 3%–8% is on the higher end
- Maximum loan amount ($40K) lower than some competitors
- Minimum credit score of 600 excludes very poor credit
- Funding takes 2–4 days — not the fastest option
LendingClub — Check Your Rate Today
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A personal loan is not the right tool for every situation. Consider alternatives if any of the following apply to you:
- You have home equity: A HELOC typically offers rates 5–10% lower than personal loans. If you own your home, compare HELOC rates before taking a personal loan.
- Your debt is primarily credit card debt: A balance transfer card with a 0% intro APR (typically 12–21 months) will cost less than a personal loan if you can pay off the balance within the intro period.
- You need less than $1,000: Most personal loan lenders have minimum amounts of $1,000–$2,000. For smaller needs, a credit union payday alternative loan (PAL) or a 0% APR credit card may be more appropriate.
- Your credit score is below 500: Most personal loan lenders — including those that accept "bad credit" — have practical minimums around 500–560. Below this, secured loans, credit-builder loans, or co-signer arrangements are more realistic options.
- You are in active bankruptcy: Personal loan lenders will decline applicants in active Chapter 7 or Chapter 13 proceedings. Resolve your bankruptcy first.
Frequently Asked Questions
What credit score do you need for a LendingClub personal loan?
Does LendingClub allow joint applications?
How long does LendingClub take to fund loans?
Does LendingClub charge an origination fee?
Is LendingClub a legitimate lender?