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
Related Articles & Guides
- Upstart vs LendingClub
- Upstart vs Prosper
- Best Personal Loans for Bad Credit
- SoFi vs LendingClub Personal Loans
- How to Get a Personal Loan
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
Related Articles & Guides
- Personal Loan vs Credit Card
- How to Consolidate Credit Card Debt
- Personal Loan Requirements
- Debt Snowball vs Avalanche
- Personal Loans in California
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.
Getting approved and getting funded are two different steps, and most people who lose the loan lose it in between. Three things that decide it:
- Ask for what your score supports. Under a 660 score, $5,000 to $15,000 gets approved far more often than $25,000 and up. A smaller request usually means a real offer instead of a decline.
- Accept and verify the same day. Offers expire. Have a recent pay stub or bank statement ready to upload, and answer the verification email or call quickly.
- The origination fee comes out of the deposit. It runs 0% to 12%. A $10,000 loan with an 8% fee puts $9,200 in your account, so size the request with the fee in mind.
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?