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Advertiser Disclosure

Lendingclub: Personal Loan Review

The basics

Estimated APR

8.3% - 36%

Min. Credit Score


Max. DTI Debt to Income Ratio


Origination Fees

3% - 6%

Late Penalties


Prepayment Fees


Good for: Co-applicants, fast funds.

Our verdict

LendingClub personal loans are suited for good- or fair-credit borrowers who want to consolidate debt or finance a large purchase. Comparably, they aren’t the lowest-cost lender but they are flexible on payments and accept co-signers.

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Beyond the basics

Good for borrowers with poor credit

Fast funds

Co-applicants allowed

Loan Amounts

$1,000 to $40,000

Loan Terms

24-60 months

Time to Funding

1 business day

Full review

Lender description Headquartered in San Francisco, LendingClub is a financial services that became the first peer-to-peer lender to register its offerings as securities with the SEC.

Best used for

  • Debt consolidation and that want to use a co-borrower.

Pros & cons

  • Ability to change payment date
  • Direct payment to creditors with debt consolidation loans
  • Can pre-qualify with soft credit check
  • Origination fees
  • High APR
  • Limited terms

Most suitable for

  • Best for borrowers with fair credit who want to pay off creditors directly

How to qualify You'll need to have a personal checking or savings account on file, provide proof of income and employment, proof of citizenship or residence permit.

How to apply Prequalify on Credello online or apply through LendingClub's web site.

Footprint Loans are available in all 50 states and District of columbia.

Loan example A loan of $16,980 for a term of 36 months, with an interest rate 13.49% and a 6.00% origination fee of $1,019, for an APR of 17.89%. In this example, the borrower will receive $15,961 and will make 36 monthly payments of $576.