Checking your rate is a soft inquiry. It will not affect your credit score.
Best for: Debt consolidation, especially if you want LendingClub to pay your credit cards directly. Also strong for joint applications with a co-borrower.
Skip if: You have excellent credit and want a no-fee loan (look at SoFi). You also need money tomorrow (Upstart funds faster).
Bottom line: A federally chartered bank with an A+ BBB rating and 4.7-star Trustpilot score. The 0–8% origination fee is the trade-off for accepting credit scores as low as 600 and lending up to $60,000.
What is LendingClub?
LendingClub started in 2007 as a peer-to-peer lending pioneer. Today it’s a federally chartered digital bank: LendingClub Bank, N.A., NMLS ID 167439, Member FDIC, Equal Housing Lender. Since launch, it has originated more than $90 billion in personal loans for over 5 million Americans.
Two things changed the company recently. In 2021, LendingClub acquired Radius Bank, becoming a full-service bank that holds your deposits and originates your loan from one balance sheet (instead of routing loans through investor pools like in the P2P days). Then on April 21, 2026, LendingClub announced it will rebrand to Happen Bank by mid-2026, with the website eventually moving to Happen.com. The product, FDIC insurance, your account, and your loan terms do not change. Only the name and logo.
The business is in solid financial shape. Q1 2026 net income was $51.6 million, more than 4x year-over-year, with originations growing 31% to $2.7 billion. That matters for borrowers because a profitable, well-capitalized lender is far less likely to suddenly pull approved offers, freeze accounts, or run into compliance trouble.
LendingClub Pros and Cons at a Glance
- Direct Pay sends funds straight to your credit card companies, saving an average of 1 to 3% APR
- Loans up to $60,000, higher than Upgrade or Upstart
- Joint applications with a co-borrower are allowed
- Soft credit check to see your rate (no FICO hit to look)
- No prepayment penalty
- Federally chartered bank, FDIC-insured, A+ BBB rating
- 4.7 / 5 average across roughly 13,000 Trustpilot reviews
- Origination fee of 0 to 8% deducted from your loan funds
- Starting APR of 5.96% is higher than SoFi for top-tier borrowers
- Eligibility for same day funding depends on approval timing and your receiving bank
- Late fee of $15 or 5% of payment after the 15-day grace period
- Customer-service hold times can run over an hour during peak periods
- Origination fee refunds after early payoff are slow per ConsumerAffairs complaints
LendingClub Personal Loan Rates, Terms, and Fees
LendingClub’s pricing is straightforward in structure but variable in practice. Two borrowers with similar credit profiles can land 8 percentage points apart depending on loan purpose, debt-to-income ratio, loan size, and term length.
The single most important number to understand is the origination fee. A 6% origination on a $20,000 loan means LendingClub deposits $18,800 into your account but you owe interest on the full $20,000. That fee is the real driver of why two loans with identical APRs can have very different total costs. You can check your exact APR and fee in 60 seconds with a soft credit pull.
Who Qualifies? Credit Score, Income, and Requirements
LendingClub does not publish a hard credit-score floor, but third-party reviews (NerdWallet, Bankrate, WalletHub) consistently report a minimum FICO score of 600. To borrow at the 5.96% rate, expect to need:
- A credit score of 720 or higher
- A debt-to-income ratio under 35%
- A clean payment history (no recent 30-day-plus delinquencies)
- Steady verifiable income, often from W-2 employment
- A 24 or 36-month loan term (longer terms get higher APRs)
Additional requirements: you must be at least 18 (19 in some states), be a U.S. citizen, permanent resident, or long-term visa holder, have a valid Social Security number, a verifiable bank account, and live in a state where LendingClub operates. The lender pulls TransUnion primarily, with Experian as a fallback. Once your loan funds, LendingClub reports to all three bureaus monthly.
Joint Applications: LendingClub’s Underrated Feature
Unlike Upstart and Upgrade, LendingClub allows a true joint application with a co-borrower. The co-borrower’s income and credit count from day one, which can lower your APR or push you across the approval threshold. Both borrowers are equally responsible for the loan. SoFi offers something similar, but LendingClub is the simplest to apply with a partner or family member. This is one of the strongest reasons to pick LendingClub over a competitor if your individual credit profile is borderline.
Direct Pay: Why LendingClub Wins for Debt Consolidation
Of LendingClub’s personal loan customers, a clear majority use the money for debt consolidation. That’s where the lender’s Direct Pay feature matters. Instead of disbursing the cash to your bank account and asking you to pay off your cards yourself, LendingClub sends payments directly to up to 12 creditors for you.
Two practical benefits:
- Rate discount. LendingClub typically offers 1 to 3 percentage points lower APR when you choose Direct Pay because they know the funds are actually clearing debt rather than getting redirected to new spending.
- You don’t have to do it. Sounds small. It’s not. The number-one reason debt consolidation fails is that borrowers receive a lump sum, pay off some cards, then carry a balance again within six months. Direct Pay removes that temptation entirely.
Funds typically reach your credit card companies within 24 hours to two weeks depending on each card issuer’s payment-acceptance method. You keep making one monthly payment to LendingClub at a fixed rate for 24 to 84 months. If credit card debt is what you’re dealing with, start your LendingClub application here.
What Real LendingClub Customers Say
The headline numbers: LendingClub holds a 4.7 out of 5 rating on Trustpilot across roughly 13,000 reviews and an A+ accreditation with the Better Business Bureau (accredited since 2008). The BBB reports about 400 closed complaints in the last 12 months, which is a low ratio against millions of borrowers.
Here are the themes that come up repeatedly in 2025 and 2026 reviews.
Positive Themes
“The application process was so easy and fast. I highly suggest it to everyone.”
Trustpilot reviewer, 2025
“Fast service. This loan was for debt consolidation and both cards were paid within 2 days.”
Trustpilot reviewer, 2025
The consistent praise is around speed of approval, simplicity of the application, and how cleanly Direct Pay handles credit card payoffs. Borrowers also like that the rate they see in prequalification is usually the rate they get at funding (with credit score and income matching what they entered).
Negative Themes
“Paid off the loan early. Still waiting on my origination fee and overpayment refund weeks later.”
ConsumerAffairs reviewer, August 2025
“830 credit score and they still declined me — couldn’t verify my identity after three rounds of statements.”
ConsumerAffairs reviewer, 2025
The recurring complaints fall into three buckets: origination-fee sticker shock (borrowers feeling the fee wasn’t obvious enough until closing), refund delays after early payoff or overpayment, and verification friction where some applicants with strong credit get declined after multiple document requests.
One important note about Reddit threads: a number of posts mention being “scammed by LendingClub.” In most cases the scam came from phishers impersonating LendingClub through cold calls and fake emails. LendingClub itself does not call you to ask for upfront fees. If anyone claiming to be from LendingClub asks for payment before funding your loan, hang up.
LendingClub vs SoFi vs Upstart vs Upgrade
Personal loans are not commodities. Here’s how the four most-applied-for online lenders compare for a borrower with mid-700s credit.
| Lender | APR Range | Loan Range | Origination | Min Credit | |
|---|---|---|---|---|---|
| LendingClub ★ | 5.96% – 35.99% | $1K – $60K | 0% – 8% | 600 | Check Rate |
| SoFi | 8.99% – 29.99% | $5K – $100K | $0 | 660 | Check Rate |
| Upstart | 7.80% – 35.99% | $1K – $50K | 0% – 12% | 300+ | Check Rate |
| Upgrade | 8.49% – 35.99% | $1K – $50K | 1.85% – 9.99% | 580 | Check Rate |
A clean way to think about it: SoFi wins on absolute cost if you have excellent credit and can clear the 660+ floor. Upstart wins on access if your credit score is in the 580–680 range. LendingClub wins on debt consolidation specifically because of Direct Pay and its rate discount, plus the joint-application option. Upgrade is the closest direct competitor to LendingClub for borrowers in the 580–700 credit window.
Who LendingClub Is Best For
- You’re consolidating credit card debt and want Direct Pay to handle the payoff
- You need a loan up to $60,000
- You want to apply with a joint co-borrower
- Your credit score is 600 to 720 and SoFi declined you
- You value a federally chartered, FDIC-insured bank over a fintech lender
- You have excellent credit (740+) and want a no-fee loan
- You need money tomorrow (Upstart is faster)
- Your credit score is under 600
- You hate origination fees being deducted from your loan
- You need a loan larger than $60,000 (SoFi goes to $100K)
How to Apply for a LendingClub Personal Loan
The full process takes about 10 minutes to apply, and same day funding is available for eligible loans approved before 12:30 PM ET on a business day.*
- Check your rate. On LendingClub’s site, enter your name, address, income, requested loan amount, and Social Security number. This triggers a soft credit pull. No FICO impact.
- Review your offers. If approved, LendingClub shows you 2 to 4 loan offers with different terms. Pay attention to APR, term length, monthly payment, and origination fee. Use the “Total cost of loan” figure to compare apples to apples.
- Choose Direct Pay or a regular deposit. If you’re consolidating credit card debt, choose Direct Pay to save on APR.
- Submit verification documents. Expect to upload a recent pay stub, bank statement, and government ID. LendingClub may request more if your file is thin or if there’s an income discrepancy. Respond fast — verification delays are the most common cause of decline.
- E-sign and fund. Once verified, e-sign the loan documents. Same day funding is available for eligible loans* — approvals received before 12:30 PM ET on a business day may be disbursed the same day. Actual timing depends on your receiving bank. Direct Pay funds reach creditors within 24 hours to 2 weeks.
LendingClub Personal Loans: Frequently Asked Questions
Yes. LendingClub Bank, N.A. is a federally chartered, FDIC-insured bank with NMLS ID 167439. It’s been BBB-accredited since 2008 with an A+ rating, holds a 4.7 out of 5 Trustpilot score across roughly 13,000 reviews, and reported $51.6 million in net income in Q1 2026.
Watch out for scammers impersonating LendingClub through cold calls and phishing emails. LendingClub does not request upfront payment to issue a loan. If someone asks for a fee before funding, it’s a scam.
LendingClub typically requires a minimum FICO score of 600. Borrowers in the 720+ range with low debt-to-income ratios get the best APRs. Checking your rate uses a soft credit pull and will not affect your credit score.
Same day funding is available for eligible LendingClub Personal Loans approved before 12:30 PM ET on a business day, with actual timing dependent on your receiving bank.* The application itself takes about 10 minutes, and approval decisions usually arrive within an hour. Direct Pay debt consolidation funds reach creditors in 24 hours to 2 weeks.
The origination fee runs 0.00% to 8.00% of your loan amount, based on creditworthiness and loan size. It’s deducted from your loan proceeds, meaning you receive the loan amount minus the fee but owe interest on the full original amount. Borrowers with the best credit get the lowest fees.
No. You can pay off your loan early without any prepayment penalty. The origination fee, however, is not refundable if you repay early. Late fees of $15 or 5% of the payment kick in after a 15-day grace period.
Yes. On April 21, 2026, LendingClub announced it will rebrand to Happen Bank by mid-2026. The personal loan product, NMLS ID, FDIC insurance, and all existing customer accounts continue unchanged. The website will eventually shift from LendingClub.com to Happen.com. Loan agreements signed today remain valid under the new name.
Yes. LendingClub supports joint applications with a co-borrower whose income and credit are evaluated from day one. Both borrowers are equally liable for the loan. This is one of LendingClub’s strongest features for borrowers whose individual profile is borderline. Upstart and Upgrade do not offer this option.
Common uses include debt consolidation, credit card payoff, home improvement, medical bills, major purchases, and life events like weddings. LendingClub does not allow personal loans for post-secondary education, investing, or gambling.
Credit unions sometimes offer marginally lower rates to existing members but require credit-union membership and often demand in-branch closing. LendingClub is faster, fully online, and accessible to anyone with a 600+ FICO score, no membership required. For most people, the convenience offsets the small rate difference.
No. Checking your rate uses a soft credit inquiry, which is invisible to other lenders and does not impact your FICO score. A hard inquiry only happens when you accept the loan and LendingClub officially issues it.
The Verdict: Is LendingClub Worth It?
For most borrowers, yes. LendingClub Personal Loans are an obvious winner if you want to consolidate credit card debt and value the rare combination of Direct Pay, joint applications, $60,000 loan capacity, and federally chartered bank backing. The 4.7-star Trustpilot rating and A+ BBB accreditation reflect a product that consistently delivers what it advertises.
The trade-off is the origination fee. If you have excellent credit (740+), SoFi will almost always beat LendingClub on total cost because SoFi charges no origination fee. If your credit is below 600, Upstart is your better option because of its AI-based approval model. But for the wide middle — credit scores from 600 to 740, debt consolidation as the primary use, and a desire for a real bank handling the loan — LendingClub is hard to beat in 2026.
Checking your rate is a free, soft credit pull. There’s no commitment, no FICO impact, and the prequalification takes 60 seconds.
Soft credit pull. APR 5.96%–35.99%. Loans $1,000 to $60,000 with terms from 2 to 7 years. FDIC-insured bank. No prepayment penalty.
Best for credit cards, medical bills, and home improvement. Direct Pay sends funds straight to your creditors for a rate discount.
Check My Rate at LendingClub → Checking your rate will not affect your credit score.
Checking a rate through us generates a soft inquiry on a person’s credit report, which does not impact that person’s credit score. A hard credit inquiry, which may affect that person’s credit score, only appears on the person’s credit report if and when a loan is issued to the person.
A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $27,198 for a term of 36 months, with an interest rate of 14.49% and a 6% origination fee of $1,632, for an APR of 17.32%. In this example, the borrower will receive $25,566 and will make 36 monthly payments of $936. Loan amounts range from $1,000 to $60,000 and loan term lengths range from 24 months to 84 months. Some amounts, rates, and term lengths may be unavailable in certain states, and may not be available for all Personal Loan products.
Loans are made by LendingClub Bank, N.A., Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Credit eligibility is not guaranteed. Loans are subject to credit approval and may be subject to sufficient investor commitment. Credit union membership may be required. “LendingClub” and the “LC” symbol are trademarks of LendingClub Bank.
LendingClub Bank is not an affiliate of My Millennial Guide, which is an unrelated third party (“third party”). LendingClub Bank is not responsible for any products and services provided by this third party, which may receive compensation if you visit the LendingClub Bank’s websites or use any of its products or services. Certain information that LendingClub Bank subsequently obtains as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that you request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan. Loan closing is contingent on accepting all required agreements and disclosures.
For Personal Loans, APR ranges from 5.96% APR to 35.99% APR and origination/processing fee ranges from 0.00% to 8.00% of the loan amount. APRs and origination/processing fees are determined at the time of application. The lowest APR may be available to borrowers with excellent credit, subject to additional factors including, but not limited to, loan amount, loan term, and sufficient investor commitment. Advertised rates and fees are valid as of April 27, 2026, are subject to change without notice, and may not be available for all Personal Loan products and/or through all application channels or platforms.
*Between January 2026 and March 2026, 64% of LendingClub Personal Loans that were approved for funding (which is after your loan application is approved) on a given business day were disbursed within 24 hours. LendingClub Personal Loans that are approved for funding before 12:30 PM ET on a business day may be disbursed the same day. Actual availability of funds may vary and is dependent on multiple factors, including, but not limited to, your receiving bank’s processing times and policies. A business day is defined as Monday through Friday and excludes the weekend and bank holidays.
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