LendingClub Personal Loan Review

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When your credit score is far from perfect, the idea of ​​applying for a personal loan can be daunting. Joint applications, however, could help you get a better loan deal.

A joint application is when two co-borrowers submit a loan application on behalf of both parties. Both co-borrowers listed their name, income and credit history on the application in order to qualify for the loan. If you are not sure whether you qualify for a personal loan on your own, including someone else on the application with a stronger credit profile might improve your chances of approval.

The two co-borrowers agree to take responsibility for repaying the loan. It is important to ensure that both parties accept the risks and obligations of borrowing the loan, as late payments will affect the credit scores of both borrowers.

Not all personal lenders allow joint applications, but Loan Club offers loan options from $ 1,000 to $ 40,000 for co-borrowers and individuals.

Upcoming, Select takes a look at LendingClub’s personal loans, looking at APR, benefits, fees, loan amounts and term lengths. (Learn more about our methodology below.)

Lending Club Personal Loan Review

LendingClub Personal loans

On the secure LendingClub site

  • Annual percentage rate (APR)

  • Purpose of the loan

    Debt consolidation, large expenses, emergency expenses, moving, weddings

  • Loan amounts

  • terms

  • Credit needed

  • Original fees

    2% to 6% of the loan amount

  • Prepayment penalty

  • Late charge

    15-day grace period for making payments without penalty


LendingClub’s APRs range from 8.05% to 35.89%. At the time of writing, the average two-year personal loan interest rate is 9.46%, according to the Fed.

The lowest APRs are available to borrowers and co-borrowers with excellent credit. Factors such as credit score, income, loan amount, and loan term will be taken into account when determining your APR.


Loan Club does not provide some of the benefits offered by fintech lenders such as SoFi. But it does offer some basic benefits that can have a big impact on your bottom line. LendingClub does not charge prepayment penalties. If you decide to pay off your loan in full before your term ends, you won’t have to pay any fees or penalties.

In addition, applicants can apply for a LendingClub loan with a co-applicant. Joint applications allow two borrowers to apply for a loan together, so both credit histories are assessed equally. However, LendingClub does not accept co-signers of loans.


Club Lending Loans come with a set-up fee ranging from 2% to 6% of the loan amount. This can be a significant expense depending on how much you borrow. For example, if you take out a loan of $ 10,000 and you are charged a 5% origination fee, only $ 9,500 will be deposited into your bank account, while you will still have to repay the entire $ 10,000 plus fees. interests.

For loans with no set-up fee, check out our best personal loan list.

Amount of the loan

Those looking for smaller loan amounts may qualify for a LendingClub loan, which starts at $ 1,000. The maximum loan amount you can take out is $ 40,000.

OneMain Financial is another solid option for borrowers looking for small loans – loans start at $ 1,500.

Mandate’s duration

LendingClub offers fairly limited mandate periods. There are only two options to choose from, 36 and 60 months.

At the end of the line

LendingClub personal loans can be a good choice for people who need cash for medical bills, weddings, moving expenses, or debt consolidation. Although LendingClub does not accept co-signers, co-borrowers can apply.

Our methodology

To determine which personal loans are best for consumers with bad credit, Select has analyzed dozens of US personal loans offered by online and traditional banks, including major credit unions. Where possible, we have chosen loans with no origination or enrollment fees, but we have also included options for borrowers with a lower credit rating on this list. Some of these options have origination fees.

When selecting and ranking the best personal loans, we focused on the following features:

  • APR at fixed rate: Variable rates can fluctuate over the life of your loan. With a fixed rate APR, you lock in an interest rate for the life of the loan, which means your monthly payment will not vary, making it easier to plan your budget.
  • Flexible minimum and maximum loan amounts / conditions: Each lender offers several financing options that you can customize based on your monthly budget and how long it takes to pay off your loan.
  • No early repayment penalties: The lenders on our list do not charge borrowers for prepayment of loans.
  • Simplified application process: We looked at whether lenders offer same-day approval decisions and a fast online application process.
  • Customer service: Each loan on our list provides customer service available by phone, email or secure online messaging. We have also opted for lenders who have an online resource center or advice center to help educate you about the personal loan process and your finances.
  • Disbursement of funds: The loans on our list provide funds quickly by wire transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option of paying your creditors directly.
  • Automatic payment discounts: We have noted lenders who reward you for signing up for automatic payment by lowering your APR from 0.25% to 0.5%.
  • Creditors’ payment limits and loan amounts: The above lenders offer loans in a range of sizes, from $ 1,000 to $ 100,000. Each lender advertises their respective payment limits and loan amounts, and completing a pre-approval process can give you an idea of ​​your interest rate and monthly payment for such amount.

Advertised rates and fee structures for personal loans are subject to fluctuation in accordance with the Fed rate. However, once your loan agreement is accepted, a fixed rate APR will guarantee your interest rate and the monthly payment will remain constant for the duration of the loan. Your APR, monthly payment, and loan amount depend on your credit history and creditworthiness. To take out a loan, many lenders will do a serious credit check and ask for a full application, which might require proof of income, identity verification, proof of address, etc.

Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.

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