LendingClub Personal Loans Review 2026
Pros explained
- Offers prequalification: You can get an estimated rate and loan amount with a soft credit inquiry, which won’t harm your score.
- Rate discount available: Borrowers using funds for debt consolidation can qualify for an APR discount of up to 5%.
- Next-day funding: Same-day approval is available, with most loans funded as soon as the next day.
Cons explained
- Limited transparency: LendingClub does not disclose its credit score or income requirements.
- Origination fees might apply: Personal loan borrowers pay an origination fee of 0% to 8%.
- APRs can be high: Its top-end APR is relatively high, meaning your borrowing costs might be lower with another lender.
Buy Side’s take on LendingClub personal loans
Buy Side rated LendingClub 5 out of 5 stars in our assessment of personal loan lenders. Its fast funding, generous potential discount and range of loan amounts set it apart from competitors.
LendingClub personal loans make sense for borrowers with excellent credit who can access the debt consolidation discount. However, those with low scores using funds for other purposes could end up with a high APR. The lender also is not transparent about its credit score or income requirements, so it’s unclear who can qualify for its loans.
How LendingClub compares to other lenders
Comparing lenders helps you find the best personal loan for your situation. Consider rates, fees, funding time, borrowing requirements and discounts as you shop around.
LendingClub vs. Prosper
Prosper has a lower borrowing limit of $50,000, and its starting APR is slightly higher than LendingClub’s. Its longest repayment term is five years. However, Prosper’s minimum credit score is 600, making it accessible for borrowers with fair credit. LendingClub’s requirements are unclear, although a representative says it offers fair-credit options.
Like LendingClub, Prosper lets you apply for a loan with a joint applicant. Qualifying might be easier if your co-applicant has better credit.
LendingClub vs. SoFi
SoFi personal loans are as large as $100,000, making it a better option than LendingClub for borrowers wanting a higher amount. Like LendingClub, it offers repayment terms of two to seven years and does not disclose its income or credit score requirements. SoFi’s low-end APR is slightly higher than LendingClub’s, though its maximum origination fee is slightly lower.
SoFi might also make sense for borrowers needing money quickly, as it offers same-day approval and funding for some loans.
How to apply for a LendingClub personal loan
If LendingClub seems like the right choice, take the following steps to apply for a personal loan.
- Prequalify: LendingClub offers online prequalification with a soft credit check. Submit basic personal and financial information to receive estimated rates, terms and loan amounts.
- Choose an offer: Choose the estimate that aligns with your needs. Your actual terms might vary.
- Gather documentation: The lender might request identity, employment and income verification. Gather copies of government-issued identification, bank statements, tax returns and other relevant documents.
- Apply: Formally apply for a personal loan on the LendingClub website and await approval. You might receive it as soon as the same day.
