Review of LendingClub Personal Loan

LendingClub Personal Loan

LendingClub is one of the most recognized online personal loans with a reputed legacy of financial transactions and responsible borrowing trends. Initiated in the year 2007, this loan introduced a new business perspective for the financial industry while creating an environment of low-interest rate.

Rates and Terms

  • Loan Amounts : $1,000 to $40,000
  • APR: 6.16% – 35.89% Variable
  • Origination Fee: 1% to 6%
  • Late Fee: $15 or 5% of borrowed amount after a grace period of 15-days
  • Check Processing Fee: $7
  • Funding Time: 1 Week
  • Repayments: Monthly
  • Debt-to-income Ratio: Less than 40% for single and less than 35% for joint applicants


  • The lender assigns a unique grade to every borrower of Lending Club Personal Loan based on the verified data concerning credit score and income slab. These grading further categorize the borrowers into different slabs of qualifying interest rates.
  • The club has an option to pay any borrower’s debt directly to the creditor with a mandatory paying off 80% of the loan amount.
  • The lender allows joint application for specified loan amount if one qualifies with a credit scoring of 600 and the other a minimum of 540. However, the combined debt-to-income ratio should not be less than 35%.

Requirements for Eligibility

The terms and regulation are very convenient and straightforward. However, there are certain requirements for eligibility that caters to smooth processing and assured repayment. These eligibility requirements are:

  • The gross annual income should be a minimum of $70,000 with a net worth of minimum $70,000. However, the same varies from state to state.
  • All the countries in the US have the accessibility to this online loan with certain restricted states including Mexico, North Carolina, Ohio, Pennsylvania, and Alaska.
  • There should be an initial deposit of $1,000

Pros and Cons of LendingClub Personal Loan


The key advantages of LendingClub Personal Loan are:

  • You can enjoy the benefit of long-term loan repayment terms.
  • Long Loan Terms: You can stretch the loan to repayment terms of three years and five years.
  • Very soft transitions as you go on shopping with no pressure on your credit score.
  • Eligibility of a low credit score so that maximum borrowers can enjoy ample of its benefits.
  • You can conveniently refinance your credit card using the loan amount.
  • You can even take the initiative for improving or reconstructing your home using the loan amount
  • You can tackle and deal with your financial goals
  • You can easily and smoothly take into consideration all major and unexpected expenses


With ample benefits to enjoy, some of the thoughtful disadvantages of Lending Club loan are:

  • For acceptance and processing, it takes a comparatively longer waiting period of about seven to eight days.
  • Some of the loan companies have origination fees and LendingClub is one of them. The lender further deducts the origination fee from the processed loan amount.
  • The loan features various miscellaneous fees including a charge of $7 for payment through check, an additional charge of $15 in case your account does not have enough balance for the monthly installment, and a charge of 5% for unpaid installment or an upfront charge of $15, whichever is greater.

LendingClub online loan seems to be a perfect fit for all borrowers and is a way to release the burden of high debt with low interest rate. Since the time of its inception in the industry, the loan criteria, the eligibility requirements, and the strictness to process the loan amount have become strategic with an improved process and better liability. Further improvements are also on the cards intending to deliver a perfect borrowing environment for all those in need.