This lender is registered in states where it does business, has a Consumer Loan Company License and was vetted by the Bankrate Editorial team.
Expert Take:
Not every lender on the market allows co-borrowers, but with LendingClub, you can increase your approval odds or score a better rate with a joint applicant. In fact, the average APR for a funded loan among Bankrate users comes out to 13.27 percent — just above the national average.
Known qualification requirements
- U.S. citizen or have long-term visa
- At least 18 years old
- Not live in Iowa or U.S. territories
- Verifiable bank account
Fees
- 3% to 8% origination fee
- Unspecified late fee
Time to receive funds:
Within three days on average
Pros
- Joint application available
- Flexible payment date
- Direct debt consolidation disbursem*nt
Cons
- High maximum APR
- Potentially high origination fee
- Limited term options.
Disclosures
Between October 1, 2023 to December 31, 2023, Personal Loans issued by LendingClub Bank were funded within 65 hours after loan approval, on average. 24% of Personal Loans issued by LendingClub Bank during the same period were funded within 24 hours after loan approval. Loan approval, and the time it takes to issue a credit decision, are not guaranteed and individual results vary based on creditworthiness and other factors, including but not limited to investor demand.
A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $19,169 for a term of 36 months, with an interest rate of 10.49% and a 6.00% origination fee of $1,150 for an APR of 14.81%. In this example, the borrower will receive $18,019 and will make 36 monthly payments of $623. Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 60 months. Some amounts, rates, and term lengths may be unavailable in certain states.
For Personal Loans, APR ranges from 8.98% to 35.99% and origination fee ranges from 3.00% to 8.00% of the loan amount. APRs and origination fees are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of March 8, 2024 and are subject to change without notice.
Unless otherwise specified, credit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Only deposit products are FDIC-insured. LendingClub Bank is not an affiliate of Bankrate and is not responsible for the products and services provided by Bankrate.
Credit products are subject to credit approval and may be subject to sufficient investor commitment. If a credit union is selected to invest in the loan, credit union membership will be required. 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 at Lendingclub.com.
“LendingClub” and the “LC” symbol are trademarks of LendingClub Bank. 2024 LendingClub Bank. All rights reserved.
