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30Y FIXED6.85%↑ 0.02·15Y FIXED6.12%↓ 0.01·REFI 30Y6.78%↑ 0.01·HELOC9.20%0.00·JUMBO 30Y7.05%↑ 0.03·HYSA TOP4.85%↓ 0.05·12M CD5.10%0.00·24M CD4.85%↓ 0.02·5Y CD4.40%↑ 0.01·MMA TOP4.65%0.00·AUTO 60M NEW7.10%↓ 0.02·AUTO 60M USED8.45%↑ 0.04·PERSONAL EXC.8.20%0.00·10Y TREASURY4.32%↑ 0.01·30Y FIXED6.85%↑ 0.02·15Y FIXED6.12%↓ 0.01·REFI 30Y6.78%↑ 0.01·HELOC9.20%0.00·JUMBO 30Y7.05%↑ 0.03·HYSA TOP4.85%↓ 0.05·12M CD5.10%0.00·24M CD4.85%↓ 0.02·5Y CD4.40%↑ 0.01·MMA TOP4.65%0.00·AUTO 60M NEW7.10%↓ 0.02·AUTO 60M USED8.45%↑ 0.04·PERSONAL EXC.8.20%0.00·10Y TREASURY4.32%↑ 0.01·
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Personal Loan Review

LendingClub Personal Loan Review (2026)

Updated April 2026 · By the Fintiex Rate Desk
APR Range
8.98-35.99%
Loan Amount
$1K-$40K
Term Range
24-60 months
Fintiex Score
7.9/10

What works

  • +Joint applications allowed, which can unlock better rates by combining two income and credit profiles
  • +600 FICO minimum opens the door to fair-credit borrowers
  • +Low minimum loan amount of $1,000
  • +Soft-pull prequalification available before a hard inquiry
  • +Direct-to-creditor payoff for debt consolidation
  • +Established platform with over 15 years of lending history

What to watch

  • -Origination fee of 3 to 8% is charged on every loan, no exception
  • -APR ceiling of 35.99% reflects significant subprime risk pricing
  • -Funding typically takes 4 business days, slower than most competitors
Overview

About this lender

LendingClub began as a peer-to-peer marketplace connecting individual investors to borrowers and was one of the pioneers of online consumer lending. It obtained a national bank charter in 2021 and now funds loans from its own balance sheet alongside institutional partners. The product today is a conventional online personal loan with one clear differentiator: joint applications. Few major online lenders allow a co-borrower on a personal loan, and LendingClub does.

The joint application feature is most valuable when one borrower has strong income and the other has strong credit. Combined, you may qualify for a materially better rate than either borrower could achieve alone. This makes LendingClub particularly useful for couples managing shared debt or a primary borrower who wants to include a creditworthy co-applicant to lower the rate.

The unavoidable cost is the origination fee. LendingClub charges 3 to 8% on every loan, with no zero-fee option. On a $20,000 loan with a 5% origination, you receive $19,000 but owe $20,000 plus interest. That cost needs to factor into any rate comparison against zero-fee lenders. The 4-day funding timeline is also slower than the market norm of 1 to 2 days for most competitors.

Rates by Credit Tier

LendingClub APR by credit tier

Credit Tier
FICO Range
APR Range
Good-Excellent
720+
8.98%-14.99%
Fair-Good
660-719
14.99%-23.99%
Fair
620-659
23.99%-29.99%
Minimum
600
Up to 35.99%

Rates as of April 2026. Origination fee of 3-8% deducted from loan proceeds at funding. Final APR depends on credit profile, income, and loan term.

Fees

What you will pay

  • Origination fee3%-8% (always charged)
  • Late fee$15 or 5% of payment (whichever is greater)
  • Prepayment penalty$0
  • Check processing fee$7 per check payment

LendingClub's origination fee is unavoidable. There is no zero-fee tier. The 3-8% range means most borrowers pay 4-6%. On a $15,000 loan at 5% that is $750 deducted before disbursement.

Eligibility

Who can qualify

  • 01Minimum FICO score of 600
  • 02Must be a U.S. citizen or permanent resident, 18 years or older
  • 03Valid bank account and Social Security number
  • 04Verifiable income from employment, self-employment, retirement, or other sources
  • 05Debt-to-income ratio considered (lower is better for rate)
  • 06Joint applications allowed: both applicants must provide income and credit information
Application and Funding

How the process works

LendingClub's prequalification uses a soft credit pull, allowing you to see rate estimates without affecting your score. For joint applications, both applicants complete the prequalification steps. The full application triggers a hard inquiry for the primary applicant. A joint applicant also generates a hard pull on their credit file.

Funding at LendingClub takes approximately 4 business days from loan agreement signing, which is slower than most competitors. For debt consolidation, LendingClub offers direct payoff to creditors, which removes the disbursement step and makes the consolidation more structured. Check processing carries a $7 fee; ACH payment is free and recommended.

Best for

  • Fair-credit borrowers (600-659 FICO) who want a competitive alternative to credit cards
  • Joint applicants where combining two profiles produces a materially better rate
  • Debt consolidation where direct creditor payoff simplifies the process
  • Small loan needs ($1,000 to $5,000) that prime lenders do not serve

May not be the right fit if

  • Want zero origination fee: LendingClub always charges 3-8%. SoFi, Marcus, and Discover charge nothing.
  • Need funding fast: LendingClub takes 4 days. Discover and Best Egg typically fund next day.
  • Have excellent credit (720+): You qualify for better rates with zero fees at SoFi, Marcus, or LightStream.
How it compares

LendingClub vs. Upstart vs. Best Egg

Feature
LendingClub
Upstart
Best Egg
Starting APR
8.98%
7.80%
8.99%
Min FICO
600
300
600
Origination Fee
3-8%
0-12%
0.99-9.99%
Joint App
Yes
No
No
Max Term
60 months
60 months
84 months
Direct Creditor Payoff
Yes
No
No
FAQ

Common questions

Does LendingClub allow joint personal loan applications?
Yes. LendingClub supports joint applications where two people apply together. Both applicants' credit and income are evaluated. A hard inquiry is placed on both credit files. The combined profile can result in a better rate than either person could qualify for individually.
What origination fee does LendingClub charge?
LendingClub charges an origination fee of 3 to 8% on every personal loan. There is no zero-fee option. The fee is deducted from your loan proceeds before disbursement, so a $15,000 loan with a 5% fee results in $14,250 deposited to your account while your balance is $15,000.
How long does LendingClub take to fund?
LendingClub typically funds within 4 business days after loan agreement signing. This is slower than Discover (next day), Best Egg (next day), and most other major lenders. If speed is important, factor this into your decision.
Is LendingClub still a peer-to-peer lender?
No, not in the original sense. LendingClub obtained a national bank charter in 2021 and now primarily funds loans from its own balance sheet and institutional partners. Individual retail investors can still participate through LendingClub's investment platform, but your loan as a borrower is originated by LendingClub Bank.
Can I refinance a LendingClub loan if rates improve?
Yes. LendingClub has no prepayment penalty, so you can pay off the loan early at any time with no cost. If your credit improves or market rates fall, refinancing the balance with a lower-rate lender is straightforward. The origination fee on the original loan is a sunk cost and should not factor into the refinancing decision.

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