Fast funding for up to $60K

LendingClub offers a streamlined personal loan application process and relatively low rates, which are helpful if you’re seeking simplicity and low borrowing costs. However, its loan terms aren’t as flexible as some competitors', and its loans don’t have many extra features or perks.

LendingClub is highly rated among the lenders we evaluated. Besides offering a simple application process and competitive rates, borrowers also benefit from the following:

High customer satisfaction: Past customers seem happy with LendingClub, with Trustpilot reviewers praising its frictionless and convenient application process and customer service team.
Quick funding: LendingClub can fund its loans within 24 hours of approval, which is relatively fast compared to some competitors.
Grace period for late fees: You’ll have a 15-day grace period before LendingClub applies a late payment fee. However, late or missed payments can be reported to the major credit bureaus.
No prepayment penalties: LendingClub doesn’t ding you for repaying your loan early. It charges no prepayment penalty.
Co-borrowers allowed: If you’re worried about getting approved for a personal loan on your own, you can ask a co-borrower with better credit or a higher income to sign onto your application. A co-borrower will be equally responsible for loan payments.

Despite its high ratings, LendingClub does have some drawbacks. Be aware of the following if you apply for its personal loans:

Limited customer service: LendingClub only offers one channel for reaching customer service: by phone. There’s no option to email or live chat with a representative.
Charges origination fees: You may or may not pay an origination fee for a LendingClub personal loan. It charges origination fees of 0% to 8.00%, but doesn’t specify when or why fees may be lower or higher.
Limited features and perks: Some lenders offer added perks like autopay discounts, hardship support, or credit-builder tools. Unfortunately, LendingClub doesn’t offer notable benefits that set it apart.

Check out all our picks for the best personal loans of 2025

LendingClub offers an online application process for its personal loans, as do many other lenders. You can prequalify before formally applying, which is an important step. Prequalification lets you get a sense of the rates and terms you might qualify for, and it only requires a soft credit check. Unlike a hard credit check, a soft credit check won’t impact your credit score.

If you’ve compared estimated rates and terms and decide that LendingClub is your top choice for a personal loan, the formal application process is simple and quick. Expect to provide your personal and financial information as you would with another lender. LendingClub will request proof of income, identity, and address. You’ll likely need to provide a few documents for verification, which could include:

After submitting your application, you’ll need to wait for a loan decision. LendingClub indicates that many applications are approved within an hour, and loan funds are often sent within 24 hours.

Overall, past customers have positive things to say about LendingClub and its personal loans. On Trustpilot, LendingClub has an average of 4.6 stars out of 5 stars across over 7,000 customer reviews. Users praise its easy application process, helpful customer service, and fast loan processing and funding. That said, some frustrated reviewers mention things like receiving loan funds after being denied and ongoing phone calls marketing loan offers.

The Federal Trade Commission (FTC) also sued LendingClub in 2018 for charging unexpected fees to its customers after marketing specific loan amounts with “no hidden fees.” LendingClub settled with the FTC in 2021, and approximately $9.7 million was paid out to LendingClub customers who incurred unexpected fees.

This lender may be a great fit if you:

Have excellent credit
Are seeking competitive rates
Want a simple, intuitive application process
Need fast funding

It may not be the best option if you:

Prefer to communicate by email or chat
Are seeking a loan larger than $60,000
Don’t want to pay an origination fee
Want added perks like autopay discounts and hardship support

If LendingClub isn’t right for you, consider these personal loan lenders:

SoFi: Better for member benefits, including referral bonuses and autopay discounts
LightStream: Ideal for low rates, promising to beat competitor rates by 0.10%
Wells Fargo: Known for fast funding, with the majority of borrowers receiving funds the same day they sign

LendingClub has a strong personal loan offering, and it could be worth prequalifying if you’re seeking a competitive rate, a simple application process, or quick funding. That said, it’s important to compare rates and terms from different lenders before you formally apply.

Ultimately, LendingClub may have the best loan offer, and in that case, moving forward with an application makes sense. But it’s essential to shop around, especially if you’re seeking a large loan.

This article was edited by Alicia Hahn.