LendingClub Personal Loans Review: Top Pick for Joint Loans, Low APRs
Review
Updated
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LendingClub is one of the most experienced non-bank personal lenders in the market. In fact, LendingClub has lent more than $44 billion to over 2.5 million customers since 2007. In this LendingClub personal loans review, we’ll see if they make sense for you.
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Great for: Low APR for borrowers with good to excellent credit scores
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For anyone looking to consolidate high-interest debt, LendingClub is worth exploring. You can save hundreds on interest by combining loans into a single peer-to-peer loan. LendingClub offers a wide range of loan amounts, and you can pay off your loan early without facing any prepayment penalties.
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
| Lender | APR Range | Loan Amount | Min. Credit Score | Next Steps |
|---|---|---|---|---|
Apply Now for Discover Personal Loan
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Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
7.99% - 24.99%
|
$2,500 - $40,000
|
660
|
Apply Now for Discover Personal Loan
Powered by Credible |
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
11.49% - 20.49%
|
$2,000 - $30,000
|
740
|
|
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
6.70% - 35.99%³
|
$1,000 - $50,000¹
|
300
|
Soft credit pull: LendingClub allows potential borrowers to check their interest rate and loan terms without a hard credit pull, so it won’t affect your credit score to pre-qualify.
Loan amounts: LendingClub makes personal loans in amounts ranging from $1,000 to $40,000. This isn’t the widest range in the industry, especially on the top end, but a $1,000 personal loan can be difficult to find elsewhere.
Rates for borrowers with strong credit: With APRs starting at 6.95%, LendingClub could be a relatively inexpensive borrowing option for people with strong credit, especially if the loan is being used to consolidate high-interest credit card debt.
No prepayment penalty: LendingClub doesn’t charge prepayment penalties or application fees.
Loan terms: LendingClub offers personal loans with terms ranging from three to five years.
Transparent credit standards: Unlike many other personal lenders, LendingClub is quite transparent about its minimum credit qualifications, which we’ll discuss in detail later on.
Joint applicants: Most personal lenders don’t allow for joint applications, but LendingClub does, as long as one borrower meets its credit standards. The other applicant must meet other, more relaxed, standards, but this makes LendingClub a good choice for borrowers who need to apply with a cosigner.
Funding time: It takes a minimum of seven days to receive your loan proceeds. Because your loan comes from investors, and not the lender’s capital, LendingClub needs to find backers to fund your loan. While this isn’t necessarily a deal-breaker, it’s considerably longer than many other personal lenders take.
APR range: LendingClub’s personal loan APRs range from 6.95%-35.89%. While the low end is quite competitive, the high end of this range is among the highest in the industry.
Origination fees: LendingClub charges an origination fee ranging from 1%-6% of the loan amount, based on the borrower’s credit rating. To be clear, this is reflected in the APRs mentioned above. In contrast, many of LendingClub’s competitors don’t charge origination fees at all.
As I mentioned, LendingClub has specific minimum credit standards, including a minimum credit score of 600, at least three years of credit history, and a debt-to-income ratio of 40% or lower. In addition, LendingClub allows for joint applications, as long as one borrower meets the minimum standards.
While LendingClub has some of the looser credit standards in the industry, it’s important to realize that only borrowers with excellent credit will qualify for the best loan terms.
LendingClub makes personal loans ranging from $1,000 to $40,000. However, it’s important to realize that your qualifications need to justify the loan amount you request. In other words, even if you have excellent credit, you aren’t going to qualify for a certain loan amount unless your income and other debt obligations justify it.
You can apply for LendingClub’s personal loans directly on their website. As I mentioned earlier, you can check your interest rate and loan term options without affecting your credit score. If you decide to move forward, you’ll then choose the loan offer that suits you best and formally apply. (Note: Once you actually apply, a hard credit inquiry will be conducted.)
The application process is rather quick, but because of the nature of LendingClub’s business model, it can take some time before the money shows up in your bank account. LendingClub advertises that you can “get your money in as little as 7 days,” while several other lenders fund loans considerably faster.
In a nutshell, LendingClub personal loans make sense for borrowers with strong credit histories, stable employment, and a relatively low debt-to-income (DTI) ratio. LendingClub’s loan terms are quite competitive -- on the low end of its APR and origination fee ranges -- but in order to get the best terms, you’ll need top-notch credit and a low DTI.
It’s also worth pointing out that if you need to borrow more than $40,000, there are other lenders who could be better options. Some of our favorite personal lenders will make loans for as much as $100,000, so if you need a large loan, be sure to explore all of your options.
Finally, LendingClub can be an excellent option for borrowers who need to apply with a cosigner, or who want a joint account. For example, if you and your spouse both want to be responsible for the loan, that’s possible with a LendingClub personal loan, but isn’t available through many competitors.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page.
Citi® Personal Loan Disclosure
Terms, conditions, and fees for accounts, products, programs and services are subject to change at any time. You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Existing Citi deposit and credit card customers who have been a Citi customer for less than 12 months are not eligible for a Citi® Personal Loan.
If you apply online, you must agree to receive the loan note and all other account disclosures provided with your loan origination in an electronic format and provide your signature electronically.
Rates as of 12-01-2024. Your APR may be as low as 11.49% or as high as 20.49% for the term of your loan. The lowest rate quoted assumes excellent credit and a loan term of 24 or 36 months. Your APR will depend on a variety of factors including your creditworthiness, term of loan, and existing relationship with Citi. Citi offers personal loans with a period of repayment between 12 and 60-month terms. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the APR. If you are in default, your APR may increase by 2.00%. Rates subject to change without notice.
To check for offers you may qualify for, Citi conducts a soft credit inquiry. If you are presented with an offer and choose to proceed with the application process, Citi will conduct a hard credit inquiry which may have an impact on your credit score.
Citi® Personal Loan proceeds cannot be used to pay for post-secondary education expenses or for business purposes. Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.
If you are approved for a personal loan with Citi, you can get your funds the same day with a Citi deposit account, or up to 2 business days for a non-Citi account when using direct deposit. Or, you can select to receive a check by mail in approximately 5 business days.
Personal loans are made available by Citibank, N.A., Equal Housing lender
*Upstart Loan Disclaimer
¹ Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).
³ The full range of available rates varies by state. A representative example of payment terms for an unsecured Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 18.60% and a 8.51% origination fee of $851, for an APR of 23.07%. In this example, the borrower will receive $9149 and will make 60 monthly payments of $258. APR is calculated based on 5-year rates offered in December 2024. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page.
Citi® Personal Loan Disclosure
Terms, conditions, and fees for accounts, products, programs and services are subject to change at any time. You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Existing Citi deposit and credit card customers who have been a Citi customer for less than 12 months are not eligible for a Citi® Personal Loan.
If you apply online, you must agree to receive the loan note and all other account disclosures provided with your loan origination in an electronic format and provide your signature electronically.
Rates as of 12-01-2024. Your APR may be as low as 11.49% or as high as 20.49% for the term of your loan. The lowest rate quoted assumes excellent credit and a loan term of 24 or 36 months. Your APR will depend on a variety of factors including your creditworthiness, term of loan, and existing relationship with Citi. Citi offers personal loans with a period of repayment between 12 and 60-month terms. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the APR. If you are in default, your APR may increase by 2.00%. Rates subject to change without notice.
To check for offers you may qualify for, Citi conducts a soft credit inquiry. If you are presented with an offer and choose to proceed with the application process, Citi will conduct a hard credit inquiry which may have an impact on your credit score.
Citi® Personal Loan proceeds cannot be used to pay for post-secondary education expenses or for business purposes. Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.
If you are approved for a personal loan with Citi, you can get your funds the same day with a Citi deposit account, or up to 2 business days for a non-Citi account when using direct deposit. Or, you can select to receive a check by mail in approximately 5 business days.
Personal loans are made available by Citibank, N.A., Equal Housing lender
*Upstart Loan Disclaimer
¹ Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).
³ The full range of available rates varies by state. A representative example of payment terms for an unsecured Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 18.60% and a 8.51% origination fee of $851, for an APR of 23.07%. In this example, the borrower will receive $9149 and will make 60 monthly payments of $258. APR is calculated based on 5-year rates offered in December 2024. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
