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Lending Club Personal Loans

Product Holder (1340 Reviews)
Application Process
Customer Service
4.7417998313904 5

Get Your Personal Loan Rate from Lending Club Personal Loans

What are you looking to do with your loan?

60

11.39%

estimated

$219

estimated
 

Current Loan

This Loan

 

Change

Balance

$10,000

$10,000

$0

Term (Months)

60

60

0

 

Estimated Interest & Fees

$14,000

$3,170

Down

$10,830

Interest Cost

$14,000

$3,170

Down

$10,830

Lender Fees

N/A

$0

$0

 

Total Monthly Payment

$400

$219

Down

$181

 
Savings:
Monthly Payment Savings over 1 Year

$2,172

Interest & Fee Savings over 5 Years

$10,830

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  • Most Helpful Positive Review

    I am beyond impressed!
    Helpful to 258 out of 274 people

    I rarely write reviews but I really feel like I will be doing many people who are "in my shoes" a disservice if I don't.  I have only been on Credit Karma for a few weeks but I have been helped a lot by various reviews of credit services. I was looking for a loan to pay down my credit cards and raise my credit score (plus have a single payment at lower interest rate) prior to shopping for a car. Whenever I came across a lender, I would log on to Credit Karma to find reviews or comments made by members about them, and so after being prequalified by Lending Club I did the same thing and found a great deal of negative reviews. To say the least I was discouraged almost to the point of not taking the loan but then I decided since they were not likely to do a hard pull (learned that also thanks to this forum), I don't have much to lose, I might as well try. I am glad I made that decision. My loan request was for 4000, I got an interest rate of 10.99 and an APR of 13.84% (36-month term, score 680 according to LC). My loan got fully funded in about 30 hours, and it was so much fun watching that process. The most impressive part of the deal is that verification of my email and bank account were the only requirements and those happened within 24 hours. Soon after the loan was fully funded, loan status changed to "approved" and a few minutes after that to "issued". I received an email from Lending Club informing me that the money had been electronically transferred to my account and that was it! No phone calls to or from Lending Club, no faxes, no paperwork. Total time from application to issuing of the loan was only 36 hours and it was so effortless! Probably some of those who wrote negative reviews might have had genuine reasons to do so but my experience makes me conclude things may have changed for the better or borrower related factors may be partly responsible for at least some of the negative cases (like false information on application, etc), or both. 

    Read More

    bergermedecin's review was:    

     

    Most Helpful Critical Review

    Confusing
    Helpful to 88 out of 105 people

    Let me say that I took out a previous loan with Lending Club and everything was fine. I received the funds and am paying it off. No problem there.

    However, when I tried to take out a second loan, problems quickly began to arise. The website will simply NOT allow you to take out a second loan if you have one already. There is no clear cut direction as to what to do or what to click on.

    I emailed Lending Club and asked if I could take out a second loan and explained the technical issues I was having. Someone responded with "you can only take out a second loan if you had the first loan for 6 months and paid everything on time". That was all the email said. But I have had the other loan for a YEAR and always paid on time. They didn't address my real question or even look up my account. I emailed them again and finally they told me how to get a second loan. You have to actually sign up using a different email address to do this. It was confusing and irritating to have to do that.

    I have had other questions and have gotten one line generic responses via email. You can call them with questions too, but phone lines are only open during the day and early evenings.

    My loan has been 100% funded as of a week ago, but I never received an email stating this. I found out myself when I logged in to my account. I have not received any funds in my bank account either. I don't understand what the hold up is or why there was no communication. I just emailed them yet again with another question.

    It has been two weeks since I posted my loan and I am confused about the status. 

    Bottom line: the loan request process may be time consuming and possibly a waste of time if you never end up getting a loan somehow down the road. Customer service is below average. The website is easy to use for simple tasks but there is limited information available for account holders and not easy to figure out how to take out multiple loans. Overall, not as easy of a process as I once thought it was. Don't know if I would recommend Lending Club to anyone.

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    Reviews (1340)

    Lending club has a very nice product.

    I was approved conditionally within  5 minutes  and fully in  2 days.  They  cut my interest rate from  18% on  cards to 8.5% apr.    They do   require a fee  which was $180 for me - but still will allow me to get out of debt in  3 years.   The fee is factored into the APR.    I dont have any experience with   their customer service  yet.

    Read More
    Really simple and easy.
    Helpful to 2 out of 2 people

    I was really pleased and surprised at how things went. I filled out the application, was approved, and funded quickly.

    It took a little time from approved to my bank account getting the funds but everything worked out. I am really pleased

    and Thankfull

    Read More

    Glad you were happy with your experience!

    LendingClubRep's reply was:    

     
    Beyond my wildest dreams
    Helpful to 2 out of 2 people

    The entire process was seamless. I was skeptical and read many reviews before I decided to complelte the application. After giving my information it took less than a week for the funds to be loaded into my account. I have paid off my bills and on my way to working on being debt free with a much LOWER interest rate. I will make sure to recommend Lending Tree to all of my friends and family.

    Read More

    Hi fshead1988, glad we were able to assist!

    LendingClubRep's reply was:    

     
    terriffic!!
    Helpful to 1 out of 1 people

    cannot believe how easy and painless this experiance was...thank you credit karma for recommending  lending club and thank you lending club for helping me consolidate my credit card debt.

    Read More

    Glad we were able to assist!

    LendingClubRep's reply was:    

     
    Very easy, quick process
    Helpful to 4 out of 4 people

    I have been working very hard to clean up my credit and improve my score, but was getting no where due to the high interest I was paying on my credit cards. It was very hard to see a change in the balances each month, I can now see  an end to my debt, not a guess each month. I am now paying 1/2 to 1/13 of the interest I had on my credit cards. It's great to look at those account balances being $0.00 and have learned a lesson the hard way about using credit. I will never get in debt again. The whole process was easy, I was kept updated along the way, and was told by an actual (very nice) person on the phone that I was approved, and he made sure I didn't have any questions. Besides everything else, my credit score will benefit from this. Thank you Lending Lending Club for the help and the fair rate. Thank you Credit Karma for telling me about options to help me.

    Read More

    Marywithlessdebt's review was:    

     
    Write A Reply |
    Great!
    Helpful to 2 out of 2 people

    Quick and noninvasive! Felt like a person. 

    Read More

    Glad you were happy with your experience!

    LendingClubRep's reply was:    

     
    Convenient, Easy, Affordable Rates
    Helpful to 2 out of 2 people

    I have been a Credit Karma user for many years but never took advantage of the offers before.  Everything I needed to know was easily comparable between the offers shown for personal loans.  I was able to get my Lending Club funds in about 4 days after I accepted the offer.  Everything was handled online.  I paid off all my outstanding high interest credit card balances.  Now I have only one monthly payment to Lending Club and the interrest rate of 12.99% APR was afforable for my credit score rating of 678.  Other personal loans were close, but not as good as the Lending Club terms.  What a relief!  I would tell anyone that Lending Club is a viable option for debt consolidation.

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    Glad we were able to assist!

    LendingClubRep's reply was:    

     
    Excellent
    Helpful to 3 out of 3 people

    I applied for a Lending Club loan on a Saturday.  By the following Friday, I had an approval and a "Congratulations" email.  The following Monday, the funds were deposited in my bank.  I had a 666 credit score according to LC, (I believe they use Experian) and received a 13.84% loan.  I have a car loan and a three high interest credit cards, but I pay on time, and have had the accounts for more than a year.  I had a bankruptcy in 2012.  I am now able to pay off the three high interest credit cards and will be debt free in three years, minus the car loan.  I will save a considerable amount of money over time.  I tore up the credit cards.  If I can't buy something with cash, then I don't need it.  I am so happy that I decided to give LC a try.  Great company.  Will use again for home improvement down the road.

    Read More

    Welcome to the Club!

    LendingClubRep's reply was:    

     
    Absolutely amazing…worked perfectly!
    Helpful to 7 out of 8 people

    I really can't say enough about securing a loan through Lending Club.  I like the model as an abstract concept (groups of small, individuals creating a loan and then receiving the interest) and I like the actuall nuts and bolts of the product in practice.  I've had two loans through them so far, both to consolidate and pay of debt from paying my way through school on some pretty terrible credit cards. 

    As others have mentioned, you can take out another loan before the first is completely paid off, but you should ONLY ever use that option if you're going to get a better rate and immediately use a portion of the new loan to pay off the first.  In my case, my credit score was a lot better and I had the ability to get an even lower interest rate.  The process can be a little confusing because of the two emails thing, but it's nothing major...and well worth the nominal difficulty to get an even better deal.

    I would 100% reccomend this to others and I actually have already done so.  In a relatively short period of time, I will have paid everything off and I'm actually interested in exploring the "funding" side of their loans, so i can see if I'll be able to help others.

    Great product!

    Read More

    We are grateful for your feedback!

    LendingClubRep's reply was:    

     
    Awesome
    Helpful to 3 out of 4 people

    This was the easiest financial transaction I have ever done. The whole process from finding out about them, until the money  was in y account was 6 days. They kept me informed via email the whole time. Way better than a banor credit union.

    Read More

    Glad you were happy with your experience!

    LendingClubRep's reply was:    

     

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    Company Overview

    Lending Club is an online peer to peer financial community that works to match approved borrowers with investors. The online application process makes applying for a personal loan quick and convenient. Available loan types vary from debt consolidation to special events loans. Loan amounts range from $1,000 to $35,000 with fixed monthly rates. Borrower and investor support is available online or by phone.

    Founded in 2007, LendingClub has helped facilitate more than $5 billion in loans. All loans featured on Lending Club are funded by WebBank, a Utah-chartered Industrial bank headquartered in Salt Lake City.

    **Annual Percentage Rates, terms of loan, and monthly payments presented are estimated and were created based upon information entered by the consumer and through analysis of information publicly available at lender websites. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender’s range might be 7% to 30%) and only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, credit usage and history. All loans are subject to credit review and approval. When evaluating offers, please review the lender’s Terms and Conditions for additional details.