LendingClub began as a peer-to-peer marketplace and is now LendingClub Bank, N.A., an FDIC-insured bank. It lends $1,000 to $40,000 over 24 to 60 months at fixed APRs, with a published range from about 8.98% to 35.99% at the time of our review.
Why we recommend the LendingClub personal loan
Consolidation is the core use. You can list your card accounts and have LendingClub pay the issuers directly, with any remainder going to your bank account, which removes the urge to spend the cash and starts the savings on day one.
Joint applications set it apart, since many online lenders accept only individuals. A spouse or partner can co-sign, often helping someone with a borderline file win approval or a better APR. Checking your rate does not affect your credit score.
As a bank, it offers one lender and one servicing platform from application to final payment, plus checking and savings. The loan is reported to the three bureaus, rewarding on-time payers. Citizens, permanent residents and long-term visa holders aged 18 or older with an SSN can apply.
Author’s opinion
It fits someone consolidating $5,000 to $30,000 in card debt or a couple applying jointly. Term choice matters: $15,000 at a 20% APR costs about $397 a month and roughly $23,850 over 60 months, versus about $557 a month and around $20,070 over 36 months.
The origination fee of 3% to 8% comes off the top, late payments cost 5% of the past-due amount or $15, and there is no same-day funding. Compare APRs rather than interest rates, and walk away if the quote is not clearly lower than your cards.
I want to learn more about the LendingClub personal loan!
The next page details who can apply, the complete fee list, the documents LendingClub may request and the official application link. Tap the button below.
