Personal loans

LendingClub review

Marketplace personal loans funded by investors.

Amount

$1,000–$40,000

Term

24–72 months

Cost

APR 8.98%–35.99%; origination fee 3%–8%

Funding

2–4 business days after acceptance

Source: LendingClub public terms, as of April 2026. Subject to change.

What it is

LendingClub operates as a marketplace where individual or institutional investors fund consumer loans. From the borrower’s side, the experience is a standard personal-loan: fixed APR, fixed monthly payment, 2- to 6-year term.

The origination fee (3%–8% of the loan) is taken upfront from the loan proceeds — so on a $10,000 loan with a 5% origination fee, you actually receive $9,500 but repay the full $10,000 with interest.

Pros

Wide credit range (works for fair-to-good credit)
Joint applications accepted
Rate preview with soft pull

Cons

Origination fee 3%–8% — eats into the loan amount
APR ceiling near 36%, comparable to high-APR competitors
Funding takes 2–4 business days, slower than SoFi/Upstart

Best for

Borrowers in the fair-to-good credit range needing $5,000–$40,000 over 3–5 years, who can absorb the origination fee.

Bottom line

Solid mid-tier choice. The origination fee is the deal-breaker for many — confirm the total cost works.

External link

LendingClub official site

Continue to LendingClub

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