LendingClub has led the way as being one of the first digital marketplace banks providing debt consolidation and business loans up to $60,000 with a revolutionary peer-to-peer lending model linking consumers to institutional investors with lightning speed.1 Borrowers can check their rate online with no credit impact, choose a loan amount, and if approved, funds are direct-deposited within a few business days with competitive interest rates and terms.
Partner Disclosure
Although we don't cover every financial product or company, we strive to offer a diverse selection of offers and objective editorial viewpoints from the Max Cash content team. Our partners and affiliates, which include some of the lenders we may recommend, have no bearing on our editors' opinions or ratings, which are dependent on internal opinion and derived from analysis and research. You can find a list of our partners here.
Pros and Cons of LendingClub
LendingClub can be an excellent option for individuals and businesses seeking flexible financial solutions through business and personal loans.5
- Loans come with fixed rates and payments with no additional interest
- No prepayment fees3
- Making on-time payments can positively impact credit
- Funding is possible within a few business days1 2
- Charge origination fee from 1% to 6% of the loan amount
- Not available in all states
- Minimum credit score of 600 required for some loans
- Same-day funding not available
How LendingClub Compares
to Other Options
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| Max Cash's Rating | |||
| Repayment Terms | N/A | N/A | Up to 60 months |
| Funding Timeline | Receive funds within a few business days | Receive funds by the same day if you apply by 4pm ET on a weekday or the next business day | Receive funds in as little as one business day |
| Bottom Line | LendingClub offers personal loans up to $60,000 through its peer-to-peer lending model with competitive rates and flexible repayment options.1 Fee structures are clear and transparent, but best suited for consumers with better credit. |
Rocket Loans is known for its simple online application, easy documentation requirements, and instant approval for many. Get up to $45,000, if qualified, with no prepayment penalties, but at least a fair FICO score is required.5 |
Known for helping borrowers consolidate debt through personal loans, Achieve has been in the business for years and prioritizes providing a simple inquiry process.5 |
Frequently Asked Questions about
LendingClub
LendingClub is a legitimate business that has been operating since 2007.
Find the company department on the website to contact LendingClub for more information.
LendingClub is accredited by the Better Business Bureau (BBB) and has an A+ rating.
Ready to See if You Qualify for Funding?
Partner Disclosure
Although we don't cover every financial product or company, we strive to offer a diverse selection of offers and objective editorial viewpoints from the Max Cash content team. Our partners and affiliates, which include some of the lenders we may recommend, have no bearing on our editors' opinions or ratings, which are dependent on internal opinion and derived from analysis and research. You can find a list of our partners here.