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.
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 | N/A |
| Funding Timeline | Receive funds within a few business days | Receive funds within one to two business days | Receive funds by the next 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. |
Money Mart® offers payday loans via a quick and easy online application with in-store support and convenient mobile app. Funds may be deposited the next or following business day, if approved.5 |
An alternative to payday loans, Credit Fair-E is a direct online lender offering affordable and transparent installment loans with fast approval and funding as soon as the next day.5 Borrowers’ credit history can also be improved by their reporting payments to TransUnion. |
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.
