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 | Varies based on credit history and loan amount | 12 to 36 months |
| Funding Timeline | Receive funds within a few business days | Receive funds on the same day or by the next business day | Receive funds on the same day or 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. |
Western Shamrock Loans offers personal loans to eligible residents of Texas and Oklahoma, and Missouri, who may need extra financial help.5 |
Tower Loan will work with borrowers from all different kinds of credit backgrounds, offering personal and installment loans up to $20,000.1 Loans come with flexible repayment terms, but some are available only in select states.4 |
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.
