LendingClub offers personal loans with amounts ranging from $1,000 to $60,000. Borrowers can expect annual percentage rates (APRs) between 6.53% and 35.99% and terms ranging from 24 to 84 months. Fixed rates and monthly payments make budgeting more predictable, and funds can be sent within 24 hours of approval for qualified borrowers. There are no prepayment penalties, but an origination fee of up to 8% may apply. LendingClub evaluates creditworthiness, income, and debt-to-income ratio when reviewing applications.

How to Apply: Step by Step

1. Submit an online application, which takes just minutes to complete.

2. Review and select a loan offer that fits your needs and budget.

3. Provide any requested income and identity documentation.

4. Wait for approval decisions and, if approved, finalize your loan agreement.

5. Receive funds via direct deposit or have creditors paid directly.

Pros: Key Benefits

LendingClub’s fixed rates simplify budgeting, while generous loan limits make it a strong choice for debt consolidation or major expenses. No prepayment fees add flexibility.

Fast funding—sometimes as soon as 24 hours after approval—sets LendingClub apart for those who need money quickly for urgent needs. Flexible payment terms help accommodate your budget.

Cons: Considerations

LendingClub charges an origination fee ranging from 0% to 8% of the loan amount, which is deducted from the disbursed funds.

While APR can be competitive for high-credit borrowers, those with lower credit scores may receive higher rates and less favorable terms.

Verdict: Our Take

LendingClub offers fast, flexible personal loans suitable for a wide variety of needs. The application is straightforward, and high loan caps make it a standout for consolidating sizable debts.

Potential borrowers should compare rates and understand all fees, but overall, LendingClub’s personal loan is a compelling option for many US consumers.