Frequently Asked Questions

LendingClub is a financial services marketplace that connects borrowers with investors through an online platform. We offer personal loans, education loans, business loans, home loans, wedding loans, and auto loans with competitive rates and flexible terms.

You start by filling out a quick application to check your rate. Once you see your offers, you can choose the loan amount and term that works best for you. After acceptance, your information is verified and funds are deposited directly to your bank account, typically within 24 hours.

We offer six main types of loans: Personal Loans, Education Loans, Business Loans, Home Loans, Wedding Loans, and Auto Loans. Each has its own purpose, amounts, and rate ranges to meet different financial needs.

No, LendingClub is not a bank. We are a financial services marketplace that facilitates loans between borrowers and investors. We don't take deposits, but we partner with banks and credit unions to originate loans.

You can apply online by clicking the "Apply Now" button on our website. The application takes about 5-10 minutes to complete. You'll need to provide basic personal information, employment details, and banking information. Once submitted, you'll receive an instant decision in most cases.

The initial rate check takes about 2 minutes. If you decide to continue with a full application, it typically takes 5-10 minutes to complete. You'll receive a credit decision quickly, and once accepted, you can e-sign your loan documents.

You'll need your basic personal information (name, address, date of birth), social security number for identity verification, employment and income information, and your bank account details for funding.

Yes, adding a co-borrower can help you qualify for better rates and terms. Both borrowers' credit profiles will be considered in the application. The co-borrower will also be equally responsible for repaying the loan.

Our personal loan APRs range from 5.99% to 35.99% depending on your credit profile, loan amount, and term length. The exact rate you receive is based on your creditworthiness and will be shown to you before you accept any loan offer.

Our origination fees range from 3% to 8% of the loan amount, which are clearly disclosed before you accept any loan offer. There are no application fees, no prepayment penalties, and no late fees. What you see is what you get.

Your interest rate is based on your credit profile, including credit score, credit history, income, and other factors. Higher credit scores typically qualify for lower rates. We consider the whole picture, not just your score.

While we consider applicants with credit scores as low as 600, the best rates are offered to those with scores of 680 or higher. We look at the entire credit profile, not just your score, when making lending decisions.

Submitting your initial rate check involves a soft credit inquiry that does not affect your credit score. Only if you accept a loan offer and proceed with funding will a hard credit inquiry be made, which may temporarily impact your score by a few points.

Most applicants receive an instant decision. In some cases, we may need additional documentation, which could take a little longer. You'll always be kept informed of your application status.

Your first payment is due on the first payment due date following 30 days from funding. After that, payments are due on the same day each month. You can view your complete payment schedule in your online account.

Payments are automatically deducted from your bank account on your due date each month (ACH). You can also make additional payments or pay off your loan early through your online account. We accept payments by bank transfer, mail, or phone.

Yes! You can pay off your loan at any time without penalty. Paying off early can save you money on interest charges. There are absolutely no prepayment penalties at LendingClub.

Once approved and your loan documents are signed, most borrowers receive their funds within 24 hours. The exact timing depends on your bank's processing speed. Funds are deposited directly into your linked bank account via ACH transfer.