We also looked at credit score requirements, whether the lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated LendingClub’s support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps. Both SoFi and LendingClub offer unsecured personal loans with competitive rates and a variety of repayment terms. LendingClub may be able to offer better rates than SoFi, but its origination fee could offset the savings of a low rate. SoFi caters to borrowers with good credit, whereas LendingClub may be the better fit if you have fair credit or want to apply with a co-signer.

Rates, amounts, and repayment terms are for the loan described in the ‘best for’ column below. Before getting into the details, here’s a look at the most important pros and cons of LendingClub personal loans. SoFi may be preferable if you’re looking to borrow a large personal loan, as it lends between $5,000 to $100,000.

LendingClub personal loans are a fit for good- or fair-credit borrowers looking to consolidate debt or finance large purchases. This lender is an especially good choice for debt consolidation because it offers a rate discount and direct payment to creditors on debt consolidation loans. You can choose among several payback period options ranging from three to five years. Different terms may lead to different interest rates and monthly payments, so it’s important to spend the time to pick the best offer for your needs if you decide to move forward. If you don’t accept any loan terms, you can stop the application process without any cost or impact on your credit score. LendingClub is a digital marketplace that offers totally branchless banking and personal loans between $1,000 and $40,000.

When comparing your loan offers, look for a personal loan with a competitive rate, low (or no) fees and a repayment term that works for your budget. You can also get private student loans from this lender, or you can refinance existing student debt. Some online banks simply provide a good place to stash your savings and get a high APY. But LendingClub offers a more extensive list of products and services that can suit a broader range of financial goals.

Perks & Features

LendingClub will pull your credit report when you submit your application. So if you don’t have enough of a credit history to xcritical rezension borrow on your own, you might want to enlist the help of a co-borrower. The higher their credit score, the more likely they will help you qualify for a personal loan at the lowest interest rate offered. Likewise, maximum APRs at SoFi only reach around 29.99%, whereas LendingClub rates peak at almost 36%.

LendingClub Personal Loans Review 2024

However, it’s always important to consider any legal actions filed against a bank prior to opening an account. LendingClub Rewards Checking has no monthly fee and no minimum balance requirement after the $100 to open an account. To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.

Build Credit

1. Getting pre-qualified with LendingClub won’t affect your credit as it only requires a soft credit inquiry and doesn’t go on your credit report.
2. In terms of how the checking and savings accounts compare, these products are combined at SoFi.
3. LendingClub Bank offers several online and mobile banking solutions to let you access and manage your account on the go, 24/7, from any device or location.
4. Satisfied customers generally report that the application process is easy and funds were received quickly.
5. Not only that but we have a great rate on our high yield savings account.

Using LendingClub could also be a better idea if you’re taking out a loan to consolidate debt. That’s because paying your creditors directly via a balance transfer loan with LendingClub could help lower your rate and monthly payment. In terms of its fee structure and the interest rates offered on deposit, it’s a stand out among other top online banking options. LendingClub doesn’t offer home mortgage loans, home equity loans, HELOCs or refinance loans.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Before accepting a loan from either lender, consider the features of each to find the one that best works for you. A previous version of this review incorrectly included a 0.5 star penalty to LendingClub Bank’s overall rating relating to complaints on the Consumer Financial Protection Bureau database.

LendingClub Corporation has a 4.43 star and B+ BBB rating. Similarly, LendingClub’s positive reviews on Trustpilot have earned the lender a 4.8-star rating. Satisfied customers generally report that the application process is easy and funds were received quickly. Others are pleased with the quality of customer service as well as the ease with which LendingClub loans let them consolidate credit cards and other debt. LendingClub is an online lender, bank, and investment company.

Forbes Advisor rates banks based on various factors, including their fees, interest rates and ATM networks, among other characteristics. We assign separate ratings to financial institutions and their individual products, such as checking accounts, savings accounts and certificates of deposit (CDs). We rate banks based on a scale of one to five stars, with one star as the poorest rating and five stars as the best. SoFi and LendingClub both offer a streamlined online borrowing experience. You can prequalify for personal loans on each lender’s website, which lets you check your rates without xcritical scammers impacting your credit score.

The lender’s mobile app received 3.3 stars across 1,660 reviews on Google Play and 4.3 stars across 2,600 reviews on the Apple Store. This review focuses on personal banking products and services offered by LendingClub Bank. All fee and interest rate information is accurate as of April 25, 2024. I submitted the required paperwork to add my husband to my account so that we can deposit checks that are made out to both of us, but two months have passed and they haven’t added him.

Find The Best Online Banks Of 2024

Our editors are committed to bringing you unbiased ratings and information. We use data-driven methodologies to evaluate financial products and companies, so all are measured equally. You can read more about our editorial guidelines and the banking methodology for the ratings below. You can get loan approval immediately and funds within a few days. However, if you’re worried about approval, LendingClub’s pre-qualification option lets you input credit details without facing a hard inquiry on your credit report. Blueprint is an independent, advertising-supported comparison service focused on helping readers make smarter decisions.

If you have an IRA with LendingClub or plan to open one, there are additional fees to be aware of. The LendingClub Certificates of Deposit have terms that range from six months to five years. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, xcritical website or Microsoft Edge to view this website.

LendingClub has a respectable ATM network, but you’ll also have to be comfortable managing your money through online or mobile banking. I had a checking account with Aspiration Bank and loved it. They had a great app and I never had a problem with it or the bank.

However, applicants are required to provide proof of income during the application process. What’s more, applicants must have a DTI ratio of less than 40% for single applicants and 35% for joint applicants. This means that a borrower’s total monthly debt obligations cannot add up to any more than 40% of her monthly gross income. LendingClub is best for borrowers who have fair credit and need a small loan amount. However, LendingClub loans do come at a price—especially for less creditworthy borrowers. Prospective borrowers who are willing to apply with a co-borrower may be able to qualify for a higher loan amount and more competitive rates.