LendingClub Personal Loans
Pioneer in online lending with co-borrower options and direct creditor payment
⭐ Best for Co-Borrowers
LendingClub Overview
LendingClub pioneered the peer-to-peer lending model and has since evolved into a full-service digital bank. Known for co-borrower applications and direct creditor payment, LendingClub is a strong choice for debt consolidation and borrowers who can benefit from a joint application.
Why Choose LendingClub?
Key Advantages
- Co-borrower applications — add a creditworthy partner to improve rate and approval odds
- Direct creditor payment for debt consolidation
- Accessible to fair credit with scores as low as 600
- Established reputation as one of the first online lending platforms
✅ Pros
- Joint/co-borrower applications
- Direct creditor payment
- Accepts fair credit (600+)
- No prepayment penalties
- Fully online process
- Established, trusted lender
❌ Cons
- Origination fee 3%–8%
- Only 36 or 60 month terms
- Maximum loan of $40,000
- Funding takes 2–5 business days
LendingClub vs. Competitors
| Feature | LendingClub | Upgrade | SoFi | Prosper |
|---|---|---|---|---|
| APR | 9.57%–35.99% | 9.99%–35.99% | 8.99%–25.81% | 8.99%–35.99% |
| Loan Range | $1K–$40K | $1K–$50K | $5K–$100K | $2K–$50K |
| Fees | 3%–8% | 1.85%–9.99% | None | 1%–9.99% |
| Co-Borrower | Yes | Yes | No | No |
| Terms | 36/60 mo | 24–84 mo | 24–84 mo | 24–60 mo |
Frequently Asked Questions
Can I apply with a co-borrower?
Yes. LendingClub allows joint applications with a co-borrower. This can significantly improve your approval odds and potentially lower your interest rate.
What credit score do I need?
LendingClub requires a minimum credit score of 600. Borrowers with higher scores will receive better rates.
Does LendingClub charge origination fees?
Yes. LendingClub charges 3%–8% origination fee, deducted from loan proceeds before disbursement. Factor this into your requested amount.
Can LendingClub pay my creditors directly?
Yes. For debt consolidation loans, LendingClub can send proceeds directly to your existing creditors.