4.6/5
LendingClub Service Evaluation
Yes, especially for Debt Consolidation and Online Banking. Since becoming a fully chartered bank, LendingClub offers one of the best online experiences across personal loans, high-yield savings (LevelUp), CDs, checking, and healthcare financing (Patient Solutions). Their ability to pay your creditors directly and accept joint applications makes them a top choice for paying off credit cards. LendingClub Bank also offers competitive CD rates across multiple terms and a tiered LevelUp Savings account, making it a more complete digital banking option than most fintech peers.
- Minimum Credit Score (Personal Loan): 600 (Fair Credit)
- Best Feature: Apply with a Co-borrower and Direct Pay to creditors
- The Catch: Watch out for the Origination Fee (0% to 8%)
Our Rating: ⭐⭐⭐⭐½ (4.6/5), Best for Debt Consolidation and Online Banking.
LendingClub is a pioneer in the fintech space, originally launching as a peer-to-peer lending platform before evolving into a full-fledged digital bank. Today, LendingClub Bank, N.A. offers a complete suite of personal financial products: personal loans from $1,000 to $60,000 at 5.96% to 35.99% APR, a tiered LevelUp high-yield savings account, competitive LendingClub CD rates across multiple terms, LevelUp Checking with 2% cash back on loan payments, auto refinancing, business loans, and healthcare financing through Patient Solutions. If you have been reading LendingClub reviews and want a complete picture before deciding, you are in the right place.
In this LendingClub Review, we cover personal loan eligibility and fees, the LevelUp Savings high-yield account, CD offerings and early-withdrawal terms, the LevelUp Checking 2% cash-back program, debt consolidation via Direct Pay, and Patient Solutions, helping you decide if LendingClub is the right financial partner for your goals.
LendingClub Products Overview: The Full Banking Suite
LendingClub Bank operates as a one-stop digital bank with the following product lines, per its BBB profile and product disclosures:
| Product | Key Features | Best For |
|---|---|---|
| Personal Loans | $1,000 to $60,000; 5.96% to 35.99% APR; 24 to 84 month terms; Joint applications; Direct Pay to creditors | Debt consolidation, fair credit |
| LevelUp Savings (HYSA) | ~4.00% APY top tier (requires $250+ monthly deposit); ~3.00% APY base tier; $0 minimum opening deposit; no monthly fees; FDIC insured | Consistent monthly savers |
| Certificates of Deposit (CDs) | Multiple terms; fixed APYs; FDIC insured up to $250,000; no monthly fees; early withdrawal penalties (90 days simple interest ≤1yr, 180 days simple interest >1yr) | Conservative savers wanting guaranteed returns |
| LevelUp Checking | 2% cash back on LendingClub loan payments via direct deposit; FDIC insured; mobile app access | LendingClub loan borrowers earning rewards |
| Patient Solutions | Medical, dental, and veterinary financing; point-of-care decisions; fixed monthly payments; no prepayment penalties; separate BBB profile (Westborough, MA) | Healthcare costs not covered by insurance |
| Auto Refinancing | Refinance existing auto loans; fixed-rate offers; no application fees | Drivers with higher-rate existing auto loans |
| Business Loans | Small business loans; institutional investing; education financing | Small businesses and institutional borrowers |
Per the BBB profile, LendingClub’s official Products and Services include: Auto Refinancing, Banking Services, Business Loans, CDs, Checking Accounts, Debt Consolidation Loans, Institutional Investing, Medical Loans, Patient Solutions, Personal Loans, and Savings Accounts. This breadth makes LendingClub more comparable to traditional online banks than to single-product fintech competitors.
How LendingClub Works
LendingClub simplifies the borrowing process by moving it entirely online. To get started, you fill out a preliminary application that asks for basic personal information, income details, and the amount you wish to borrow (up to $60,000).
One of the platform’s key benefits is the ability to check your potential offers using a soft credit pull, meaning it will not impact your credit score just to look.
Once you select an offer, the company performs a deeper review. Between October 1, 2025 to December 31, 2025, 51% of Personal Loans issued by LendingClub Bank were approved within 1 hour, on average. Between July 2025 to December 2025, 58% of LendingClub Personal Loans that were approved for funding on a given business day were disbursed within 24 hours.1 If your goal is debt consolidation, LendingClub offers a Direct Pay feature: loan funds are sent directly to your creditors (like your credit card companies), completely removing the hassle of paying them off manually. Borrowers who use Direct Pay may qualify for a reduced APR compared to general-purpose cash loans, subject to creditworthiness and application criteria.2
LendingClub Debt Consolidation: How Direct Pay Works
One of the most searched use cases for LendingClub is debt consolidation. Their Direct Pay feature sends loan proceeds directly to your existing creditors rather than depositing funds into your bank account. This reduces the risk of spending the loan on non-debt expenses and simplifies the payoff process.
For borrowers with multiple high-interest credit card balances, a single LendingClub installment loan at a fixed rate can be significantly cheaper over time. On average, Personal Loans from LendingClub Bank are offered at an APR of 17.63% with an origination fee of 6% and a principal amount of $19,658 for loans with term lengths of 36 months, based on current credit criteria and an analysis of historical borrower data between October 2025 and December 2025. Between July 2025 and September 2025, the average APR for credit cards was 21.39% according to publicly available information published by the Federal Reserve (G19 Consumer Credit release).3 To qualify for a LendingClub Personal Loan, you typically need a minimum credit score of 600, though scores of 660 or higher unlock better rates and lower origination fees.
LendingClub debt consolidation is best for:
- Borrowers with multiple high-interest credit card balances
- Those who want a single fixed monthly payment
- Borrowers who qualify for a rate lower than their current card APRs
Note: Origination fees of 0% to 8% are deducted upfront from the loan amount. Factor this into the total cost before comparing with balance transfer cards.
LendingClub LevelUp Savings (HYSA): How the Tiered APY Works
LendingClub Bank offers a high-yield savings account called LevelUp Savings, designed for consistent savers. The account is built around a two-tier APY structure that rewards customers who maintain a steady monthly savings rhythm.
LevelUp Savings APY Tiers (as of May 2026)
| Tier | Requirement | Approx. APY |
|---|---|---|
| Top Tier | Deposit $250 or more in a calendar month | ~4.00% APY |
| Base Tier | No qualifying deposit in the month | ~3.00% APY |
Verify the most current APY on LendingClub Bank’s official deposit page before opening, as variable savings rates change frequently with market conditions and Federal Reserve decisions.
LevelUp Savings Account Features
- Minimum opening deposit: $0
- Monthly maintenance fee: None
- Minimum balance requirement: None
- FDIC insured up to $250,000 through LendingClub Bank, N.A. (FDIC license 32551)
- Deposit methods: Direct deposit, ACH transfer, or manual transfer from external sources
- Mobile app access: Yes
If you miss a month’s $250 deposit, your rate automatically drops to the base tier until you resume qualifying deposits the following month. This is meaningfully more forgiving than time-based bonus rate structures at competing banks that revoke promotional APYs after a fixed window.
LendingClub CD Rates: Complete Guide for Savers
LendingClub Bank offers certificates of deposit (CDs) with competitive rates across multiple terms. CDs are a fixed-rate savings product: you lock in a rate for a set period and earn guaranteed interest regardless of market changes. This makes them a lower-risk complement to the variable-rate LevelUp Savings account, and one of the most searched products on the LendingClub Bank platform.
For current LendingClub CD rates, visit LendingClub Bank’s official deposit page. Rates change frequently and are not published here to avoid giving outdated figures.
LendingClub CD Account Features
- FDIC insured up to $250,000 per depositor (FDIC license 32551)
- Fixed rate guaranteed for the full term
- No monthly maintenance fees
- Online-only account opening through LendingClub Bank’s deposit portal
- Multiple terms available
LendingClub CD Early Withdrawal Penalties
If you withdraw funds from a LendingClub CD before maturity, the following penalty schedule applies:
| CD Term Length | Early Withdrawal Penalty |
|---|---|
| 1 year or less | 90 days of simple interest |
| Greater than 1 year | 180 days of simple interest |
This penalty structure is in line with industry norms for online banks. The penalty is calculated on the amount withdrawn rather than the full balance, so partial early withdrawals are also allowed under those same rules.
Who Should Choose LendingClub CDs?
LendingClub CDs are best for:
- Savers with a defined time horizon (1, 2, 3, 5 years, etc.) who want a guaranteed rate
- Conservative investors looking to diversify part of their portfolio out of equities
- Customers building a CD ladder (multiple CDs maturing at staggered intervals)
- Savers with funds beyond an emergency reserve, who can lock money up without penalty
For savers who want flexibility, the LevelUp HYSA with its $250/month deposit incentive may be the better fit. For customers who can commit funds for the full CD term, a fixed CD typically delivers a guaranteed rate independent of Federal Reserve decisions during the term.
LendingClub LevelUp Checking: 2% Cash Back on Loan Payments
If you have an active LendingClub Personal Loan, the LevelUp Checking account provides a unique benefit: 2% cash back on your monthly loan payments when paid electronically from the LevelUp Checking account and you receive direct deposit during the month.4
Practically, this means that on a $300 monthly loan payment, you receive $6 back per month, or $72 per year. Over a 5-year (60-month) loan, that adds up to roughly $360 in cash back, partially offsetting your origination fee or interest expense.
LevelUp Checking Features
- 2% cash back on LendingClub loan payments (requires direct deposit during the month)4
- No minimum opening deposit required
- FDIC insured through LendingClub Bank, N.A. (FDIC license 32551)
- Mobile app access
- External transfers via ACH
Accounts are subject to approval (which may include credit approval). See LendingClub Bank’s Product Terms and Conditions for full details.
LendingClub Patient Solutions: Healthcare Financing Explained
LendingClub Patient Solutions is the company’s healthcare financing division. It provides point-of-care financing for patients who need to cover medical, dental, veterinary, or elective procedure costs not fully reimbursed by insurance. Notably, LendingClub Patient Solutions operates from a separate location in Westborough, Massachusetts and maintains its own BBB profile (BBB Accredited since August 27, 2004) distinct from the parent LendingClub Corporation BBB profile in San Francisco.
Unlike LendingClub’s standard personal loans, Patient Solutions products are typically offered directly through healthcare providers who have enrolled in the program. Patients apply at the point of care and receive a decision quickly.
Patient Solutions Features
- Financing for medical, dental, and veterinary procedures
- Available through enrolled healthcare providers (not direct-to-consumer)
- Fixed monthly payments
- No prepayment penalties
- Separate BBB profile (Westborough, MA), BBB Accredited since 8/27/2004
- Point-of-care decisions
If your healthcare provider offers LendingClub Patient Solutions financing, ask for the specific rate and term options before signing. Compare with a standard personal loan from LendingClub or another lender to ensure you are getting the best available rate for your credit profile. For elective procedures over a few thousand dollars, the rate difference between Patient Solutions and a standard personal loan can be material.
LendingClub Auto Refinancing and Business Loans
Beyond personal loans and deposits, LendingClub Bank also offers:
- Auto Refinancing: Refinance an existing auto loan to a new fixed rate. This is most beneficial for drivers whose credit profile has improved since the original loan, or who locked in higher rates during the 2022 to 2024 rate cycle.
- Business Loans (Small Business): Term loans for small business borrowers, available alongside LendingClub’s institutional investing platform.
- Institutional Investing: LendingClub services large institutional investors purchasing portions of loans originated through its marketplace.
- Education Financing: Educational loan products offered to qualifying borrowers per the BBB profile.
The full product breadth makes LendingClub Bank one of the more complete digital-only banks in the U.S. market, competing directly with online banks like Ally, Discover, and SoFi rather than single-product personal loan fintechs.
LendingClub Pros and Cons
Every lender has strengths and weaknesses. Here is a balanced breakdown of what to expect when applying with LendingClub Bank.
| Pros | Cons |
|---|---|
| Joint Applications: Apply with a co-borrower to improve approval odds and secure a better rate. | Origination Fees: Personal loans carry a one-time fee of 0% to 8%, deducted from your loan proceeds at disbursement. |
| Direct Pay to Creditors: Handles paying off your credit cards directly, with a potential APR discount for debt-payoff loans (subject to creditworthiness).2 | High APRs for Fair Credit: Rates reach up to 35.99% APR for lower credit profiles. |
| Full Banking Charter: Federally chartered, FDIC-insured (Cert #32551), OCC-regulated, not just a marketplace lender. NMLS ID 167439. | Late Fees: 5% of the payment or $15 (whichever is greater) applies after a 15-day grace period. |
| Competitive CD Rates: Fixed-rate CDs across multiple terms, FDIC insured, no monthly fees. Early withdrawal: 90 days simple interest (≤1 year), 180 days simple interest (>1 year). | HYSA Rate Condition: Top LevelUp Savings APY requires $250+ deposit per month; missing it drops you to the base tier (~3.00% APY vs ~4.00%). |
| Fast Funding: 58% of approved loans disbursed within 24 hours of funding approval (July to December 2025); 51% of Personal Loans approved within 1 hour on average (October 1 to December 31, 2025).1 | No In-Person Branches: Fully online, not suitable for customers who prefer face-to-face banking. |
| Complete Product Suite: Personal Loans, LevelUp Savings (HYSA), CDs, LevelUp Checking (2% cash back on loan payments), Auto Refinancing, Business Loans, Patient Solutions. BBB A+ Accredited since January 1, 2008. | NSF Fee: $15 for unsuccessful payment or insufficient funds. |
LendingClub Personal Loan Fees and Requirements
| Fee / Requirement | Details |
|---|---|
| APR Range | 5.96% to 35.99% (fixed) |
| Origination Fee | 0% to 8% of loan amount (one-time, deducted at disbursement) |
| Loan Amount | $1,000 to $60,000 |
| Loan Terms | 24 to 84 months |
| Late Fee | 5% of payment due or $15, whichever is greater (assessed after 15-day grace period) |
| Prepayment Fee | None |
| NSF / Failed Payment Fee | $15 |
| Minimum Credit Score | 600 |
| State Availability | All 50 states and Washington, DC |
LendingClub does not charge application fees, brokerage fees, or check-processing fees. Advertised rates and fees are valid as of April 27, 2026, are subject to change without notice, and may not be available for all Personal Loan products and/or through all application channels or platforms.
LendingClub vs SoFi vs Prosper: How It Compares
If you are evaluating LendingClub alongside other online lenders, here is how it stacks up against two commonly compared alternatives:
| Feature | LendingClub | SoFi | Prosper |
|---|---|---|---|
| APR Range | 5.96% to 35.99% | 8.99% to 29.99% | 8.99% to 35.99% |
| Loan Amount | $1K to $60K | $5K to $100K | $2K to $50K |
| Min. Credit Score | 600 | 650 | 560 |
| Origination Fee | 0% to 8% | None | 1% to 9.99% |
| Joint Applications | Yes | No | No |
| Direct Pay to Creditors | Yes | No | No |
| HYSA, Checking, CDs | Yes (LevelUp + CDs) | Yes (SoFi Money) | No |
| Best For | Debt consolidation, fair credit, full-suite banking | High earners, no origination fee | Lower credit scores |
LendingClub’s key advantages are joint applications, Direct Pay, and its full banking suite (loans + HYSA + CDs + Checking), features Prosper does not offer at all. For borrowers with excellent credit who want to avoid origination fees, SoFi may be the better fit. For borrowers with scores below 600, Prosper’s 560 minimum provides an alternative when LendingClub is not an option.
For a full comparison, see our guide to the best personal loans.
Is LendingClub Legit?
Yes, LendingClub is a legitimate and federally regulated digital bank. Having facilitated billions of dollars in loans since its inception, LendingClub Bank acquired Radius Bank in 2021 to become a fully chartered digital bank. This means they are regulated by federal banking laws, overseen by the OCC, and offer FDIC insurance on their deposit products. LendingClub is publicly traded on the NYSE under the ticker LC.
LendingClub Corporation is headquartered at 595 Market St #200, San Francisco, CA 94105-2802, with related business Lending Club Asset Management. The company was Business Started and Incorporated on October 2, 2006 as a Corporation, has 19 years in business per BBB records, and employs 1,700 people. Local BBB: BBB serving the San Francisco Bay Area and Northern Coastal California.
LendingClub Licensing
- NMLS ID: 167439 (issued by Nationwide Mortgage Licensing System/NMLS; license expiration 12/31/2026)
- FDIC Insurance: License number 32551, issued by Federal Deposit Insurance Corporation; expiration 12/31/2026
- OCC Regulation: LendingClub Bank, N.A., regulated by the Office of the Comptroller of the Currency
- State Regulator: California Department of Financial Protection and Innovation
- Other Resources: Commodity Futures Trading Commission (CFTC)
LendingClub BBB Profile
LendingClub Corporation is BBB Accredited with an A+ rating since January 1, 2008. The BBB profile data verified directly from the Better Business Bureau in May 2026 is as follows:
- BBB Rating: A+
- BBB Accreditation: Yes, accredited since 1/1/2008
- BBB File Opened: 4/15/2010
- Local BBB: BBB serving the San Francisco Bay Area and Northern Coastal California
- Headquarters: 595 Market St #200, San Francisco, CA 94105-2802
- Business Started: 10/2/2006
- Business Started Locally: 10/2/2006
- Business Incorporated: 10/2/2006
- Type of Entity: Corporation
- Years in Business: 19
- Number of Employees: 1,700
- Related Businesses: Lending Club Asset Management
- Business Categories: Financial Services, Loans, Small Business Loans, Auto Financing
- Products and Services (per BBB): Auto Refinancing, Banking Services, Business Loans, CDs, Checking Accounts, Debt Consolidation Loans, Institutional Investing, Medical Loans, Patient Solutions, Personal Loans, Savings Accounts
- Number of BBB Locations: 9 (corporate-owned)
Important Information on BBB Profile
The BBB profile for LendingClub Corporation includes an “Important Information” notice from the Better Business Bureau: “BBB’s business profile for Lending Club was created in April 2010. A review of Lending Club complaints was completed in December 2025.” This notice indicates that BBB performs periodic reviews of the company’s complaint history; the most recent completed review was in December 2025.
About This Business (per BBB profile)
LendingClub’s official “About This Business” statement on the BBB profile reads: “LendingClub offers personal loans, investing, patient financing, marketplace lending, business loans, education financing, banking, and auto refinancing.”
While the company is highly reputable, most LendingClub complaints found online focus on the origination fee. Because this fee is deducted from the loan amount before it is deposited into your account, some borrowers are surprised when they receive slightly less cash than they requested. It is vital to account for this fee when calculating how much you need to borrow.
LendingClub: Final Verdict
LendingClub remains a strong contender in the online lending and digital banking market, particularly for those looking to consolidate debt or build a complete online banking relationship. Their transition from a peer-to-peer marketplace to a regulated digital bank has streamlined operations, significantly improved funding speeds, and expanded their product line into competitive savings (LevelUp HYSA), CDs, checking, and healthcare financing (Patient Solutions). If you have reviewed LendingClub reviews across multiple platforms and found consistent praise for their digital experience, that aligns with our findings.
LendingClub Bank has expanded into savings with the LevelUp HYSA (tiered ~4.00% top APY, ~3.00% base APY), CDs with competitive rates, the LevelUp Checking with 2% cash back on loan payments, and Patient Solutions healthcare financing, making it a more complete financial institution than many of its fintech peers. For savers specifically, the combination of HYSA, CDs, and Checking under one OCC-regulated, FDIC-insured umbrella is a meaningful advantage.
While the personal loan origination fees are a drawback, the flexibility of Joint Applications and the ease of the Direct Pay feature make them a solid, reliable option for debt consolidation. If you have fair-to-good credit and want a transparent service to pay off high-interest credit cards, LendingClub is an excellent choice. Before deciding, compare personal loan options to make sure you are getting the best rate available for your profile.
Frequently Asked Questions About LendingClub
What credit score do you need for a loan from LendingClub?
You generally need a minimum credit score of 600 to qualify for a LendingClub personal loan. However, to secure the most competitive interest rates and avoid high origination fees, a score of 660 or higher is recommended. Borrowers with excellent credit may qualify for the lowest rates starting at 5.96% APR.
Is LendingClub a legitimate lender?
Yes, LendingClub is a legitimate, federally regulated digital bank. After acquiring Radius Bank, they transitioned from a peer-to-peer platform to a chartered bank, adhering to strict federal banking regulations and FDIC insurance requirements. The company is publicly traded on the NYSE (ticker: LC), BBB Accredited with an A+ rating since January 1, 2008, NMLS ID 167439, FDIC license 32551.
How long does it take for LendingClub to deposit money?
Once your loan is fully approved and documents are signed, funding is typically fast. Between July 2025 and December 2025, 58% of LendingClub Personal Loans that were approved for funding on a given business day were disbursed within 24 hours. Most borrowers receive their funds within 24 to 48 hours.1
Does LendingClub do a hard credit pull?
Initially, no. LendingClub performs a soft credit pull to show you your pre-qualified rate offers, which does not affect your credit score. However, if you accept an offer and proceed with the formal application, they will perform a hard credit pull.
What is the maximum loan amount for LendingClub?
Qualified borrowers can apply for personal loan amounts ranging from $1,000 up to $60,000. Loan terms range from 24 to 84 months. Your specific limit will depend on your creditworthiness, income, and debt-to-income ratio.
Is LendingClub a real bank?
Yes. LendingClub Bank, N.A. is a federally chartered digital bank regulated by the OCC (Office of the Comptroller of the Currency) and insured by the FDIC (license number 32551). It acquired Radius Bank in 2021 to become a full-service institution with 1,700 employees, headquartered at 595 Market St #200, San Francisco, CA 94105-2802.
What is LendingClub’s high-yield savings rate?
LendingClub LevelUp Savings is structured as a two-tier account. The top tier (~4.00% APY as of May 2026) requires a deposit of $250 or more in a calendar month. The base tier (~3.00% APY) applies when the monthly deposit threshold is not met. There is no minimum opening deposit, no minimum balance requirement, and no monthly fee. For the current rate, check LendingClub Bank’s official website directly, as rates change with market conditions.
What are LendingClub CD rates?
LendingClub Bank offers CDs across multiple terms with fixed, competitive rates. All CDs are FDIC insured up to $250,000 with no monthly fees. Early withdrawal penalty: 90 days simple interest for terms of one year or less; 180 days simple interest for terms greater than one year. Visit LendingClub Bank’s deposit page for current rates.
How does LendingClub LevelUp Checking 2% cash back work?
If you have a LendingClub Personal Loan and pay it from a LevelUp Checking account with direct deposit during the month, you earn 2% cash back on each loan payment. On a $300 monthly loan payment, this equals $6 per month or $72 per year. The account has no minimum opening deposit, is FDIC insured, and is subject to account approval.4
What is LendingClub Patient Solutions?
LendingClub Patient Solutions is a healthcare financing program for medical, dental, and veterinary procedures offered through enrolled healthcare providers at the point of care. Patient Solutions operates from Westborough, Massachusetts and maintains a separate BBB profile, BBB Accredited since August 27, 2004. Patients receive a financing decision quickly and can cover costs not reimbursed by insurance with fixed monthly payments and no prepayment penalties.
Is LendingClub good for debt consolidation?
Yes. LendingClub’s Direct Pay feature sends loan funds directly to your creditors, which simplifies the process of paying off multiple high-interest accounts. Borrowers who use Direct Pay may qualify for a reduced APR compared to general-purpose cash loans, subject to creditworthiness.2 It is best for borrowers with multiple credit card balances who qualify for a personal loan rate lower than their card APRs.
What is LendingClub LevelUp Savings?
LendingClub LevelUp Savings is the bank’s high-yield savings account. It rewards consistent depositors with a higher APY for months in which you deposit $250 or more (~4.00% APY top tier) versus the base tier (~3.00% APY) without the monthly deposit. There are no monthly fees, no minimum balance to open, no minimum opening deposit, and it is FDIC insured up to $250,000.
Does LendingClub offer auto refinancing?
Yes. LendingClub Bank offers auto loan refinancing for drivers looking to replace an existing auto loan with a new fixed-rate loan. This product appears on the company’s official Products and Services list per the BBB profile.
Does LendingClub offer business loans?
Yes. Per the BBB profile, LendingClub Bank offers Business Loans and Small Business Loans, alongside Institutional Investing for entities purchasing portions of LendingClub-originated loans. The bank holds Small Business Loans as one of its official Business Categories per the BBB.
Is LendingClub legit?
Yes. LendingClub is a legitimate, federally regulated bank. LendingClub Bank is FDIC insured (license 32551) and chartered by the OCC. The company is publicly traded on the NYSE under the ticker symbol LC, BBB Accredited with an A+ rating since January 1, 2008, NMLS ID 167439, and has served millions of customers since its founding in 2006.
How does LendingClub compare to SoFi for personal loans?
LendingClub and SoFi are both reputable online lenders, but they serve different profiles. LendingClub accepts a lower minimum credit score (600 vs SoFi’s 650), offers joint applications and Direct Pay to creditors, features SoFi does not have. SoFi charges no origination fees, which gives it an advantage for borrowers with excellent credit who can qualify for its lower APR floor. For debt consolidation specifically, LendingClub’s Direct Pay feature is a meaningful differentiator.
LendingClub Disclaimers
1 Funding and approval timing: Between October 1, 2025 to December 31, 2025, 51% of Personal Loans issued by LendingClub Bank were approved within 1 hour, on average. Between July 2025 to December 2025, 58% of LendingClub Personal Loans that were approved for funding on a given business day were disbursed within 24 hours. Actual availability of funds may vary and is dependent on multiple factors, including your receiving bank’s processing times and policies. A business day is defined as Monday through Friday and excludes the weekend and bank holidays. Loan approval, and the time it takes to issue a credit decision, are not guaranteed, and individual results vary based on creditworthiness and other factors.
2 Balance-transfer (debt payoff) discount: The interest rate discount is a discount that some customers may receive for taking out a loan to pay down existing qualifying debt paid directly by LendingClub; such rate is discounted from the rate given for taking a full cash loan. Not all applicants will qualify for the discount. Any actual discount rate will be determined at the time of application. The best interest rate discounts may be available to borrowers with excellent credit. Advertised discounted rates are subject to change without notice.
3 Average APR comparison: On average, Personal Loans from LendingClub Bank are offered at an APR of 17.63% with an origination fee of 6% and a principal amount of $19,658 for loans with term lengths of 36 months, based on current credit criteria and an analysis of historical borrower data between October 2025 and December 2025. Between July 2025 and September 2025, the average APR for credit cards was 21.39% according to publicly available information published by the Federal Reserve at https://www.federalreserve.gov/releases/g19/current/. If a borrower pays off a credit card balance of $18,479 with an APR of 21.39% over 36 equal monthly payments, the borrower will pay $6,717 in total finance charges. If the borrower obtains a Personal Loan with a term of 36 months and an amount financed of $18,479 (principal amount of $19,658 with an origination fee of $1,179) at 17.63% APR, the borrower’s monthly payment will be $665 and the borrower will pay $5,448 in total finance charges over the term of the loan, a savings of $1,269 as compared to the average credit card finance charges over the same 36-month term for LendingClub Personal Loan borrowers with average credit scores.
4 LevelUp Checking 2% cash back on loan payments: Accounts subject to approval which may include credit approval. No minimum opening deposit required. Please see Product Terms and Conditions for additional product details. LendingClub Bank, Member FDIC.
LendingClub Offer Terms and Conditions Disclosure
“Checking a rate through us generates a soft inquiry on a person’s credit report, which does not impact that person’s credit score. A hard credit inquiry, which may affect that person’s credit score, only appears on the person’s credit report if and when a loan is issued to the person.
A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $27,198 for a term of 36 months, with an interest rate of 14.49% and a 6% origination fee of $1,632, for an APR of 17.32%. In this example, the borrower will receive $25,566 and will make 36 monthly payments of $936. Loan amounts range from $1,000 to $60,000 and loan term lengths range from 24 months to 84 months. Some amounts, rates, and term lengths may be unavailable in certain states, and may not be available for all Personal Loan products.
Loans are made by LendingClub Bank, N.A., Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Credit eligibility is not guaranteed. Loans are subject to credit approval and may be subject to sufficient investor commitment. Credit union membership may be required. “LendingClub” and the “LC” symbol are trademarks of LendingClub Bank.
LendingClub Bank is not an affiliate of BestGuide, which is an unrelated third party (“third party”). LendingClub Bank is not responsible for any products and services provided by this third party, which may receive compensation if you visit the LendingClub Bank’s websites or use any of its products or services. Certain information that LendingClub Bank subsequently obtains as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that you request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan. Loan closing is contingent on accepting all required agreements and disclosures.
For Personal Loans, APR ranges from 5.96% APR to 35.99% APR and origination/processing fee ranges from 0.00% to 8.00% of the loan amount. APRs and origination/processing fees are determined at the time of application. The lowest APR may be available to borrowers with excellent credit, subject to additional factors including, but not limited to, loan amount, loan term, and sufficient investor commitment. Advertised rates and fees are valid as of April 27, 2026, are subject to change without notice, and may not be available for all Personal Loan products and/or through all application channels or platforms.”