LendingClub Reviews

Learn more about LendingClub small business loans with key information, loan options and frequently asked questions.

Updated on June 25th, 2020

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LendingClub is a peer-to-peer lending service that connects business borrowers with loan providers. LendingClub facilitates small business loans across the United States.

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LendingClub Reviews
Review:

Pros: Easy online application, no pre-payment penalties, fast funding process.

Cons: Origination fee of 5%.

Bottomline: Low APR rates compared to credit cards.

Key Information:

Legal Name

LendingClub Corporation

Founder

John Donovan

Founding Date

Jan 01, 2007

Address

595 Market Street, Suite 200, San Francisco, CA 94105

Number of Employees

1538

Number of Customers

3000000

Email

business@lendingclub.com

Telephone

1 (855) 846-0153

Website

https://www.lendingclub.com/

FAQs:

How long does LendingClub take to approve?

LendingClub's whole application, approval, and funding process typically takes around seven days, and sometimes it could take slightly longer.

Is LendingClub a good investment?

Check out customer reviews below to find out what other people are saying.

Is LendingClub free?

LendingClub is not a free service. They are a peer-to-peer lending service that connects business borrowers with loan providers, and they facilitate small business loans across the United States. Annualized interest rates for LendingClub loans range from 9.77% to 35.71%.

What kind of credit score do you need for LendingClub?

You need a minimum credit score of 640 to qualify, and the typical LendingClub borrower has a score of nearly 700.

Is LendingClub a review?

No. They are a peer-to-peer lending service that connects business borrowers with loan providers, and they facilitate small business loans across the United States.

Does LendingClub affect your credit score?

No. Applying for a loan through LendingClub generates a soft credit inquiry, that doesn't affect your credit score. Learn more on the website.

Does LendingClub require proof of income?

Yes. You can learn more on their website.

Does LendingClub do a hard inquiry?

No. Applying for a loan through LendingClub generates a soft credit inquiry.

What happens if you default on LendingClub?

If you miss several payments, your loan enters “default” status. When there is no longer a reasonable expectation of further payments from your side, the loan is charged off. Contact LendingClub to find out what happens once your loan is charged off.

Will LendingClub lower my payment?

Contact LendingClub to check with them.

How much interest can I expect to pay for LendingClub small business financing?

Annualized interest rates for LendingClub loans range from 9.77% to 35.71%.

How do I contact LendingClub?

You can contact LendingClub for answers to your business financing questions by calling 1 (855) 846-0153.

Can I pay my LendingClub loan off early?

Yes. With LendingClub, there is no penalty for breaking from the repayment schedule and paying off the remaining balance of your loan before the term is over.

LendingClub Business Loan Requirements

What are the requirements for a LendingClub loan?

  • Minimum of $50,000.00 in annual sales.
  • No recent bankruptcies or tax liens.
  • At least 12 months in business.
  • Ownership of at least 20% of the business with a reasonable credit history.