LendingClub debt consolidation loan, reviewed
LendingClub lends from $1,000 to $75,000 and can pay your card companies for you. Its rates, its fee range and who it suits.
$352 to $594 a month with LendingClub on $15,000 over four years
$489 a month to clear the same $15,000 on 24% cards in four years
| APR range | 5.96% to 35.99% |
|---|---|
| Loan sizes | $1,000 to $75,000 |
| Terms | 24 to 84 months |
| Fee | Origination fee of 0% to 8% |
| Bank average, 24-month loans | 11.9% |
A LendingClub debt consolidation loan replaces several card payments with one fixed payment. It can pay your cards directly, but its fee can reach 8%, so read the fee line first.
Below are its rates, sizes and fees from its own disclosure, and who it suits.
Rates and loan sizes
LendingClub lists APRs from 5.96% to 35.99% on loans of $1,000 to $75,000 (LendingClub). Its low end is the lowest of the 16 lenders here.
Terms run from 24 to 84 months. A longer term lowers the payment and raises the total interest.
The bank average for a 24-month loan is 11.9% (Federal Reserve G.19). Hold your offer against that number and against your cards.
Credit score needed
LendingClub sets the APR and the fee when you apply. It publishes no score minimum.
The low end of its range goes to the strongest applications. Most people are offered something higher.
Fees
Its origination fee runs from 0% to 8% of the loan amount (LendingClub). On $10,000, an 8% fee is $800.
The APR on your offer already counts that fee. Compare APR with APR, never the interest rate alone.
How the money reaches your cards
Once the loan is approved, LendingClub can pay your creditors directly. It can also send the money in as little as 24 hours.
Direct payment keeps the money from landing in your checking account, where it is easy to spend.
Who the LendingClub debt consolidation loan fits
It fits a borrower who wants the cards paid for them and needs anywhere from $1,000 to $75,000.
It is a weaker pick if a no-fee lender approves you at a similar APR.
Complaints about LendingClub are public in the CFPB database.
Other choices
Put a LendingClub offer next to two others before you sign. The best loans page lists all 16 lenders with their fees.
Run the offer through the debt consolidation calculator to see the payment next to what your cards cost.Compare LendingClub with
Lender APR Loan sizes Fee 
PenFed6.39% to 17.99% Up to $50,000 No origination fee 
LightStream9.99% to 23.94% with autopay $5,000 to $100,000 No origination fee 
Discover6.99% to 24.99% $2,500 to $40,000 No origination fee 
Wells Fargo6.74% to 26.74% $3,000 to $100,000 No origination fee 
SoFi6.99% to 35.49% $5,000 to $100,000 Optional fee of 0% to 7% 
Reach Financial5.99% to 35.99% $3,500 to $40,000 Origination fee of 0% to 8% 
Achieve6.25% to 35.99% $5,000 to $50,000 Origination fee of 1.99% to 9.99% 
Upstart6.3% to 35.99% $1,000 to $75,000 Origination fee, 8.15% in Upstart’s own example loan 
Best Egg6.99% to 35.99% $2,000 to $50,000 Origination fee up to 9.99% 
Upgrade7.74% to 35.99% $1,000 to $50,000 Origination fee of 1.85% to 9.99% 
Happy Money8.95% to 35.99% $5,000 to $50,000 Origination fee set by amount, term and credit 
Prosper8.99% to 35.99% $2,000 to $50,000 Origination fee of 1% to 9.99% 
Avant9.95% to 35.99% $2,000 to $35,000 Administration fee up to 9.99% 
Universal Credit11.69% to 35.99% $1,000 to $50,000 Origination fee of 5.25% to 9.99% 
OneMain Financial11.99% to 35.99% $1,500 to $30,000 Flat $25 to $500, or 1% to 10%, by state
Related topics
About this lender
What is LendingClub’s interest rate on personal loans?
LendingClub lists APRs from 5.96% to 35.99%. Your rate and fee are set when you apply.
Does LendingClub pay off credit cards directly?
Yes. After approval it can pay your creditors directly instead of sending you the money.
How much can I borrow from LendingClub?
From $1,000 to $75,000, on terms of 24 to 84 months.
Check your LendingClub offer today
You hold a LendingClub offer, or you are about to apply. The fee and the term change what it really costs. Call and a specialist goes through the offer line by line against your cards.