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Rates and fees

Up-front rates with no hidden fees

At Lending Club, there are no hidden fees or charges. You can check your rate and apply for a loan free of charge, and you only pay an origination fee upon the successful issuance of your loan.

You can prepay anytime – there are no prepayment penalties or fees and you will not have to pay any future interest for the amount you prepay.

Interest rates and borrower fees

Borrower origination fee

We assess an origination fee for providing the services of screening borrowers and issuing the loans. Origination fees range from 0.99% to 6.99% (but not more than $9,000 total) of the loan amount based on factors such as credit worthiness and the term length of the loan.

For example, if you receive a $20,000 loan at an interest rate of 7.9% and your origination fee is 1.99%, then your origination fee will equal $398 (1.99% of the $20,000 loan). Therefore, you will receive $19,602 once the loan issues.

Not all loan terms and rates are available to all loan applicants or requests.

There are no application fees, and you do not pay any origination fee if the loan does not get issued.

The following table displays the possible interest rates and borrower origination fees associated with an interest rate.

Interest rateOrigination fee
7.9%0.99% – 2.99%
9.9%1.99% – 5.99%
12.9%1.99% – 6.49%
14.9%3.49% – 6.99%
17.9%3.99% – 6.99%
19.9%4.99% – 6.99%
22.9%4.49% – 6.99%
25.9%2.99% – 6.99%

Factors that can impact your rates and origination fee

  • Credit worthiness of the business
  • Credit worthiness of the guarantor
  • Chosen loan term length
  • Length of business history
  • Financial strength of the business

Unsuccessful payment fee

When an automatic payment fails and is rejected by the borrower's bank, an unsuccessful payment fee is charged to the borrower to cover the cost Lending Club incurs on the transaction. This could happen if there is insufficient balance in the borrower's bank account, the bank account has been closed or if the account is otherwise suspended. Each attempt to collect the monthly payment is considered a transaction, so an unsuccessful payment fee may be assessed for each failed attempt. The amount of an unsuccessful payment fee is $15.

Late payment fee

When a borrower's payment is late after a 15-day grace period, a late payment fee is assessed on the 16th day to compensate investors for the delay. This fee is prorated and then passed on to the investors. The amount of a late payment fee is the greater of 5% of the unpaid installment amount, or $15. This fee may be charged only once per late payment.

Check processing fee

If a borrower elects to make payments via check, there will be a $15 processing fee per payment. There is no additional charge if the borrower makes payments via direct debit from their bank account (ACH).