Personal Loans
Get Up to $40,000 and Lower, Fixed Rates *
Why Choose a Personal Loan?
A personal loan allows you to borrow money from a lender for almost any purpose, typically with a fixed term, a fixed interest rate, and a regular monthly payment schedule. Collateral is usually not required and personal loans typically have lower interest rates than most credit cards.
Since interest rate and loan terms on a personal loan are fixed, you can select a loan and payment amount that fits within your budget—which is great when you’re consolidating debt. Plus, you’ll know the exact date your loan will be fully paid off. Using a personal loan to consolidate high-interest credit card debt might even help improve your credit score. *
Join Over 3 Million Members Nationwide
- Borrow up to $40,000
- Receive money within 48 hours, on loan approval *
- Low, fixed rates and fixed monthly payments
- No application or prepayment fees
- Automatic payment withdrawals
Personal Loans to Match Your Financial Goals
Credit Card Consolidation Loans
Refinance your credit cards with a personal loan—and know the exact date your loan will be paid off.
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Balance Transfer Loans
Lock in a lower APR and save time by paying creditors directly through LendingClub—just tell us who to pay and how much.
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Debt Consolidation Loans
Simplify your debt—and your life—with a single monthly payment on an affordable, fixed-rate loan.
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Home Improvement Loans
Start your home improvement project now, without waiting for a home equity loan or line of credit.
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Frequently Asked Questions
What is a personal loan?
A personal loan allows you to borrow money from a lender for almost any purpose, typically with a fixed term, a fixed interest rate, and a regular monthly payment schedule. Collateral usually is not required.
How can I use a personal loan?
You can use a personal loan for almost any purpose, with a few exceptions. LendingClub Bank members often use personal loans to pay off credit cards at a lower rate * , consolidate debt, or take care of unexpected home repairs and medical bills. A few ways a personal loan from LendingClub Bank cannot be used include anything related to education after high school, making investments (such as securities or cryptocurrency), or illegal.
Will I qualify for a personal loan?
To qualify for a personal loan from LendingClub Bank you must be a U.S. citizen at least 18 years of age with a verifiable bank account. (We accept applications from all states except Iowa and the U.S. territories.)
Your loan application will be evaluated based on several factors, including the information provided by you and the credit bureaus, your credit score, and your ability to repay. For the lowest rates, it helps if you have a higher than average credit score, a low debt-to-income ratio, and a good credit history. Often, applying with another person can help you qualify for a better rate and/or larger loan amount.
Learn how adding a coborrower can help you get approved for a personal loan.
Your loan application will be evaluated based on several factors, including the information provided by you and the credit bureaus, your credit score, and your ability to repay. For the lowest rates, it helps if you have a higher than average credit score, a low debt-to-income ratio, and a good credit history. Often, applying with another person can help you qualify for a better rate and/or larger loan amount.
Learn how adding a coborrower can help you get approved for a personal loan.
How quickly can I get a personal loan?
Most members are approved within 24 hours and receive their money from LendingClub Bank within two days. * You can help keep things moving along by checking your To-Do List and making sure you have submitted all the documents and information requested.
You can apply and complete the entire process online from the comfort of your home using your phone, laptop, or tablet. Once your personal financial information has been verified, we’ll use our marketplace to look for investors for your loan. If your loan is funded and, depending on your selections, your money will be sent directly to your creditors and/or deposited into your bank account.
You can apply and complete the entire process online from the comfort of your home using your phone, laptop, or tablet. Once your personal financial information has been verified, we’ll use our marketplace to look for investors for your loan. If your loan is funded and, depending on your selections, your money will be sent directly to your creditors and/or deposited into your bank account.
Will checking my rate affect my credit score?
Checking your rate from LendingClub Bank has absolutely no impact to your credit score because a soft credit pull is used. A hard credit pull that could impact your score will only occur if you continue with your loan and your money is sent.
The good news is that a personal loan could positively impact your credit down the road if you’re able to show a history of on-time payments and reduction in overall debt (that means no new debt, such as higher credit card balances). *
Learn more about your credit score and how to protect your credit health.
The good news is that a personal loan could positively impact your credit down the road if you’re able to show a history of on-time payments and reduction in overall debt (that means no new debt, such as higher credit card balances). *
Learn more about your credit score and how to protect your credit health.
What happens after I check my rate?
Choose your offer
If your loan request is approved, you’ll be able to review the loan amount, interest rate, APR, monthly payment, and loan term.
Confirm your information
We ask for your Social Security number, and about your income and employment. If we need any other documents or information, we'll let you know in your To-Do List. Then, hold tight while we look for your investors on our marketplace and wrap up your loan.
Get funded
Once your loan is approved, we'll send the money straight to your bank account, and/or pay your creditors directly if you choose this option, within a couple of days. *
If your loan request is approved, you’ll be able to review the loan amount, interest rate, APR, monthly payment, and loan term.
Confirm your information
We ask for your Social Security number, and about your income and employment. If we need any other documents or information, we'll let you know in your To-Do List. Then, hold tight while we look for your investors on our marketplace and wrap up your loan.
Get funded
Once your loan is approved, we'll send the money straight to your bank account, and/or pay your creditors directly if you choose this option, within a couple of days. *