When you apply for a personal loan through Lending Club, each loan offer you receive is assigned a grade ranging from A to G with a corresponding interest rate,
origination fee and annual percentage rate ("APR").
An APR shows you the cost of borrowing money on a yearly basis. It can help you quickly compare different loans or credit cards on an apples-to-apples basis.
The APR on a personal loan through Lending Club includes both the interest rate and origination fee. The origination fee is deducted from your loan proceeds,
and there is no fee if you do not receive a loan. We'll never ask for an upfront payment of any kind.
The range of interest rates, origination fees, and APRs for each loan grade is listed on the table below. You may not be eligible for the full range of rates or loan terms displayed here.
||5.32% - 7.98%
||1% - 4%
||6.48% - 9.99%
||5.99% - 9.97%
||7.02% - 9.63%
||8.38% - 11.22%
||4% - 5%
||11.18% - 14.44%
||10.58% - 13.49%
||11.99% - 14.48%
||15.59% - 18.14%
||14.27% - 16.82%
||15.41% - 17.86%
||19.09% - 21.60%
||17.77% - 20.28%
||18.20% - 20.99%
||21.94% - 24.80%
||20.63% - 23.49%
||21.99% - 25.99%
||25.82% - 29.92%
||24.51% - 28.62%
||26.77% - 28.99%
||30.71% - 32.99%
||29.42% - 31.70%
At any time, loan offers may be available through our marketplace that have different terms than set forth above, including APR (higher or lower then),
term (shorter or longer) and/or payment structure. Any different terms will be presented to those applicants selected for the particular offers.
For example, if you receive a $6,000 36-month loan at an interest rate of 6.99% with a 2% origination fee of $120.00, you'll receive a loan amount of $5,880.00
and will make 36 monthly payments of approximately $185.24 at an 8.36% APR.
In the case of a $20,000 60-month loan at an interest rate of 7.62% with a 3% origination fee of $600.00, you'll receive a loan amount of $19,400.00 and will
make 60 monthly payments of approximately $401.90 at an 8.91% APR.
Your actual monthly payment will vary based on the APR, loan amount and term selected.
Unsuccessful Payment Fee
Lending Club sends a reminder every month in advance of the payment due date. There is no need to send a paper check, as we connect directly to your bank
account to process your payment automatically. If an automatic payment is rejected by your bank, an Unsuccessful Payment Fee of $15 is charged to cover the cost
Lending Club incurs on the transaction. This could happen if there's not enough money in your bank account to cover your loan payment, your bank account has been
closed, or if the account is suspended or inaccessible. We may attempt to process your automatic payment up to two additional times and each attempt that is returned
unpaid is subject to an Unsuccessful Payment Fee.
Late Payment Fee
To account for unexpected events, you have a 15 day grace period following your monthly due date during which you can make your payment with no penalty or impact
to your credit score. After the 15 day grace period, a Late Payment Fee is assessed on the 16th day to compensate investors for the delay. The amount of a Late Payment Fee
is the greater of 5.00% of the unpaid installment amount, or $15. We charge this fee once per late payment.
Check Processing Fee
Processing monthly loan payments automatically is one of the many things we do to keep rates low. Handling checks costs more, so if you would like to make your
loan payments via check, we charge a $7 processing fee per payment. There is no charge to make payments via direct debit from your bank account (ACH), and there's
no fee for paying a loan off early (in fact that saves your money).