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Rates & 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.

Interest Rates and APRs

Each loan request made by a borrower is attributed a grade ranging from A1 to G5 with a related interest rate. Each loan grade and its corresponding interest rate and annual percentage rate are displayed below.

Loans from $1,000 to $9,975 are only available with a 36-month term.

Loan Grade Interest Rate 36-mo APR 60-mo APR Loan Grade Interest Rate 36-mo APR 60-mo APR
A1 6.03% 6.78% 7.30% E1 19.99% 23.77% 22.46%
A2 6.62% 7.99% 7.90% E2 20.49% 24.29% 22.97%
A3 7.62% 8.99% 8.91% E3 21.18% 24.99% 23.68%
A4 7.90% 9.98% 9.20% E4 21.99% 25.82% 24.51%
A5 8.90% 10.99% 10.21% E5 22.45% 26.29% 24.98%
B1 9.67% 12.49% 11.90% F1 23.43% 27.29% 25.99%
B2 10.99% 13.84% 13.25% F2 24.08% 27.96% 26.66%
B3 11.99% 14.85% 14.27% F3 24.50% 28.39% 27.09%
B4 12.49% 15.36% 14.78% F4 24.99% 28.89% 27.59%
B5 12.99% 15.87% 15.30% F5 25.57% 29.49% 28.19%
C1 13.65% 17.29% 15.97% G1 25.80% 29.72% 28.42%
C2 14.16% 17.81% 16.49% G2 25.83% 29.75% 28.45%
C3 14.64% 18.30% 16.98% G3 25.89% 29.81% 28.52%
C4 15.31% 18.99% 17.67% G4 25.99% 29.92% 28.62%
C5 15.61% 19.29% 17.98% G5 26.06% 29.99% 28.69%
D1 16.59% 20.30% 18.98%        
D2 17.57% 21.30% 19.98%        
D3 18.25% 21.99% 20.68%        
D4 18.92% 22.68% 21.37%        
D5 19.47% 23.24% 21.93%        

Borrower Fees

Borrower Origination Fee

We assess an origination fee for providing the services of screening borrowers and issuing the loans. This origination fee is determined by the loan grade of the listing and term as displayed in the following tables:

Loan Term A B C D E F G
Sub-Grade 1 2 - 3 4 - 5 1 - 5 1 - 5 1 - 5 1 - 5 1 - 5 1 - 5
36-Month 1.11% 2.00% 3.00% 4.00% 5.00% 5.00% 5.00% 5.00% 5.00%
60-Month 3.00% 3.00% 3.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

The origination fee is included in the Annual Percentage Rate calculation and is subtracted from the loan proceeds prior to disbursement.

For example, if you receive a $5,000 36-month loan at an interest rate of 6.03% with a 1.11% origination fee of $55.50, you will receive a loan amount of $4,944.50 and will make 36 monthly payments of approximately $152.18 at a 6.78% APR.

In the case of a $20,000 60-month loan at an interest rate of 7.62% with a 3.00% origination fee of $600.00, you will receive a loan amount of $19,400.00 and will make 60 monthly payments of approximately $401.90 at an 8.91% APR.

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.

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 separate 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 5.00% 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).

Investor Fees

Service Charge

Lending Club charges a service fee to investors for servicing loans, making Note payments, and maintaining accounts. The service charge paid by investors is the greater of one percent (1%) of borrower payments rounded to the nearest whole cent or one cent.

Collection Fee

In case of successful collection of late payments, a collection fee is deducted from the collected payment amount before it gets credited to the investors account. The collection fee is a percentage of the amount recovered:

  • 30% if the member loan is less than 60 days past due and no more than 90 days from the date of origination;
  • 35% in all other cases, except litigation;
  • 30% or hourly attorneys' fees in the event of litigation, plus costs.
  • There is no collection fee charged if nothing is collected, and no collection fee can exceed the proceeds of collections efforts.

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