LendingClub Personal Loan Upto $40,000 with a Bad Credit 2022

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Lending Club Overview

Lending Club is a peer-to-peer loan lending company that acts as a broker between the borrower and investor. So basically it is a marketplace for both the borrower and lender. The lending club offers many loan services like business loans, personal loans, medical loans, auto loans, etc. 

The loan which is reviewed in this article is the personal loan which ranges from $1,000 to $40,000. This personal loan comes with a decent APR of 7.04% to 35.89% with a limited repayment term of only two options which are 36 months and 60 months. 

Also read: Best Instant Approval Payday Loans with Bad Credit | Moneymutual Payday Loan Review


  • Loan amount starting from $1,000 – $40,000
  • LendingClub Offers a prequlificatiion application to get an idea of potential loan rate.
  • LendingClub Allows for Co-borrowers
  • Lending Club requires Fairly low credit score needed: 600.{alertSuccess}

  • Lending Club do Charges a originaiton fees.
  • It offers only two repayment options as 36 months and 60 months. {alertError}

Personal Loan With Bad Credit 

The loan amount Lending Club offers is between $1,000 – $40,000. You have to specify your reason for taking loans such as car repair, wedding, debt consolidation, etc. So you can select any reason you want it doesn’t really matter. 

Annual Interest Rate (APR) and Fees

The APR (annual percentage rate)  will be within the range of  7.04% to 35.89%.  The APR for this lending club personal loan is quite high compared to other personal loan providers in the market. You can check out these low APR personal loans. 

Also read: Best No Credit Check Payday Loans Guaranteed Approval | Zippyloan.com Review

Minimum Credit Score Required

As per LendingClub and reviews based on the internet, it is concluded that the minimum credit score required for this lending club loan is around 600. If you don’t have that much credit score or you have a bad credit score then also you can apply for this because they always don’t see your credit score. You may get surprises many times. 

Also read: Prosper Personal Loan Review 2021 | Prospar loans review

Offered Loan Amount

Lending Club can offer you a personal loan of up to $1,000 to $40,000. The loan amount you’ll get will entirely depend upon the credit score you have. If you have a fair or good credit score then there are more chances that you’ll get the loan amount that you asked for. 

Eligibility Criteria 

There are some basic requirements you should fulfill before taking a bad credit loan. Here is the list :
  1. You should be at least 18 years old
  2. You must a valid ID Proof or social Security number
  3. You must be a United States citizen or a permanent resident
  4. You Should have a post-tax  income of more than $1,000 
  5. You must have a valid active us bank checking account
  6. You have to provide a valid email address and a phone number

Required Documents

  • Valid Identity Proof.
  • Have to provide a DOB.
  • Valid current mobile number and Email id.
  • An active American bank account.
  •  A social security number

Repayments Terms

At Lending Club, you’ll get only two repayment options of 36 months and 72 months. Yes, you cant choose another option. They offer only two options of 3 years and 5 years. 

Example of the Lending Club loan

For example, if you borrow $10,000 with a 3.5 percent origination fee, you’ll only receive $9,650. Keep in mind, though, that you’ll be making payments on the entire $10,000. You should factor in the origination fee when calculating the total amount you’re looking to borrow.

How to apply for Lending Club

Lending Club is a peer-to-peer lending platform therefore the loan process is different from other lenders. 
If you want to apply for Lending Club then please follow below guide :

  • To apply for a personal loan you have to go to the Lending Club website, as it is not a sponsored link or post you can go to the website, by any method. i,e via google, direct,
  • The lender won’t check your credit at this point but will ask for some information to see if you qualify:
  1. The purpose of the loan.
  2. Loan amount.
  3. Whether you’re applying with someone else.
  4. Information about your co-borrower, if you have one.
  5. Your birthdate.
  6. Total annual income.
  7. Name, home address, and email address.
  •  After that, your form will be reviewed and will be sent to lenders.
  • Then the lenders will offer you a personal loan proposal.
  • Based on your information your APR and loan amount will be decided.
  • It doesn’t affect your credit score because they will do a soft credit check till verifying your loan.
  • At the time of funding your loan, they will do a hard credit check on your credit which might affect your credit score.
Lending Club is a website that helps people with bad credit to get a personal loan within $1,000 to $40,000. So if you need an easy fast online personal loan with a fair credit score then the lending club can definitely be good for you. But it offers a little bit higher APR than other loan lenders in the market. Otherwise, it will be a good option for taking a loan for small amounts up to $5,000.