Lending Club Reviews: Still a Stable Online Loan Option?

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Lending Club logoAre you trying to keep your small business afloat but can’t get a bank loan? Or, maybe you are looking to get your latest entrepreneurial idea off the ground but are lacking funds. You’re certainly not alone — funding is one of the most stressful parts of owning and building your own business. But you don’t have to give up hope. Online small business loans can be a viable option if you’ve come up dry with other funding sources. Lending Club loans are a popular choice for tons of small businesses. Our Lending Club reviews give you all the information you need to decide if they could be a lifesaver for your business.

Note: Your chances are better for getting approved with online small business loan services compared to more traditional lenders, but these services will cost you — their interest rates are extremely high. However, if you’ve run out of other options, or need funding immediately (and plan to pay it off quickly), an online loan is worthy of consideration.

Visit Lending Club’s Website

Review Overview

Speed of Approval & Funding
Qualifications for Approval
APR Rate
Loan Amounts & Payment Terms
Customer Service


Lending Club has the lowest APR compared to other online small business loans we reviewed, and their customer service is excellent. But you'll have a longer waiting time for funding.

Key Features

  • A+ Better Business Bureau accredited
  • More than $11 billion loaned to small businesses
  • Peer-to-peer lending site, backed by a secure base of everyday investors (not large financial institutions)
  • Lending Club rates: they have the lowest APR compared to other services we reviewed
  • Offers small business loans from $5,000 up to $300,000
  • Named one of Forbes’ America’s Most Promising Companies for three years in a row
  • Named one of the World’s 10 Most Innovative Companies in Finance by Fast Company in 2013



  • Much lower APR average at 5.9%-25.9% (doesn’t include origination fee of 0.99%-6.99%)
  • Small business loans up to $300,000
  • Flexible terms — one to five years
  • Excellent customer support
  • Fixed monthly payments
  • No prepayment fees or penalties
  • Also offers business line of credit and personal loans
  • Lending Club investor reviews are largely very positive
  • Lacking website resources for small business owners
  • Collateral required for loans over $100,000
  • Personal guarantee required
  • Have to wait several days on average for investors to fund your loan
  • Qualifications are more stringent than most — must have at least $75,000 in annual revenue as a small business (higher than many), have been in business for two years and own at least 20% of the business
  • Lending Club CEO resigned in May 2016 based on internal loan purchase review (see video below)

Reviews of Lending Club From Real Borrowers

Check out what customers have to say about their experiences getting Lending Club business and personal loans.

Positive Lending Club Borrower Reviews

The process was seamless and very easy. My loan was approved within 7 days and deposited into my checking account. Because of this loan, I was able to rid myself of some very high interest credit card accounts. As a result, my FICO score increased by 31 points. This was the way to go for me. – Cheryl G., Trust Pilot 2/25/2016

I have never had such an awesome experience with loan companies. This one takes the cake by far. I applied after hours on a Tuesday and was contacted the very next day with questions in regards to my application. They were with me every step of the way. Even calling their office was easy and quick! I was never on hold for longer than ten minutes and everyone that I spoke to was nice and friendly. They actually cared about you as a customer and a person. – Kara S., BBB 10/27/2015

Negative Lending Club Borrower Reviews

Like others, I applied and was quickly “approved” but three weeks later I learned there had not been any funding of my loan. I have my doubts there are many backers for these loans as mine should have been fairly simple. With a credit score of 785+, I was offered a good rate. Perhaps the lenders are looking for more risk/earning potential. – wss1, creditkarma.com 5/24/2016

Please don’t be taken in by the ads this company sends out, You are not really pre-approved even tho that’s what the solicitations say. Unless you have a pay stub instead of income from multiple sources (such as annuities and pensions and LLC income) they can’t handle it. After well over a month of sending in the same 1099s, 4 bank statements and income tax statements 3 or 4 times they finally got around to saying they couldn’t process a loan. – Daryl P., BBB 1/20/2016

Heard the Latest Lending Club News?

In early May 2016, the CEO of Lending Club unexpectedly resigned. See the following video by The Wall Street Journal, which explains the details. This may not appear to be a good sign, but it doesn’t appear that borrowers have too much to worry about.

What’s Our Final Verdict with Lending Club?

Lending Club won our “Best for Lowest APR” award in our online small business loan comparison article against all Lending Club competitors we reviewed. They also have a ton of positive reviews for quick, helpful and knowledgeable customer service. If you want the speediest turnaround on getting your loan funded, the Lending Club may not be your best bet since you have to wait for an investor to get on board with your loan request. However if you don’t need funding immediately, Lending Club is an excellent option— and will save you money in the long run compared to similar services.

Visit Lending Club’s Website

What experiences have you had with Lending Club’s small business loans?

Sally has coupled her passion for writing with her (slight) obsession for the latest high tech gadgets. While she’s not daydreaming about the beach, she’s taking advantage of all the activities her hometown has to offer in the Blue Ridge foothills.

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1 Comment on "Lending Club Reviews: Still a Stable Online Loan Option?"

Brad B
Brad B

CEO’s resign all the time, just sayin! Lending Club rocks!


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