U.S. Bank Personal Loan Review
- APR
- 7.04% to 35.89%
Checking your loan rate generates a soft credit inquiry on your credit report, which is visible only to you. A hard credit inquiry, which is visible to you and others, and which may affect your credit score, only appears on your credit report if and when a loan is issued to you. Your loan APR will depend upon your credit score and other key financing characteristics, including but not limited to the amount financed, loan term length, and your credit usage and history. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $16,980 for a term of 36 months, with an interest rate of 13.49% and a 6.00% origination fee of $1,019, for an APR of 17.89%. In this example, the borrower will receive $15,961 and will make 36 monthly payments of $576. Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 60 months. Some amounts, rates, and term lengths may be unavailable in certain states. For Personal Loans, APR ranges from 8.30% to 36.00% and origination fee ranges from 3.00% to 6.00% of the loan amount. APRs and origination fees are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of July 11, 2022 and are subject to change without notice.
- Eligibility and access: 3.5/5
- Cost to borrow: 4.5/5
- Loan terms and options: 3.8/5
- Repayment support and tools: 4.5/5
LendingClub is a brick-and-mortar financial institution with branches in 26 states. The lender offers flexible loan amounts ($1,000 to $60,000) as well as personal lines of credit, mortgages and other lending products.
- No upfront fees: Unlike many other personal loan lenders, LendingClub doesn’t charge upfront origination fees.
- Autopay discount: LendingClub offers one of the highest autopay discounts on the market (0.50%) to borrowers who sign up for autopay with a personal checking or savings account.
- Flexibility for customers: If you’re already a LendingClub customer, you can borrow anywhere from $1,000 to $60,000 with loan terms ranging from 24 to 72 months. However, if you’re not already a customer, you may be able to only borrow up to $25,000 with terms up to 60 months.
- Potentially slow funding: If you don’t have a LendingClub account, it can take anywhere from one to four business days after loan approval before funds are deposited in your account.
- Lowest rates require excellent credit: If you want to qualify for LendingClub’s lowest interest rates, you’ll need a credit score of at least 800 and a loan amount of at least $10,000.
- Best for LendingClub customers: This lender offers the most flexibility to established customers, providing larger loan amounts and longer repayment terms.
LendingClub pros and cons
It’s important to consider both the benefits and drawbacks of any lender before applying for a personal loan. Here’s what you may expect from LendingClub:
Pros
- Competitive rates
- No origination fees
- 0.50% autopay discount
- Offers joint applications
Cons
- Funding could take up to four days
- Limited loan amounts and terms if not a LendingClub customer
- Not available in all states
LendingClub provides competitive annual percentage rates (APRs) to borrowers, which cap at 35.89% — much lower than the 36% maximum APR of some competitors. Borrowers won’t have to pay origination fees or prepayment penalties and can receive a 0.50% rate discount if they sign up for autopay. If you don’t think your credit is strong enough for a LendingClub loan, you have the option to file a joint application with a second person.
On the other hand, if you don’t have a LendingClub checking or savings account, it may take up to four days to receive your loan funds. On top of that, LendingClub customers may qualify for loans up to $60,000 and repayment terms up to 72 months, while noncustomers can only apply for up to $25,000 and terms up to 60 months.
LendingClub requirements
LendingClub doesn’t provide a lot of details regarding its basic criteria for personal loans.
| Residency | This lender only has branches in 26 states, so check whether U.S. Bank serves your area before applying. |
| Required documents |
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If LendingClub’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a loan with LendingClub
LendingClub not only offers the option to prequalify for a loan, but its application process is quick and straightforward. Applicants can find out if they qualify for a loan within a minute after they’ve submitted an application.
Prequalify for a loan
To begin the LendingClub personal loan process, see if you prequalify for a personal loan. This means you can view the potential rates, terms and amounts you may qualify for without any impact on your credit.
Fill out an application
If you prequalify for a LendingClub personal loan, the next step is to fill out an official application with the lender. You’ll need to provide your Social Security number and information about your income and employment.
Lenders typically require supporting documentation to verify your information, including pay stubs, W-2s, government-issued identification and a mortgage/rental agreement.
You’ll also have to submit to a hard credit pull, which will allow LendingClub to access your credit report. Keep in mind that a hard inquiry can cause your credit score to drop by a few points.
Close your loan
If your application is approved, the final step in the process is to close your loan.
After you’ve signed your loan agreement, it can take anywhere from one to four business days to receive your LendingClub loan funds. If you’re a noncustomer, you’ll typically have the longest wait time — LendingClub will need to verify your checking account.
If you don’t meet LendingClub’s loan requirements, you may want to work on increasing your chances for loan approval. This can include steps like checking your credit report for errors, improving your credit score and paying your bills on time.
How LendingClub compares to other personal loan companies
Even if you believe LendingClub aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how LendingClub stacks up against similar personal loan lenders.
| LendingClub | Discover | ||
|---|---|---|---|
| LendingTree’s rating | 4.1/5 | /5 | |
| Minimum credit score | |||
| APRs | 7.04% – 35.89% (with autopay) | 7.99% – 24.99% | (with relationship discount) |
| Loan amount | $1,000 – $60,000 | $2,500 – $40,000 | |
| Repayment term | 24 to 72 months | 36 to 84 months | months |
| Origination fee | 0.00%-8.00% | No origination fee | |
| Funding timeline | Get money as soon as one to four business days | Get money as soon as one business day | Get money as soon as the same day |
| Bottom line | LendingClub’s APRs are competitive with those of Discover and . And unlike , it serves current customers and noncustomers alike. However, LendingClub has a potentially slow funding timeline, which can take up to four days. | Discover has a quick funding timeline and offers competitive rates. But if you need a short-term loan, go with LendingClub or instead — Discover ’s loan terms start at 36 months. | offers the largest loan amount of these three lenders at . It also tends to have competitive rates. But only offers personal loans to existing customers. |
How we rated LendingClub
We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.
Our categories
Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.
We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.
We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.
We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.
We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.
Our process
We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.
Frequently asked questions
Once you’ve filled out an application and submitted to a hard credit check for a LendingClub personal loan, you may find out whether you’ve been approved in less than a minute.
After you’re approved for a personal loan and sign your agreement, the funding timeline can take one to four business days. If you have a LendingClub checking or savings account, the funding timeline may be faster.
LendingClub’s personal loan application process is simple and straightforward. It doesn’t take long to fill out an application and find out whether you’ve been approved.
Verifying your information can take more time. Avoid wasting time by preparing the necessary documents ahead of time, including pay stubs, W-2s, IDs and mortgage/rental agreements.
LendingClub doesn’t disclose its minimum credit score requirements. Aside from your score, the bank will also review your debt-to-income ratio and credit history, among other factors.
If you have fair credit, consider applying with a creditworthy co-borrower. You can also check your eligibility with LendingClub with no impact on your credit score.
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