Lending nearly $13.5 billion since 2007, Lending Club is one of the world’s largest online funders. Today, they offer business loans, personal loans, and patient solutions. Compared to traditional and other alternative loaning programs, Lending Club operates at a lower cost, giving borrowers access to a lower APR.

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Typical Lending Club Borrowers

The typical Lending Club borrower has an average credit score of 620 with a revenue of around $75,000 per year. Typically, these companies are fairly mature with having over 2 years of business.

Best Uses

Small business loans from Lending Club are normally used for standard business needs, like inventory purchases, machinery, marketing, or system upgrades.

Minimum Qualifications
  • 620 Credit Score
  • 2 Years in Business
  • $75,000 in yearly revenue
  • Collateral for loans over $100k

The Good

Transparent and Low Application Requirements

The ‘2 years in business’ requirement that Lending Club has is standard for bank loans, SBA loans, and even alternative lenders. However, the company’s ‘$75k in annual revenue’ requirement is much lower than other lenders. This allows smaller businesses (that may not qualify for standard business loans) to take out a loan with Lending Club.

Lending Club does not provide a minimum credit score for applications on their website because they don’t want borrowers to be deterred. In an email to BestCompany, a Lending Club representative wrote that they generally recommend a credit score of 620 or higher, although there is no rule. Someone with a lower score may still be approved if they exceed other benchmarks.

Flexible Terms

Borrowers can select loan terms from 1-5 years. These term lengths are longer than many of their competitor’s options. Longer terms allow business owners to take out more money at once for big purchases such as equipment purchasing or expansion. And, even with the longer term lengths, there are never any prepayment penalties or closing fees with Lending Club business loans.

Low Rates

Interest Rates for Lending Club’s business loans range from 5.9% – 21.6%. APR for a $100,000 loan over 1 year comes up to $0.32 on the dollar. These costs are slightly below industry averages and better for the borrower.

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The Bad


Depending upon your initial loan rate, there will be a loan origination fee deducted from your principal. Lending Club’s business loan origination fee ranges from 0.99%-5.99%. The origination fee may result in a lower deposit amount than the borrower anticipated.

Long Terms

Some borrowers may want the long term loans that Lending Club offers (1-5 years). However, other business may be seeking shorter terms (in months). If the latter is the case, businesses should seek a loan elsewhere.

Funding Takes One Week

While the wording is slightly confusing, we believe Lending Club is only available in 47 states. States that do not qualify for a business loan from Lending Club include Rhode Island, Idaho, and Iowa.

The Bottom Line

Overall, Lending Club business loan origination fees increase the total cost of the loan, which decreases the amount available to the borrower. We suspect that higher-risk customers may pay a higher interest rate, since no collateral is required for Lending Club’s unsecured loan product, but this practice is typical of lenders and investors. These loans are more affordable than many other alternative lenders, have low borrowing requirements, and do not come with prepayment penalties. We recommend using Lending Club to take out a business loan.

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*Star Rating is determined by evaluating APR range, minimum credit score requirement, revenue requirement, length in business requirement, and other related approval data.

Frequently Asked Questions

How fast can I access business loan money from Lending Club?

About 7 business days.

Who qualifies for a business loan from Lending Club?

Those who have been in business for at least 2 years, making $75k/year + have a personal credit score of 620.

How fast can I access business loan money from Lending Club?

About 7 business days.

How much can I borrow from Lending Club?

You can borrow up to $300k total – up to $100k without collateral.

How much will a $100k business loan over 12 months cost me?

We estimate a $100k business loan from Lending Club paid off in 12 months will cost a maximum of $132k.

More Information

Types of Loans Offered

Find Out Which is Right for Me

Rates Offered

5.9% to 21.6%
What Do I Qualify For?

Term Lengths

Borrow for 1 to 5 years

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