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?  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. LendingClub loans are a popular choice for tons of small businesses. Our LendingClub 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 LendingClub’s Website

Article Overview

Lending Club Review

4.3 / 5
Lending Club Review
Speed of Approval & Funding 3.5
Qualifications for Approval 3.5
APR Rate 5.0
Loan Amounts & Payment Terms 4.5
Customer Service 5.0


  • Business must have at least $50,000 in annual revenue (lower than many)
  • Can borrow up to $300,000 if qualified
  • Much lower APR average at 9%-35% (includes a 2%-7% origination fee)
  • Flexible terms, from 1-5 years
  • Dedicated U.S.-based client advisor
  • BBB accredited: A+ rating


  • Several days to find out what loans are available to you
  • Must be in business at least 1 year
  • Collateral required for loans over $100,000
  • Personal guarantee required
  • No website resources for small business owners
  • No weekend customer support hours

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

How Do Borrowers Rate Lending Club?

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

Positive Reviews

We own a small business and needed some capital. We chose LendingClub. We were funded $100k with little delay. On their website, you have the freedom to move your due date, which was helpful so that I could schedule it on a week I didn’t have to do payroll. When we need to, we are able to call in and have them move our payment out for more time if something unforeseen pops up. They’ve been nice and helpful over the phone. I’ve had no trouble. – Renea J., BBB 5/11/2017

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., Trustpilot 2/25/2016

Negative 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 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

What Does The LendingClub CEO Have To Say?

In early May 2016, the CEO of LendingClub unexpectedly resigned and the online lender was in flux for a short period of time. LendingClub, however, has quickly solidified its reliable presence in the online lending space. Check out this brief video from an interview with the current Lending Club CEO by Bloomberg News.

What’s Our Final Verdict?

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.

See how Lending Club stacks up against other online lenders in our online small business loan comparison article, where we’ve reviewed 11 of the top companies.

What difficulties have you encountered on your quest for a business loan?

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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Freda Cleveland
This company took my money with promises to triple it lies lies lies. The only thing that happened was me starting a new back acount Reportig to the BBB making a repot with local olive and my next move will be going to the court house filing a report to go before a judge with all the corresponding that I have I will get my money back
Brad B
CEO’s resign all the time, just sayin! Lending Club rocks!