Intro: Reviews

The reviews cited in this article will cover both the benefits and drawbacks of using We also include Lending Club reviews, since one is simply a landing page and portal for the other.

For people who need a loan, going through banks can seem time-consuming and daunting.

Online loan services like from Lending Club and competitor Prosper Marketplace are gaining in popularity, especially for lenders who can provide larger loans for lower interest rates compared to the high-interest, low-dollar amount of payday loans.

Lending Club Reviews: What Is review is a landing page and portal for Lending Club , an online peer-to-peer lending network connecting borrowers to investors.

They offer a lower general fixed rate than payday loans and offer larger amounts of up to $40,000 to applicants who qualify.

Despite the advertised 5.99% annual percentage rate (which our review finds is their lowest rate), you could actually pay up to 35.89% APR.

The loans are made by WebBank (a Utah-chartered Industrial Bank, Member FDIC), which manages the peer-to-peer lending. Your rate will depend on your loan amount, credit score, loan term, credit usage, and history.

Also observed by this Myinstantoffer review, they make no guarantees of interest rate, or approval.

In addition to the APR, you will also pay loan fees. According to other Prosper Marketplace reviews, the competition might have lower loan fees (sometimes called loan origination fees) if you have a great credit score.

However, other reviews agree that the portal from Lending Club could still provide the lower APR.

In our review, we found that the most popular loans are used for:

  • Debt consolidation
  • Paying off high-interest credit cards
  • Home improvement
  • Pool or vacations
  • Purchasing a car
  • Down payment for a home
  • Paying for education
  • Medical expenses
  • Other large purchases

There are a number of reasons why a loan might be in your future. If you find yourself in need of funds between $1,000 and $40,000, you might do well to consider Club.

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Lending Club Reviews: Is Club Right for You?

If you are researching lenders, it is important to evaluate which one is right for you.

In our reviews, we find that their process with Lending Club makes legit. Most of the points addressed below are clearly stated throughout their process.

However, you may want to conduct your own Lending Club reviews to ensure that you are getting the best loan for your unique needs.

Here are a few things to look for as you weigh the pros and cons of lenders such as Club reviews and Prosper Marketplace reviews: Loan Terms

Make sure loan terms and conditions are clearly disclosed, like the borrowing levels, repayment period options, and ways to pay.

As part of the loan terms, identify the dollar amount of all fees listed as well as the Annual Percentage Rate (APR) of loans, which all lenders must publish. Reviews

Lending Club Reviews Processing Times

Look for the processing time of each particular lender. If you need funds within a 24-hour period, you will want to identify lenders with an easy application and approval process.

If you’re short on time with Lending Club loans, you’ll also want to ensure that there is a quick turnaround for getting you the funds you need once approved.

Compare Lending Club Reviews

As you compare reviews, Prosper Marketplace reviews, and other online lender reviews, make sure you do a thorough check of all Lending Club reviews.

Check out all the comments, consumer rating scores, and accredited sites like the Better Business Bureau for each lender to help you make an informed choice.

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Lending Club Reviews: What Does It Take to Qualify for a Lending Club Loan?

Our reviews found that getting approved for a loan through Lending Club can be difficult for those with lower credit scores. Here is what you need to know as you go through their process for qualification.

  • You will NOT qualify if you have a FICO credit score below 600, though a higher credit score does not guarantee approval
  • You need to have a consistent job and wage/salary to be considered for a loan
  • Certain loan applications will be required to submit income verification such as W-2 forms, pay stubs, or their tax records that can verify the income stated in the loan request

Once you have reviewed your need for a loan, and you have the basics in place like a good job, salary, and FICO credit score, you can decide if you want to proceed with the qualification process based on what you’ve learned through My Instant Offer reviews.

Lending Club Review: What Is the Qualification Process for a Club Loan?

Some people will have received an offer that will say, “You are pre-approved for a personal loan.” You will be sent to where you will find a window to enter your personal funding code.

If you have not received this pre-approved offer, don’t worry. In our Myinstantoffer review, there’s also a link that asks “Don’t have your code?” After which you’ll see the link to “click here” to proceed with the process.

Once you click there, you will find a screen with three quick questions:

  • Enter your loan amount: $1,000 to $40,000.
  • Choose Loan Purpose.
  • Select your Credit Score.

To submit, you will click on the button that says “Check Your Rate.” 

This Myinstantoffer review assures you, the online user, that going through their “Get Your Rate” process will not affect your credit score.

The next screen asks you for even more information and requires you to create a password to open an online account. Other required information includes:

  • Name
  • Address
  • Date of birth
  • Email address
  • A password
  • Yearly individual income

You will then have to agree to their Terms of Use, agree to enable all transactions and disclosure delivery to occur electronically, agree to their Credit Profile Authorization, and allow Lending Club to verify your income. 

Once you click on “Get my Rate,” it will process your information and determine whether or not you qualify for a loan.

According to Lending Club reviews, if you do not qualify, there will be links they provide to other partnering lenders who may be able to help.

Lending Club Review: What Happens After I Get Qualified for a Loan Through Lending Club?

If you qualify, you could receive more than one loan offer from Lending Club.

If that is the case, select the one you like best and complete the rest of the online application and verification process, including income verification and email verification if needed.

You will then be part of the process as you watch investors from Lending Club commit to supporting your loan. This process could take a few hours, or a week or more.

Once funded, your loan will be automatically deposited into your bank account. Club states that investors will never learn personally identifiable information about you or contact you directly.

Once your loan is approved and funded, you will need to connect your bank account. When complete, your loan proceeds should be in your verified bank account within four business days.

Related: Review – What You Should Know Before Using

Lending Club Review: What Are the Benefits of Using Club?

After looking through various reviews, we found that there are several features that make Club appealing to borrowers, aside from being able to deal with a peer-to-peer lender. Lending Club Benefits

Applications are simple to complete, and even joint applications are accepted. If you want to up your chances of approval due to a possibly lower credit score or salary, filing with your spouse could be the key to getting approved.

They have a solid rating from the Better Business Bureau (BBB), and Lending Club has many security features to protect you, your funds, and your identity.

Loans through Lending Club have low interest rates and a fixed rate that will never go up.

As an additional benefit, our Myinstantoffer review found that you have the option of making extra payments or paying off the loan early (with no pre-payment penalty) to lower your overall interest payments on the loan.

Lending Club Review: What Are Other People Saying About Lending Club?

People have grown accustomed to doing their own research on companies they are looking to do business with because they want more than advertisements and website blurbs to guide their decision.

That’s why there’s nothing like word-of-mouth referrals and reviews, like a “My Instant Offer review,” to gain some outside perspective.

Through the reviews, we found a lot of customers and even well-known businesses who are on board with what and Lending Club are doing.

  • As of June 2016, their online reviews from their clients are outstanding. They have over 55,000 reviews from customers on their site, with 99% of them recommending their services – a 4.8 out of 5 star rating.
  • In 2013, Google became a prominent investor in Lending Club, with Google’s stake being about 7%.
  • News outlets like The New York Times, CBS News, and more confirm Lending Club is safe (their portal,, is legit as well).
  • China’s largest internet company, Alibaba, has partnered with Lending Club, according to The New York Times.

Lending Club Review: Are You a Good Candidate for Club?

Those who are already in a spiraling cycle of debt are not good candidates, as it is likely their credit score will disqualify them for a loan. If this ends up being the case for you, there are practical ways you can improve your credit

A typical responsible borrower, and those who research Lending Club and reviews, understands what it takes to be financially responsible.

To help with this aspect of being a responsible borrower, use the free online calculators to help you determine the amount you need to borrow, exactly how much it will cost you after all payments are made, and what your estimated repayment schedule will look like before you sign the loan contract.

It is important for the ideal borrower to take financial responsibility for behaviors and act in their own best interest by creating healthy financial habits.

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Conclusion: Overall Results of Our / Lending Club (Reviews)

If you are in the market for a loan, peer-to-peer lending through, Lending Club appears to be one of the best low-rate options for loans up to $40,000.

Our Lending Club review found that this type of loan can also help your credit score.

For those who took out loans with the specific purpose of debt consolidation or paying off credit cards, Lending Club states that 74% of borrowers experienced a FICO score increase three months after obtaining their loan, with an average score increase of 19 points!

Checking your rate to see if you qualify for a loan from Lending Club review is quick and easy, and you can try it yourself for free by clicking here, without any effect on your credit rating.

Who knows, once you see how a loan from can help you and your family, you may even want to invest in Lending Club yourself!

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