Personal loans are a type of unsecured loan that one can obtain for various purposes, such as consolidating debt, paying for a wedding, or even embarking on a home renovation project. One popular lender out there in the field is LendingClub, which provides personal loans to borrowers with varying credit scores.

Yes, it is an online bank. It used to be just a lending platform, but since 2021 LendingClub has become an online bank. They have acquired Radius Bank, and now they are a fintech that offers every type of financial product, including bank accounts, loans, etc.

It is almost impossible to get approved for a personal loan if you have no credit history. LendingClub will consider you if you have at least a fair credit score. It also gives you the option to choose someone to co-sign with you and improve your chances of approval. You can always start your credit history with a secured credit card, and soon you’ll be showing your creditworthiness to every lender.

LendingClub has been around since 2007 and has facilitated over $60 billion in loans. It’s also backed by some major investors like Google and BlackRock. Plus, it has an A+ rating with the Better Business Bureau. Over 3 million people have used LendingClub for their personal loan needs, with the company boasting an impressive 4.8 rating on Trustpilot.