Your annual percentage rate (APR) is the overall yearly cost of your loan, including fees and interest. The APR on LendingClub Bank loans ranges from 6.34% to 35.89%.
We calculate the APR on your loan offer based on a number of factors, including things like your debt-to-income ratio and the loan amount. Since LendingClub loans are fixed-rate loans, that number (as well as your monthly payment and interest rate) won’t change over time.
Here’s a closer look at the fees and interest that make up your APR.
Fees
At LendingClub, you pay an origination fee of 1% to 6% of the loan amount—the exact amount depends on your personal credit history.
Our loans have no application fees or brokerage fees, so you won’t be asked to pay anything up front to receive your loan. We also don’t charge prepayment fees for early payoffs.
We do assess late fees (and other penalties) on payments that are more than 15 days late, but you can avoid those fees by staying current with your monthly payments.
Interest
Your interest rate indicates how much you’ll pay in interest per year.
We calculate interest daily based on a 360-day year with 12 months. That means that each month is treated as though it has 30 days for interest to accrue, even if the month has more or fewer days.
If you want to reduce the amount of interest you pay over the life of your loan, you can make extra payments or pay off your loan in full at any time—as noted above, you won’t see any penalties or fees for paying your loan off ahead of schedule.
Whenever you’re ready to see what you’d qualify for, head to our homepage to check your rate.*
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* Checking your rate generates a soft credit inquiry, which is visible only to you. A hard inquiry, which may be visible to you and others, and which may affect your credit score, only appears when a credit account is opened in your name.