LendingClub Interest Rate Calculator–Beta

Our LendingClub interest rate calculator is designed for both p2p borrowers and lenders. Currently in beta version, this calculator will estimate the interest rate charged by LendingClub for a loan. The actual interest rate charged varies based on a number of factors, each of which is considered in the calculator. For help with each input, click on the "?" icon on the calculator.

Interest Rate Calculator

fico score :

Your FICO score is a number between 300 and 850 that represents the strength of your credit history. If you don't know your FICO score, you can get it online. Remember that Lending Club only lends to individuals with a FICO score of at least 660. [hide]

open accounts :

The number of currently open accounts you currently have, as reported by a consumer reporting agency. [hide]

credit inquiries :

The number of credit inquires in the last six months, as reported by a consumer reporting agency. These are recorded instances where a lender has requested a copy of your credit report in response to your request for a new loan or credit card. [hide]

credit utilization :

Your total debt divided by the total of all your credit limits, entered as a percentage. For example, if you have two credit cards, and the first one has a outstanding balance of $1,000 with a $5,000 limit, and the second one has a balance due of $4,000 with a $10,000 limit, then your credit utilization is (1000 + 4000) / (5000 + 10000) = 0.333, which you should enter here as 33.3. [hide]

credit history :

The number of months of credit history reported by a consumer reporting agency. [hide]

loan amount :

As a borrower, the loan amount is simply the amount of money you intend to borrow. Lending Club will loan between $1000 and $25000, and interest rates trend higher as the amount of the loan increases. [hide]

Borrowers

The LendingClub interest rate calculator can help borrowers estimate the interest rate that will be charged on a loan from LendingClub. With this information, potential borrowers can compare interest rates with other p2p lending sites like Prosper, or with other borrowing options.

Investors

Investors can use the calculator to compare interest rates available from other p2p lenders with what can be earned through LendingClub. With this information, a more informed investment choice can be made.

Important Notice about the Calculator

Keep in mind that factors affecting interest rates change regularly. In addition, LendingClub and other p2p lenders charge borrowers and lenders fees that will increase the cost of the loan or decrease the return on investment. As a result, the actual interest rate charged for borrowers or earned for investors will be different than what is estimated by this calculator. Use the calculator to obtain a rough estimate, but always confirm the terms and conditions of a loan or investment with the p2p lender.

Also please keep in mind that the calculator is still in beta and subject to change. If you have any problems using the calculator or question the results obtain, please let us know.