Lending Club Reviews

LendingClub.com offers personal loans with APRs ranging from 8.98% to 35.99%, and the origination fee varies from 3.00% to 8.00% of the loan amount. These rates and fees are determined at the time of application, with the lowest APR available to borrowers with excellent credit. The origination fee is a one-time charge applied when the loan is issued. There are no application fees or brokerage fees, and no prepayment fees for early payoff. Late fees may apply for payments more than 15 days overdue. The actual monthly payment will vary based on the loan offer, which includes the APR, loan amount, term, and origination fee. For example, a loan amount of $18,000 with a term of 36 months, an interest rate of 12%, and an origination fee of 5% would result in an APR of approximately 14% and a monthly payment of around $598.

Among the popular products and services offered by LendingClub.com, personal loans stand out, with options up to $40,000 and a streamlined process for quick funding upon approval. Auto refinancing is another sought-after service, providing savings with no origination fees or prepayment penalties. For everyday banking, LendingClub's Rewards Checking account and High-Yield Savings are notable, offering competitive rates, 1% cash back, and ATM rebates. Additionally, the platform has been recognized with the title of Best Online Bank for 2024, highlighting its commitment to customer success and financial wellness.

LendingClub.com provides several payment methods for loans. Customers can set up automatic payments (autopay) online, which is the most convenient way to ensure payments are made on time. Autopay can be set up using a linked bank account. Alternatively, payments can be made by check, phone, debit card, or wire transfer. For those who prefer not to use autopay, there is an option to pay by check. Managing payments is straightforward through the Member Center, where customers can also change their autopay settings or set up recurring payments with a debit card. One-time payments are also available, and it's important to ensure they cover the full amount due if autopay is active to avoid duplicate payments.

LendingClub distinguishes itself from other online banks with competitive interest rates, low fees, and a cash-back benefit for qualifying depositors using their debit card. It offers rewards checking and high-yield savings accounts, with the latter earning some of the highest APYs available. The Rewards Checking account earns interest and provides 1% cash back on debit card purchases for accounts maintaining a certain balance or receiving qualifying direct deposits. Additionally, there are no monthly maintenance or overdraft fees, and customers enjoy no ATM fees with unlimited rebates for out-of-network ATM use. However, as an online bank, it may lack the broader range of products and services found at national brick-and-mortar banks. LendingClub has a respectable ATM network but requires customers to be comfortable with managing their money through online or mobile banking.

LendingClub, originally a peer-to-peer lending platform, has transitioned into a more traditional banking model, particularly after acquiring Radius Bank. It offers competitive interest rates and lower minimum loan requirements, which can be beneficial for small emergencies and debt consolidation. Unlike traditional banks, LendingClub's Tailored Checking has a monthly fee that can be waived and provides unlimited free transactions, a contrast to the set number of free transactions at traditional banks. Additionally, as an online bank, LendingClub may lack the extensive range of products and services found at national brick-and-mortar banks but compensates with a respectable ATM network and the convenience of managing finances through online or mobile banking. The main differences lie in the fees, loan amounts, interest rates, and accessibility of services, with LendingClub positioning itself as a competitive alternative to conventional banks, especially for those comfortable with digital banking solutions.