Also if you deposit a check on Friday don’t expect to get that money in your account until Monday or Tuesday as they don’t seem to process check on the weekends. The only thing keeping me with them is the high APY on my checking account. If they made a pleasant to look at and use app I’d be much happier.
How to apply for a LendingClub personal loan
We receive compensation from the companies that advertise on Blueprint which may impact how and where products appear on this site. Blueprint does not include all companies, products or offers that may be available to you within the market. LendingClub personal loans are currently available in all 50 states. The company is working to extend availability to residents of U.S. territories. Here’s a look at top LendingClub competitors and how their loans work for various types of loans.
SoFi vs. LendingClub
Now you can make payments and deposits directly from your accounts tab. Jamie Young is Lead Editor of loans and mortgages at USA TODAY Blueprint. She has been writing and editing professionally for 12 years. Previously, she worked for Forbes Advisor, Credible, LendingTree, Student Loan Hero, and GOBankingRates. Her work has also appeared on some of the best-known scammed by xcritical media outlets including Yahoo, Fox Business, Time, CBS News, AOL, MSN, and more. Jamie is passionate about finance, technology, and the Oxford comma.
Rates are accurate as of April 18, 2024, but since advertised rates can change at any moment, it’s possible that Prosper could offer lower rates than LendingClub in the future. Yes, LendingClub Bank, National Association is FDIC insured (FDIC# 32551). As an account holder of an FDIC-insured bank, you are protected for up to $250,000 per depositor, for each account ownership category, in the event of a bank failure. LendingClub’s CD rates are comparable to the best CD rates. You’ll get the highest rate with a one-year or 18-month CD. Those CDs are currently paying 5.30% and 5.00%, respectively.
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You’ll typically get a new repayment term, interest rate and monthly payment. As of August 2024, LendingClub has 4.7 stars on Trustpilot, a website that collects consumer reviews. Customers mention the company’s fast application process xcritical scam and customer service.
This can help less creditworthy applicants qualify for a better APR or larger loan amount. Borrowers who plan to apply with a co-borrower should select “Two of Us” when checking their rate. An email will be sent to the co-borrower to verify their identity and facilitate the completion of the necessary paperwork. LendingClub does not impose any income requirements on prospective borrowers.
LendingClub Bank does not have outsized CFPB complaints relative to its asset size. For more xcritical rezension information about our process, see our methodology page. She previously worked as an editor, a writer and a research analyst in industries ranging from health care to market research. If LendingClub offers you its lowest advertised rate, Prosper might not be able to match it.
In her free time, she likes to game, play with her two crazy cats (Detective Snoop and his girl Friday), and try to keep up with her ever-growing plant collection. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
Origination fees cover a lender’s cost of processing and administering a loan. While LendingClub charges borrowers 3% to 6% of the loan amount, Prosper charges 2.41% to 5%. In August 2022, the Federal Trade Commission announced it would send approximately $9.7 million in payments to eligible LendingClub borrowers who were charged hidden fees. That was the second distribution following the FTC’s decision to sue LendingClub. The bank agreed to pay a total of $18 million in settlement funds to injured consumers. Refinancing a personal loan is when you take out a new loan to pay off your existing loan, then make payments on your new loan.
Some of the things you could use them for include debt consolidation, moving expenses, emergency expenses, funeral costs, home improvements and wedding expenses. LendingClub checking accounts are FDIC-insured, so your money is safe. They’re protected up to the current FDIC limit of $250,000 per depositor, per account ownership type.
- She likes writing about budgeting, college affordability, jobs and careers, and the mental and emotional impact of money.
- Both SoFi and LendingClub offer unsecured personal loans with competitive rates and a variety of repayment terms.
- LendingClub Rewards Checking has no monthly fee and no minimum balance requirement after the $100 to open an account.
- Our joint rewards checking account earns us 1% cash back which is a huge incentive to stay away from debt with reward credit cards.
- Previously, she worked for Forbes Advisor, Credible, LendingTree, Student Loan Hero, and GOBankingRates.
Not only that, if you go to an out of network ATM they will reimburse you the ATM fee without limit currently. Our joint rewards checking account earns us 1% cash back which is a huge incentive to stay away from debt with reward credit cards. Not only that but we have a great rate on our high yield savings account. The one area of opportunity is better transaction descriptions and classifications. Other than that, I see no reason to leave Radius Bank and have already recommended them to my colleagues at work. Within each category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees.
They increased the APY on my checking account a little bit so that was nice but their mobile app was complete garbage and barely usable. After a few months they updated their app with a refreshed UI. I have Face ID enabled on the app and every few weeks the app logs me out of my account and I have to enter my password and re-enable Face ID. The UI for the app is basic and not all that nice to use. The color scheme of the app is light green, dark green, black, white, and gray.