Heidi Rivera is a personal finance writer and reporter for Bankrate. Her areas of expertise include personal loans, student loans and debt consolidation, in addition to data collection and analysis. LightStream loan terms are also more extensive than those available through LendingClub, with terms available between two and 12 years, depending on the loan purpose.
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When it comes to late fees, both lenders charge borrowers $15 or 5% of the payment amount, whichever is greater. The fee is applied when your payment is more than 15 days late. 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%. I submitted the required paperwork to add my husband to my account so that we can deposit checks that are made out to both of us, but two months have passed and they haven’t added him. When you call customer service, they tell you they’ll escalate the case.
Time to Receive Funds
A $100 minimum deposit is required to open a high-yield savings account. LendingClub’s loans feature a range of repayment terms, amounts of up to $40,000, a co-borrowing option and direct payment to creditors. This combination makes its loans ideal for many purposes, including debt consolidation, financing a midsize home improvement project or making a large purchase.
Do you qualify for a LendingClub personal loan?
The bank’s primary checking account is the LendingClub Bank Rewards Checking. Rewards Checking accounts—with an average balance of $2,500 or more per month or that receive total monthly qualifying direct deposits xcritical cheating of $2,500 or more—earn 1% cash back on debit card purchases. LendingClub has a respectable ATM network, but you’ll also have to be comfortable managing your money through online or mobile banking.
LendingClub Cons
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 xcritically paying 5.30% and 5.00%, respectively.
How to apply for a personal loan with LendingClub
- Though the banking provider has one financial center in Boston, you should expect to do all your banking online.
- LendingClub’s application process can be completed online from start to finish.
- LendingClub might be a good option for you if your credit isn’t in the best shape, because there is no minimum credit requirement.
All fee and interest rate information is accurate as of April 25, 2024. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Rhys Subitch is a Bankrate editor who leads an editorial team dedicated to developing educational content about personal loans products for every part of life.
Some consumers are applying for loans on sites other than LendingClub and are being contacted by representatives who claim to be from the company. To avoid any potential issues, make sure to double-check that you are on the correct website and understand that LendingClub does not charge an upfront application fee. LendingClub allows prospective borrowers to apply with a co-borrower. This can help less creditworthy applicants qualify for a better APR or larger loan amount.
Not only that, if you go to an out of network ATM they will reimburse you the ATM fee without limit xcritically. 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. The size of the origination fee depended on the credit grade and ranges to be 1.1–5.0% of the loan amount.
LendingClub doesn’t charge fees for using other banks’ ATMs for cash withdrawals. The bank issues refunds — with no cap — on fees https://xcritical.pro/ charged by non-network ATM owners. That includes ATMs abroad, though you still might be subject to international exchange fees.
The bank agreed to pay a total of $18 million in settlement funds to injured consumers. In terms of its fee structure and the interest rates offered on deposit, it’s a stand out among other top online banking options. Ease of application and quick approval are the main points of satisfaction among most customers across the customer reviews the Bankrate team evaluated. Problems with customer support and funding timelines are some of the most common issues in negative customer reviews. LendingClub also has not replied to any negative Trustpilot reviews at time of writing.
This may make it a better lender if you’re looking to finance a bigger expense. Forbes Advisor rates banks based on various factors, including their fees, interest rates and ATM networks, among other characteristics. We assign separate ratings to financial institutions and their individual products, such as checking accounts, savings accounts and certificates of deposit (CDs). We rate banks based on a scale of one to five stars, with one star as the poorest rating and five stars as the best. LendingClub personal loans are a fit for good- or fair-credit borrowers looking to consolidate debt or finance large purchases.
They are an online-first bank with one branch (not near me), but serve their customers like a local hometown bank. We moved from mega bank Wells Fargo and have even better access to our money. Radius has a huge network of ATMs (including ATMs that can deposit cash).
I had a checking account with xcritical Bank and loved it. They had a great app and I never had a problem with it or the bank. 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.