What Is LendingClub and What Do We Do? (2024)

Anytime the Federal Reserve decides to raise interest rates, it typically creates a ripple-effect throughout the economy. We take a look at some of the ways rising rates influence how you borrow and spend, and the impact rising rates can have on variable rate debt you may be carrying.

Whether you're completing a large home improvement project or paying down high-interest rate credit cards—a personal loan can give you the boost you need to reach your financial goals.

While it can be easy to qualify for short-term loans—even if you have a low credit score or limited income—many come with unfavorable rates and terms. The high fees and interest rates make it an expensive form of debt, and the short repayment terms can leave borrowers financially worse off.

If you're planning on consolidating debt or making a big purchase like buying a home or new car, chances are you'll need financing to help reach your goals. Understanding the true cost of a loan is key to getting the best deal possible—and most often that starts with shopping APRs and interest rates across different lenders.

Your credit score plays a key role in nearly every aspect of your financial life—from the rates you receive on loans to applying for utility services and cellphone plans. Given how often those numbers will come into play, it is a smart move to aim for the best scores you can.

From groceries and diapers to Halloween costumes for pets, nearly 60% of American consumers prefer to shop online for everyday items that make life more convenient, comfortable, and enjoyable. And with rising prices showing no signs of stopping anytime soon, we’re pleased to introduce StackitTM from LendingClub Bank—a new browser extension that automatically finds and rewards eligible members with coupons and cash back for extra savings at more than 15,000 favorite online retailers.

Even in today’s low-yield, high-inflation environment, it’s essential to keep a certain amount of money in an easy-to-access checking or savings account for things like daily household and emergency expenses, or to meet short-term financial goals.

Since 2007, LendingClub has been on a mission to deliver a world-class experience to all our members. This month we took a moment to reflect on the more than four millionmembers who have chosen LendingClub as their partner to help them reach their financial goals.

In March 2022, we hosted our first quarterly webinar where we celebrated our one-year anniversary as a digital marketplace bank.

LendingClub completed the acquisition of Radius Bank in February 2021. At that time, in addition to the direct-to-consumerdepositbusiness, we inherited a fintech partner program,andseveral lendingbusinesses.As we reach the one-year anniversary of the acquisition, and in conjunction with the conclusion of a strategic review of our business operations, we have made the decision to discontinuecertain businesses that don’t fit our mission.

Stackit is a brand-new browser extension for personal loan members that’s free, easy to install, and automatically finds cash back and coupons at more than 15,000 of your favorite online stores.

We take the privacy and security of our members, investors, and partners seriously. Here are some answers to frequently asked questions about LendingClub’s privacy policies.

On February 1, 2021, LendingClub Bank, N.A., closed the acquisition of Radius Bancorp and its wholly-owned subsidiary, Radius Bank, becoming the only full-spectrum financial technology (fintech) marketplace bank and the first public U.S. neobank.

We offer several ways for you to make your monthly auto loan payment, so you can choose the method that works best for you. A statement will be mailed to you every month that shows the payment amount and due date.

LendingClub provides a year-endstatementthat summarizes your account activity, including how much interest you’ve earned and information regarding Notes tied to loans that have beencharged off.

{noun} A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.

{noun} The total annual cost to borrow money, including fees, expressed as a percentage.

{noun} The amount of unpaid interest that has accumulated as of a specific date, either on a loan or an interest-bearing account or investment.

A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.

{noun} An interest rate that remains the same for a set time, usually for the life of the loan.