LendingClub

Learn more about LendingClub's small business loans with key information, loan options, comparisons, and frequently asked questions.

Updated on June 30th, 2022

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LendingClub is a full-spectrum digital bank that offers business bank accounts for both physical and online businesses. LendingClub's innovative platform, which boasts over three million members, provides exclusive access to a range of beneficial financial products and services, including cashback, ATM reimbursements, and access to Autobooks.

Pricing:

Plan

Monthly Pricing

Tailored Checking Account

$35.00

Maintenance

$10.00*

*A maintenance fee is only charged if your monthly balance is below $5,000.

Review:

LendingClub is an award-winning banking solution that offers checking accounts, technology-driven banking solutions, and SBA loans, among others. The platform'sTailored Checking account allows business owners to withdraw and make deposits, creating a seamless process for tracking and managing cash flow.

LendingClub offers a variety of beneficial products and services, including 1% cashback, no prepayment penalties, and unlimited automatic ATM fee reimbursements. Autobooks, a fully integrated suite that helps expedite financial procedures, is also available through the platform, as is a comprehensive mobile app.

Pros:

  • The platform offers an easy online application process and fast results.
  • LendingClub's benefits include no excess transaction fees, unlimited cashback, and free ATM rebates worldwide.
  • Business owners can open a checking account in 10 minutes or less.
  • LendingClub's mobile app allows users to place stop payments, perform wire transfers, set custom alerts, and more.
  • Business owners have access to Autobook's suite, which allows them to send secured invoices and track payments.
  • LendingClub's interest is higher than the national average, allowing business owners to earn 0.10% APY.
  • There are no monthly maintenance fees and no minimum balance requirement after $100.00 to open an account.
  • The Tailored Checking account is able to sync with third-party suites, including Quickbooks, Mint, and Quicken.
  • LendingClub's customer service is available 24/7 both online and via telephone.
  • Business owners' deposits are FDIC-insured up to $250,000 and the platform uses 256-bit encryption to ensure strict security.

Cons:

  • The cashback option, no monthly maintenance fee, and 0.10% APY interest are only applicable to those with $5,000 in their account per month.
  • LendingClub's ATMs are only available in Boston, Massachusetts.
  • To open an account, business owners must have a business website to be approved.
  • Wire and ACH may incur additional monthly charges.

Reputation:

LendingClub has an A+ rating on the BBB website with an average rating of 4.49 out of 5 stars. While there are a limited number of customer reviews available online, LendingClub has received good ratings from bank review sites, such as Bankrate and WalletHub.

On Bankrate, LendingClub received an average of 4.3 out of 5 stars, with the site crediting its low monthly fee requirements and fast turn-around time as major perks.

LendingClub received over 1,600 reviews on WalletHub and maintains an average rating of 4.5 stars. While the majority of the reviews focused on its previous peer-to-peer lending services, customers appreciated their low fees and quality service.

At-a-Glance:

Feature

LendingClub

Unlimited cashback

ATM rebates

Minimum balance requirement

x

FDIC-insurance

Mobile app

Security

256-bit encryption.

Customer service

Live chat, email, telephone.

Lending Club Vs Axos
LendingClub vs. Axos:

While LendingClub has a single all-inclusive Tailored Checking package, Axos has three separate plans with varying benefits. Both LendingClub and Axos have no monthly maintenance fees; however, only LendingClub limits this benefit to individuals with a monthly balance of $5,000 or more.

LendingClub vs. Axos Comparison:

Feature

LendingClub

Axos

Monthly maintenance fee

$10.00

$0.00

Minimum opening balance

$100.00

$0.00 - $50.00

ATM rebates

International.

National.

Cashback

1.00%

1.00%

FDIC-insurance

24-hour customer support

Mobile app

Lending Club Vs Chase
LendingClub vs. Chase:

Between the two competitors, Chase is well-known, with ATMs and banks situated across the country. LendingClub, on the other hand, only has ATMs in Boston, and their business accounts are more limited. While LendingClub offers a Tailored Checking account for $35.00 per month, Chase's pricing depends on each state, making it hard to estimate costs.

LendingClub vs. Chase:

Feature

LendingClub

Chase

Monthly maintenance fee

$10.00

$12.00

Minimum opening balance

$100.00

$25.00

ATM rebates

x

Cashback

1.00%

1.50%

FDIC-insurance

24-hour customer support

x

Mobile app

Lending Club Vs 1St Bank
LendingClub vs. 1st Bank:

While LendingClub's ATMs are limited to the Boston region, 1st Bank has locations all over the country. When it comes to maintenance, LendingClub is the more cost-effective alternative, charging only $2.00 per month less than 1st Bank. However, LendingClub offers additional perks not found in 1st Banks' plans, such as cashback and ATM rebates.

LendingClub vs. 1st Bank Comparison:

Feature

LendingClub

1st Bank

Monthly maintenance fee

$10.00

$12.00

Minimum opening balance

$100.00

N/A

ATM rebates

x

Cashback

1.00%

x

FDIC-insurance

24-hour customer support

Mobile app

Key Information:

Legal Name

LendingClub Bank, N.A.

Founder

Renaud Laplanche

Founding Date

Jan 01, 2006

Address

1 Harbor St., Boston, MA 02210

Number of Employees

1538

Number of Customers

3000000

Email

bankhelp@lendingclub.com

Telephone

1 (800) 242-0272

Website

https://bank.lendingclub.com/

FAQs:

How long does LendingClub take to approve?

LendingClub's whole application, approval, and funding process typically takes around seven days, and sometimes it could take slightly longer.

Is LendingClub.com legitimate?

Yes, LendingClub is a legitimate full-spectrum bank that was founded in 2006.

Is LendingClub free?

LendingClub is not a free service. They are an online banking service that connects business borrowers with loan providers, and they offer a host of business products and services to help streamline financial processes.

Is LendingClub a review?

No. They are a full-spectrum banking service that connects business borrowers with loan providers, and they offer a range of business accounts and services.

Does LendingClub require proof of income?

Yes. You will need proof of income to open an account with LendingClub.

Will LendingClub lower my payment?

Contact LendingClub to check with them.

How do I contact LendingClub?

You can contact LendingClub for answers to your business financing questions by calling 1 (800) 242-0272.

What are some LendingClub alternatives?