Lending Club Loan App: What You Need To Know

LendingClub offers a mobile app for users to manage their money. The app is available on the Google Play Store and the Apple App Store. With the LendingClub app, users can keep track of their checking account, savings account, personal loan, and credit report all from their phone. The app also allows users to see their bank accounts and loans in one place, check their loan pay-down progress, and consolidate debt with a new personal loan. LendingClub also offers a commercial app for its commercial and institutional banking clients.

LendingClub app features

LendingClub offers a mobile app for both Apple and Android users, allowing you to manage your money and perform various banking tasks from anywhere. Here are some key features of the LendingClub app:

Account Management

• View Accounts in One Place: You can see all your bank accounts and loans in a single, convenient location.
• Checking and Savings Accounts: Keep tabs on your checking account, savings account, and monitor your personal loan details.
• Credit Score Tracking: Monitor your credit score and credit report for free with DebtIQ. This feature helps you understand your creditworthiness and the impact of various financial decisions.
• Safe Money Transfers: Easily and securely transfer money between your accounts. You can also send and borrow money directly through the app.

Convenience and Security

• Biometric Authentication: Quickly and securely sign in using Face ID, Touch ID, or other biometric authentication methods.
• Remote Card Control: Lock your debit card remotely if it's lost or stolen, giving you added security.
• Mobile Check Deposits: Deposit cheques directly from your phone without having to visit a bank branch.

Rewards and Benefits

• Cashback and Savings: Earn cashback on checking and enjoy competitive interest rates on your savings accounts.
• No Monthly Fees: There are no monthly maintenance fees, and you can enjoy free external transfers.
• Early Direct Deposits: Set up direct deposits to get paid up to two days early.
• Personalized Lending Options: The app provides personalized loan suggestions based on your needs and financial situation.

LendingClub app reviews

LendingClub has a mobile app available for Apple and Android devices. The app allows users to manage their bank accounts and loans in one place, check their loan pay-down progress, and deposit cheques straight from their phone.

Reviews for the LendingClub app are mixed. Some users have praised the app for being informative and easy to use, with a sleek and clean design. They also highlight the great rates on savings accounts and the convenience of mobile banking. However, other users have criticised the app for issues with linking bank accounts and poor design, with pending transactions not displaying and deposits not showing up.

Reviews for LendingClub's loan services are generally positive, with customers reporting a smooth and straightforward application process, quick approval, and helpful customer support. The interest rates are described as competitive, although some have noted that they are higher than expected.

Overall, while there are some negative reviews, the LendingClub app appears to be well-regarded by many users, particularly for its convenience, ease of use, and competitive rates.

Setting up a LendingClub profile

LendingClub is a digital marketplace bank with a mobile app that allows you to manage your money. The app is available on the App Store and Google Play.

To set up your LendingClub profile, you must first complete your application. Once you have done this, you will receive a text message with an enrol link. Click on the link and enter the one-time code that will be sent to your mobile phone. After this, set up your password and wait for LendingClub to re-verify your information. You will then receive confirmation that your enrollment is complete.

You can also add a joint account owner by submitting a request during the account opening. You will then receive confirmation of the details of your newly approved LendingClub account. If you request a debit/ATM card during the account opening, it should arrive within 7-10 business days of your application being approved.

To manage your account, you can sign in to your Member Center and click on Settings in the upper-right corner. From there, you can change your email address, contact information, and password. To change your legal name, you will need to send a copy of a legal document confirming your name change.

LendingClub Commercial app

LendingClub offers a mobile app for its commercial clients, providing secure mobile banking services. The LendingClub Commercial app allows users to manage their money and access various banking features on the go. It provides a convenient and user-friendly platform for commercial clients to handle their financial needs.

The app offers a comprehensive view of one's finances, enabling users to see their bank accounts and loans in one place. This includes the ability to check loan pay-down progress at any time and easily send, save, and borrow money directly through the app. LendingClub Commercial users can also deposit cheques straight from their phones, eliminating the need to visit a bank branch.

Security is a key focus of the LendingClub Commercial app. It employs 256-bit encryption to ensure the highest level of data protection. Additionally, deposits made through the app are FDIC-insured for up to $250,000 per depositor for each ownership category, providing peace of mind for users.

The app also provides users with free access to their credit scores and reports. With DebtIQ, users can access an easy-to-use credit simulator to explore how different financial decisions may impact their credit score. This tool empowers users to make informed choices to improve their financial health.

Overall, the LendingClub Commercial app offers a secure, convenient, and feature-rich mobile banking experience for commercial clients. By providing easy access to financial information and tools, the app helps users effectively manage their money and make well-informed decisions.

LendingClub's acquisition of Radius Bank

LendingClub, a San Francisco-based fintech company, acquired Radius Bank in February 2021 for 185 million dollars. This marked the first time a US fintech company had acquired a bank. The acquisition was part of LendingClub's efforts to become a regulated bank.

The deal gave LendingClub access to a stable and cheaper source of funding, as well as a banking charter, enabling it to offer new products to its clients, diversify its earnings, and reduce or eliminate the use of institutional funding sources. LendingClub CEO Scott Sanborn stated that the deal would save the company $40 million per year in bank fees and funding costs, and allow them to earn a spread on loans kept on their balance sheet. In addition, by becoming a bank with its own balance sheet, LendingClub gained regulatory clarity around its operations, instilling confidence in the backers of its loans, which include institutional investors such as banks, hedge funds, and asset managers.

The acquisition of Radius Bank also provided LendingClub with a means to cut compliance costs. LendingClub built significant infrastructure to support the roughly $1 billion in loan volume it was processing each month, even though it was working with a partner. As a bank, LendingClub could also add interest income as a revenue stream, with plans to hold 15% to 25% of loans on its balance sheet.

Frequently asked questions