LendingClub


Overview / Commentary
617-439-3118
One Harbor Street, Suite 102
Boston, MA 02210

LendingClub is headquartered in Lehi and is the 12th largest bank in the state of Utah. It is also the 246th largest bank in the nation. It was established in 1987 and as of June of 2022, it had grown to 1,591 employees at 2 locations. LendingClub's savings rates are 6X the national average, and it boasts an A+ health rating.

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Transfer Worked Out Well

Posted by: |

When you push money from Lending Club to external account, the fund is usually available in external account on the next business day if you initiate the transfer on Lending Club site before noon.

Easy Enough

Posted by: |

the whole linking with Chase via Plaid fell flat on its face, so I went the traditonal route, with micro deposits, verify amounts etc. So, after a few days, up and running. No problems. My account isn't limited on $ amounts for withdraws, so I've factored that in. Their rates are very competitive. No issues so far. for those worried about daily withdraw limits, just initiate the transfer at another bank once the accounts are linked...you can bypass the daily limit. ie. have an account at Chase, or Wells and initiate the LC Bank withdraw from your Chase or Wells account. You can do any amount

Not As Sophisticated As They Appear

I applied for a high-yield savings account. The website seems clear and the application process seems simple. That is because the website information is not complete and the application approval relies on a credit pull. The website’s FAQ says:
“Yes, we do a soft pull of your credit. Soft pulls do not affect your credit score. Please note, if you have placed a credit or security freeze on your credit report you’re application may need to be manually reviewed. If the application needs to be manually reviewed it can take up to 5 business days.”

I have a freeze on all of my credit reports. I made an application, expecting to learn more about the manual review. NONE WAS OFFERED. When I inquired via chat, this is the response I received:
“Your application was declined because of the funding and YOUR CREDIT REPORT BEING FROZEN. You can reapply after you unfreeze your credit, but you must use a different funding source.
I then asked “Which credit agency do you want unfrozen?”
Response from Lending Club, “ I would unfreeze them all to be safe”
This ‘unfreeze them all’ is totally crazy. While I generally avoid institutions that require this additional hassle, when I have done so for a few credit unions, they tell me in advance which credit bureau they are using. This hassle is not worth the 10 bp advantage over my account at National Cooperative Bank (NCB).

A few other observations from the application process (since I am the first to review):
You might have noticed that Lending Club has some sort of objection to my funding source, NCB.
During my initial application attempt, the website offered two methods of linking to my funding source. They recommended using “Plaid”. Some commenters on this site have objected to using Plaid at other institutions since you have to provide your log in credentials. I proceeded anyway. While Plaid recognized NCB during the initial step of the process, they came back with a response that they could not find a checking or savings account of mine at that institution, although I have a MMA there. So I proceeded with the alternative approach of using the NCB account number and routing number. That resulted in my application rejection as describe above.
Apparently Lending Club has some problem with NCB, which they do not explain, merely giving a hard "NO." So much for my intended funding source.

Before attempting the application process, I use their “chat” feature to find out more about online banking transfer limits, if I opened a High Yield Savings (HYS) account. This turned out to be a chat bot, which gave me a link to follow for the answer to my question. I was not comfortable that I was getting an answer that applied to the HYS, so I called. That customer service rep said the link was valid, but the answer was “more nuanced.” That link showed several transfer limits defined by the account balance and time the account was open. The rep said that for HYS, the account starts at the “preferred” level (the third of 5 or 6 levels) which is $10,000 daily. Of course none of this is indicated on website tools, you have call to get the true story.

I had also used the chat bot to ask how many external accounts could be linked to the HYS account using online banking. The bot could not understand my question, but give an option to link up with a live person on chat. That rep told me “There is currently no limit for how many external banks can be linked to an online banking account.”

During the application process, I was limited by the system to initial funding of my account of $250, pretty limiting given a $10,000 daily limit. However, the rep I talked to about limits told me I could request one-time exceptions to that daily limit. He also said there is no other $ limit, like monthly, and there is no limit to the number of transfers, as long as they are within the $ limits.

Lending Tree Nightmare

Lending Club On line Savings is a nightmare to open an account.

They not only set up an account which I initiated but established a second one that I did NOT request.

On line,I properly transferred the funds to open one account which they correctly tested with the sending bank but was unable to properly transfer the deposit.

When I looked to see if the money was transferred I was blocked from looking at my account. I was told it was for security reasons until the problem that "they" were encountering in getting my bank to release the funds was resolved.

My brick and mortar bank has told me that Lending Tree has not properly requested the transfer.

Lending Tree will only tell me "the matter is under review". I'm told it will take several days before it is resolved.

My advice STAY AWAY from Lending Tree. I very easily also opened an account with the on line bank CITI. No hassles.

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Health
A+

Health Grade Components

Overall
FDIC Certificate #32551
Year Established1987
Employees1591
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD3.08%
Return on Equity - YTD22.36%
Annual Interest Income$220.0MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$5.66B$3.36B
LoansQ2 2022vs Q2 2021$3.87B$2.43B
DepositsQ2 2022vs Q2 2021$4.59B$2.54B
Equity CapitalQ2 2022vs Q2 2021$760.2MM$495.0MM
Loan Loss AllowanceQ2 2022vs Q2 2021$243.3MM$71.1MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$21.4MM$14.5MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not LendingClub; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

LendingClub Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.25%--High-Yield Savings
3.25%--Business High-Yield Savings

LendingClub Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.50%*-$100kTailored Checking (Business)
OTHER TIERS: 0.10% $100k+
0.15%*$100k*-Rewards Checking
OTHER TIERS: 0.10% $2.5k - $100k

LendingClub CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.10%$2.5k-3 Year CD
4.10%$2.5k-2 Year CD
4.10%$2.5k-5 Year CD
4.05%$2.5k-18 Month CD
4.00%$2.5k-1 Year CD
Locations


LendingClub Locations
Branch OfficeOne Harbor Street, Suite 102Boston, MA 02210

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.