LendingClub - Detailed Review

Frequently Asked Questions about LendingClub

How can I open a checking account with LendingClub?

To open a checking account with LendingClub, you need to start the application process on their website. You will typically need to provide personal identification, address, and other basic information. There is no minimum amount required to open the account, but you will need to fund it to start using it. You can fund your account through various methods, including direct deposit, external account transfers, or mobile deposit.

What are the fees associated with LendingClub checking accounts?

LendingClub checking accounts generally do not have many fees. However, it’s important to check the specific terms of your account. For example, there are no fees for maintaining a minimum balance, and you can even earn ATM rebates. For detailed information on any potential fees, you can refer to the account details section of the FAQ.

How does LendingClub’s investor service fee work?

For investors, LendingClub charges a service fee of 1% of the borrower payments received by the payment due date or during applicable grace periods. This fee is limited to 1% of the contractual monthly payment amount for the first 12 months if the borrower makes a prepayment. After the first 12 months, the 1% service fee applies to the total prepayment amount.

Is my checking account with LendingClub FDIC insured?

Yes, LendingClub Bank is FDIC-insured. This means that your deposits in checking accounts are insured up to the standard FDIC insurance limits, providing a level of security for your funds.

How do I manage my loan account with LendingClub?

You can manage most aspects of your loan account through the Member Center on the LendingClub website. Here, you can view and change your account information, make early or extra payments, and even change your due date if needed. You can also make payments via check or over the phone.

Can I add a joint owner or beneficiary to my checking account?

Yes, you can add a joint owner to your checking account. To do this, you would need to follow the specific steps outlined in the account application or modification process. Adding a beneficiary is also possible; you can find instructions on how to do this in the account details section of the FAQ.

How do I link an external account to my LendingClub account?

To link an external account, you typically need to select the linking option and may need to verify the account through micro deposits. This process ensures the security and accuracy of the external account link. Detailed steps can be found in the “Money In” section of the FAQ.

What is the process for setting up direct deposit with LendingClub?

To set up direct deposit, you need to provide your employer or payroll provider with LendingClub’s routing and account numbers. You can find these details in your account settings or the account details section of the FAQ. Setting up direct deposit can also make you eligible to receive your money up to 2 days earlier.

Are there any collection fees if a borrower misses a payment?

Yes, if a borrower misses a payment and the loan becomes delinquent, LendingClub may charge collection fees. These fees can be up to 40% of the collected amount if litigation is involved, and up to 30% if not. These fees are deducted from the recovered amount and do not exceed it.

How do I report a lost or stolen debit/ATM card?

If your debit or ATM card is lost or stolen, you should report it immediately to LendingClub. You can find instructions on how to do this in the account details section of the FAQ, under “How can I report a lost or stolen card?”.