LendingClub is one of the more interesting online banks weve reviewed lately.
First up itisan online bank, which means no physical branches, though thats not necessarily unusual anymore.
What makes LendingClub Bank unique is that its the first proper mix of fintech and online banking.
LendingClub is also a fintech financial technology company that offers personal loans online.
In 2020, LendingClub acquired Radius and renamed it LendingClub Bank.
Is LendingClub Bank right for you?
Read on to find out.
LendingClub Bank Checking Accounts
LendingClub offers one of our favorite checking accounts right now: Rewards Checking.
Unfortunately, if you dont qualify for it, you dont have many other options.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Go ahead and start now, but be sure to bookmark this post so you might easily return later.
Well keep it updated as offers changes or expire.
Below that, its less interesting.
Most interesting are the personal finance options available through partnerships with other institutions.
Certificates of Deposit (CDs)
LendingClub Bank offers an array of CDs for longer-term investments.
Theyre better-suited to situations where you know your money will have time to mature and earn.
Personal Loans
LendingClub also offerspersonal loans in fact, thats how the company got its name.
The rates are fixed, and funding can be available in just a few days.
Additionally, they now providesmall business loansbetween $5,000 and $500,000 thanks to partnering with Accion Opportunity Fund.
At any rate, it certainly doesnt hurt to have the option.
Were happy to report that LendingClub Banks suite of apps is outstanding.
LendingClub Bank Review: The Pros and Cons
Wondering if LendingClub Bank is right for you?
Our list of pros and cons could help you decide.
Frequently Asked Questions (FAQs) About LendingClub Bank
Have questions about LendingClub Bank?
LendingClub has built a solid reputation for its online personal loan products.
In our searching, we couldnt find anything that threw up any red flags.
Additionally, LendingClub Bank was originally Radius Bank, which was a regulated, brick and mortar bank.
Yes, LendingClub is an FDIC insured online bank.
That means that any money you deposit with LendingClub is insured for up to $250,000 per depositor.
LendingClub is also a fintech financial technology company that offers personal loans online.
In 2020, LendingClub acquired Radius and renamed it LendingClub Bank.
This acquisition marked the first time a fintech company had purchased a U.S. bank.
Freelancer Dennis Lynch contributed to this report.
It sounds appealing right?
Check it out here!
