You have a LendingClub Personal Loan and a LevelUp Checking account. In January, you received a Direct Deposit into your LevelUp Checking Account. You have a monthly payment amount due in January is $300. You pay $300 on time from your LevelUp Checking account. In February, you will see $6.00 (2% x $300) in cash back credited to your LevelUp Checking account.
How do Loan Payment Cash Back rewards work?
Last Updated June 17, 2025less than a minute read
Additional Introducing LevelUp Checking FAQ
- How do I earn 2% Loan Payment Cash Back with a LevelUp Checking account?
- Where do I track my Debit Card Cash Back rewards?
- Which loans are considered personal loans for Loan Payment Cash Back?
- What’s an MCC?
- What MCC codes are eligible for Cash Back rewards?
- How do I earn 2% Loan Payment Cash Back with my LevelUp Checking account?
- How do I earn 1% Debit Card Cash Back with a LevelUp Checking account?
- Do I earn more cash back if I pay more than the amount due?
- How does Debit Card Cash Back rewards work?
- When will I see my Debit Card Cash Back rewards?
- I'm not a LendingClub member. How can I open an account?
- Do I earn any cash back if I pay part of my monthly payment amount?
- Is there a limit to how much you can earn through our Debit Card Cash Back program each year?
- What’s a Signature-Based Purchase?
- Do LevelUp Checking Rewards get deposited directly into my LevelUp Checking account?
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Related FAQ's
Yes, any amounts earned from Debit Card Cash Back and/or Loan Payment Cash Back will be posted directly to your LevelUp Checking account in the following month.
Qualifying Direct Deposits are defined as Recurring Automated Clearing House (ACH) credits, including payroll, pension, or government payments (such as Social Security) made by your employer or an outside agency.
LevelUp Checking is available to members only. To become a member, simply open a LevelUp Savings account, LendingClub CD or a LendingClub loan.
No. The full monthly payment amount must be paid prior to the due date in order to earn Loan Payment Cash Back.
You have a LevelUp Checking account. In January, you received a Direct Deposit into your LevelUp Checking account and you spent $200 at gas stations, $560 at grocery stores and $40 at pharmacy for a total of $800 for the month.
Related Glossary
{noun} A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.
{noun} The total annual cost to borrow money, including fees, expressed as a percentage.
{noun} The amount of unpaid interest that has accumulated as of a specific date, either on a loan or an interest-bearing account or investment.
A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.
{noun} An interest rate that remains the same for a set time, usually for the life of the loan.
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