At LendingClub, your protection is our highest priority. We use state-of-the-art tools and monitoring systems to ensure your identity is safe. This is done through a combination of identity verification processes, ongoing monitoring of accounts for irregular activity and the use of sophisticated fraud detection tools to recognize ID theft. We'll contact you regarding any suspicious activity associated with your LendingClub account.
How Does LendingClub Prevent Identity Theft?
Last Updated June 8, 2023less than a minute read
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If a member dies while their loan is in repayment, we require the executor or administrator of the estate to send a death certificate to us. We then file a claim against the member's estate to attempt to recover the outstanding loan balance.
Your initial deposit for opening your account will be held for 5 days in order to validate your account.
LendingClub does not pull credit as part of our account opening process. However, we do obtain information from a credit bureau used to validate your personal information. The request for information does not affect your credit score.
Yes! As part of the application you will have the opportunity to add a joint account owner after you submit your personal information and receive confirmation on the details of your newly approved LendingClub account.
To open a savings or certificate of deposit account, you need to be 18 or older and a citizen or resident of the United States
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.