Borrower Bank Account Verification

To verify your bank account, Lending Club will initiate a debit and a credit for the same amount (under a dollar) against your bank account. When you see this activity post to your bank account (usually within 2-4 business days after you provide your bank account information), sign into Lending Club, click on the "Verify your bank account" link in your Account Summary, and confirm the transaction amount.

Note: you must verify your bank account in order to be eligible to receive a loan.

Authorization for Automatic Payments

If your loan is funded, you hereby authorize LendingClub Corporation, as the loan servicer on your loan from WebBank, to initiate electronic funds transfers from your designated account listed above for monthly repayments on your loan. EACH MONTH, THE DEBIT AMOUNT WILL BE YOUR MONTHLY PAYMENT AMOUNT PLUS FEES, IF ANY. ANY FEES AUTHORIZED TO BE CHARGED ON YOUR LOAN MAY BE COLLECTED USING ELECTRONIC FUNDS TRANSFERS INITIATED BY US FROM YOUR DESIGNATED ACCOUNT.

You understand this authorization will remain in effect until your loan is paid in full or you notify us or your financial institution of its termination, taking into consideration the necessary time required by LendingClub and your financial institution to implement the change. Please check your loan agreement for more details about a termination of this authorization. You agree to print a copy of this authorization for your records.

Financial Innovation

Lending Club doesn’t have physical branches, or several other layers of costs that weigh down traditional banks. But Lending Club also seems to exploit a market inefficiency that is really quite shocking, given the supposed sophistication of the big Wall Street firms.

The Atlantic

Featured Borrower


"The interest rate on my loan through Lending Club is a third less than what I was paying before, and it’s very satisfying to know that there is an end date for being done with my debt."