Logo

Does LendingClub Have Prepayment Fees or Penalties?

Last Updated June 8, 2023less than a minute read

You can partially or fully prepay your loan at any time with absolutely no prepayment penalty or fee.

Any payments made in addition to your contractual monthly payment will be applied towards a reduction in the principal balance of your loan. Additional payments towards your principal balance allow you to repay your loan early by reducing the total amount of interest you'll pay. A full prepayment of your outstanding principal balance, plus any accrued interest or fees, will pay off your loan and bring an end to your monthly payments.

LendingClub Resources

Related Resource Center
7 Recession-Proof Small Businesses
Some small businesses seem to thrive no matter what the economy is doing. What’s their secret? Here are a few business ideas to consider and tips to help you bake some resiliency into your venture.
Business Loan
Aug 15, 2023
6 min read
Asian man wearing blue apron looking out shop doorway with sign showing open for business in window
How 5 Common Types of Amortization Can Impact You
Before taking out a loan, it’s important to understand how the loan repayment will work and how much your monthly payments will be. With amortized loans—which includes many consumer loans—each payment gets split into an interest payment and principal payment.
Business Loan
Aug 21, 2021
4 min read
man considers amortization methods
Guide to Business Financing
Most small businesses need to obtain financing at some point, but there can be an overwhelming number of options out there. We know as a business owner you’re busy and don’t have a lot of time to spare.
Business Loan
Sep 17, 2017
5 min read
Group of people in a conference room discussing business finance
How Can I Pay for Fertility Treatment?
We understand figuring out what things cost and how to pay can be overwhelming. Don’t let that confusion or uncertainty get in the way of moving forward with fertility treatment. We’ve helped countless individuals and couples budget to take the first step towards parenthood.
Business Loan
May 13, 2017
2 min read
Family-IVF-Treatment
How to Get a Small Business Loan
You’ve got plans to take your business to the next level and shore up company financials, and to do that you need an infusion of cash. How well you prepare to seek this funding — and how carefully you evaluate potential lenders — will have a major impact on your chances for success.
Business Loan
Apr 29, 2017
5 min read
Man in business attire with glasses staring at camera
Related Impact
Members Earn More Cash Back and Rewards With Stackit
From groceries and diapers to Halloween costumes for pets, nearly 60% of American consumers prefer to shop online for everyday items that make life more convenient, comfortable, and enjoyable. And with rising prices showing no signs of stopping anytime soon, we’re pleased to introduce StackitTM from LendingClub Bank—a new browser extension that automatically finds and rewards eligible members with coupons and cash back for extra savings at more than 15,000 favorite online retailers.
Company News
Nov 13, 2022
2 min read
blog header stackit 765x430 v1-1
LendingClub Rewards Checking Nationally Certified as Trusted, Affordable
Even in today’s low-yield, high-inflation environment, it’s essential to keep a certain amount of money in an easy-to-access checking or savings account for things like daily household and emergency expenses, or to meet short-term financial goals.
Company News
Oct 2, 2022
5 min read
LendingClub Rewards Checking Nationally Certified as Trusted, Afforda
LendingClub Surpasses 4 Million Members
Since 2007, LendingClub has been on a mission to deliver a world-class experience to all our members. This month we took a moment to reflect on the more than four million members who have chosen LendingClub as their partner to help them reach their financial goals.
Company News
Apr 19, 2022
2 min read
Illustration of large number 4 and letter M made up of colorful, tiny illustrations of ethnically diverse people
LendingClub Celebrates One Year as a Digital Marketplace Bank
In March 2022, we hosted our first quarterly webinar where we celebrated our one-year anniversary as a digital marketplace bank. 
Company News
Mar 6, 2022
less than a minute read
Blog-post
Changes to Our Business Model
LendingClub completed the acquisition of Radius Bank in February 2021. At that time, in addition to the direct-to-consumer deposit business, we inherited a fintech partner program, and several lending businesses. As we reach the one-year anniversary of the acquisition, and in conjunction with the conclusion of a strategic review of our business operations, we have made the decision to discontinue certain businesses that don’t fit our mission.  
Company News
Jan 2, 2022
2 min read
Man in blue button up shirt and glasses smiling
Related FAQ's
How Do I Make Additional Payments?
We apply any one-time payments directly to your principal balance, reducing the total cost of financing.
Business Loan FAQ
Jun 7, 2023
less than a minute read
How Do I Make Changes to My Payment Date?
How Do I Make Changes to My Payment Date?
Business Loan FAQ
Jun 7, 2023
less than a minute read
How Do I Pay Off My Business Loan?
If you're ready to pay off your loan, congratulations! That's a big achievement. Once you pay off your loan, you won’t owe any additional interest and your monthly payments will end.
Business Loan FAQ
Jun 7, 2023
less than a minute read
How Do I Make Payments on Auto Refinance Loans?
We offer several ways for you to make your monthly auto loan payment, so you can choose the method that works best for you. A statement will be mailed to you every month that shows the payment amount and due date.
Auto Refinance FAQ
Nov 29, 2023
less than a minute read
Is There a Summary of Annual Earnings for My Account?
LendingClub provides a year-end statement that summarizes your account activity, including how much interest you’ve earned and information regarding Notes tied to loans that have been charged off.
Investing FAQ
Jun 7, 2023
less than a minute read
Related Glossary
Revolving Credit
{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.
R Letter Term
Sep 6, 2023
4 min read
Accrued Interest
{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 Letter Term
Mar 21, 2023
4 min read
Annual Percentage Rate (APR)
{noun} The total annual cost to borrow money, including fees, expressed as a percentage.
A Letter Term
Mar 21, 2023
3 min read
Charge-Off
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.
C Letter Term
Feb 7, 2023
3 min read
Fixed Interest Rate
{noun} An interest rate that remains the same for a set time, usually for the life of the loan.
F Letter Term
Feb 4, 2023
3 min read

Financial well-being for everyone.

Everything we do is centered around empowering you to meet your personal financial goals by enabling access to a broad range of financial products, services, and educational resources, all designed to help you pay less when borrowing and earn more when saving.

Contact Us

WHAT WE OFFER

Personal LoansPersonal BankingAuto RefinancingPatient SolutionsBusiness LoansBusiness BankingCommercial BankingInstitutional InvestingLC NotesOther Types of LoansApply for a LoanApply for a bank account

RESOURCES

Borrower ResourcesInvestor ResourcesPersonal Loan Rates & FeesCustomer ReviewsResource CenterGlossarySafety & Privacy

LEGAL

Terms of UsePrivacy PolicyData Collection and UseAccessibilitySEC FilingBank Deposit DisclosuresLegal Requests

ABOUT US

CRA Public FileCompanyLeadershipCareersMedia CenterCorporate GovernanceInvestor RelationsContact

ACCOUNT

Sign InLendingClub MobileLendingClub CommercialHelpYour Privacy ChoicesYour Privacy Choices

DEVELOPERS

Powered by the LCTM platform

LC Logo
LC logo

595 Market Street, Suite 200

San Francisco, California 94105

Check Your Rate
If you have special access needs and are having problems accessing this website, please call 888-596-3157.
Equal Housing Lender
accredited-business
verify-sign

Unless otherwise specified, all credit and deposit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Credit products are subject to credit approval and may be subject to sufficient investor commitment. Credit union membership may be required. Deposit accounts are subject to approval. Deposit products are FDIC-insured up to $250,000 per depositor, per ownership category.

"LendingClub" and the "LC" symbol are trademarks of LendingClub Bank.

© 2023 LendingClub Bank. All rights reserved.