LendingClub services all personal and small business loans. As we receive payments from borrowers we securely transfer the funds received to pay investors in the corresponding Notes. We also work with third-party collections agencies to manage delinquent loans.
Who Is Servicing the Loans?
Last Updated June 8, 2023less than a minute read
LendingClub Resources
Related Resource Center
There are many reasons to consider a joint personal loan, including sharing the payment obligations, securing better financing terms, and improving your odds of approval. So, if your credit history is holding you back from getting favorable interest rates and terms on your own, having a co-borrower could help you qualify for a personal loan.
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If you're planning on consolidating debt or making a big purchase like buying a home or new car, chances are you'll need financing to help reach your goals. Understanding the true cost of a loan is key to getting the best deal possible—and most often that starts with shopping APRs and interest rates across different lenders.
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Related Impact
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.
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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.
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Related FAQ's
While several factors, including early loan payoff, can affect returns on your Notes, the biggest impact comes when members miss loan payments or stop making payments entirely.
LendingClub ended the purchase of new Notes on December 27, 2020, and retired the Notes platform on December 31, 2020.
Each Note in your account lists a status corresponding to the loan associated with the Note.
LendingClub makes every effort to bring late Notes back to "current" status. We'll update you with any collection activity related to your Notes through the Loan Performance page in your Member Center.
You can assign or reassign your Notes to different portfolios in your account from the My Notes page in your Member Center.
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.