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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Jul 18, 2021

Advertiser Disclosure

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Company Details
Address: 595 Market Street, Suite 200
City: San Francisco
State: California
ZIP Code: 94105
Phone Number: 1 (888) 596-3157
Website: https://www.lendingclub.com
Year Founded: 2006
AM Best Rating:
Company Rating 0 (0 reviews)

Our LendingClub review will answer if the platform is a worthy investment for your portfolio. It’s a new one-of-a-kind marketplace bank currently offering an exclusive founders’ high-yield savings account to previous Investors.

What kind of personal loan is best for your situation? Options vary for many different situations, such as secured, bad credit, or family loans.

Before you read LendingClub reviews, start shopping for affordable loan investment rates? Enter your ZIP code into our comparison tool above to compare rates for free.

LendingClub Review Highlights

  • Immediate access via Banking app
  • FDIC insured up to $250,000
  • No minimum balance
  • No fees

Their first offer is a high yield savings account called the Founder Savings. The Founder Savings account is backed by FDIC for up to $250,000.

There are no minimums nor fees for this account and access is immediately available using the banking app

This is available only to the previous Notes investors. The auto-save feature transfers available cash to the Founder Savings account weekly. Notes account investors with only IRA-type accounts are not able to access the Founder Savings account.

In most cases, only cash balances from a Notes account can be deposited into this account. The ability to withdraw funds will not be affected.

All Founders Savings account details are subject to change due to the early stages of LendingClub’s transition into the full-spectrum fintech marketplace bank. Keep in mind that this account was created to help investors to earn interest on the proceeds from their existing LendingClub notes.

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LendingClub Review for Investors

Investors and other lenders can now finance loans in return for interest. LendingClub facilitated these types of transactions since 2007 for over three million accounts, giving individuals the ability to invest in an asset class that was previously only available to banks, which led to many positive LendingClub investor reviews.

However, LendingClub acquired Radius Bank in February 2020. The FTC requires communication to protect current LendingClub investors through the transition period.

LendingClub decided to retire the peer-to-peer platform in December 2020 to focus on their new offers. LendingClub wants to become the only full-spectrum fintech marketplace bank to allow borrowers to pay less and investors to earn more.

LendingClub Review: The Bottom Line

LendingClub is focusing its resources on the launch of new products and services for its investors. Consider borrowing a personal loan to invest money, and stay tuned for updates to our LendingClub review as the company’s products change.

Read our LendingClub review and more to compare your options before you buy any loan investments. Use our free comparison tool below to start comparing loan rates today.