Lending Club review: Everything you need to know

Lending Club started as one of the first peer-to-peer lending platforms in the US, connecting borrowers and investors directly online.

Today, it has grown into a digital bank that offers checking, savings, personal loans, and auto refinancing, with a focus on low fees and simple digital tools. In this Lending Club review, we’ll break down its main products, how it works, and what to watch for.

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Lending Club: general overview

Lending Club launched in 2007 as a peer-to-peer lending marketplace, giving everyday investors the chance to fund personal loans directly. Over time, it shifted its model, and in 2021, it became a digital bank after acquiring Radius Bank. Today, Lending Club operates as a fully chartered US bank, offering both lending and deposit products.

Its main services include personal loans, auto refinancing, checking accounts, and high-yield savings. Customers can manage everything online or through the mobile app, with a focus on low fees and competitive interest rates.

Where Lending Club stands out is its lending business. Borrowers can access unsecured personal loans for debt consolidation or large expenses, while savers benefit from FDIC-insured accounts that often come with higher APYs than traditional banks.

Lending Club checking account reviews

Lending Club offers a single checking product, the LevelUp Checking account. It’s a members-only option, so you’ll need to have or have had a Lending Club product to qualify.

The account stands out for its rewards. You’ll earn 1% cash back at gas stations, grocery stores, and pharmacies with your debit card. If you also hold a Lending Club personal loan, you can get 2% cash back for on-time payments made from your LevelUp account. Direct deposit unlocks these perks, plus you could get your paycheck up to two days early.¹

LevelUp also comes with $0 account fees, unlimited ATM fee rebates, and a 1.00% APY on balances of $2,500 or more. Deposits are FDIC insured up to $250,000.

If you already use Lending Club for loans or want a no-fee checking account with rewards, LevelUp may be a good fit. If you’re looking for a broader range of checking options, other US banks may have more flexibility.

Lending Club high-yield savings account reviews

Lending Club offers the LevelUp Savings account, which is its main high-yield savings product. It’s designed to reward consistent deposits while keeping fees at zero.

You’ll earn the LevelUp rate of 4.20% APY as long as you deposit at least $250 into the account each month. If you miss a month, your balance still earns the standard 3.20% APY. Interest is applied to your full balance, and all deposits are FDIC insured up to $250,000.²

There’s no minimum opening deposit, no monthly fees, and you can even request a free ATM card for access to your money.

LevelUp Savings is competitive compared to the national average and works best for savers who can commit to monthly deposits. Combined with LevelUp Checking, it provides an easy way to earn cash back and higher interest under one membership.

Lending Club CD

Lending Club offers a range of Certificates of Deposit that let you lock in a fixed interest rate for a set period. They’re FDIC insured up to $250,000 per depositor, and only require a $500 minimum deposit to open.³

Terms range from 6 months to 5 years, with APYs that are competitive compared to many banks. You’ll also get a 10-day grace period at maturity to renew, change your term, add funds, or transfer your balance.

Keep in mind that early withdrawals are penalized, which means you’ll lose some of the interest you’ve earned if you take money out before the CD matures.

Lending Club occasionally updates rates, so don’t forget to check the latest numbers before applying. CDs can also be managed online or through the Lending Club app, making it easy to track or renew your account when it matures.

Lending Club customer experience

Lending Club is a digital-first bank, so most services are handled online or through the mobile app. You can open accounts in minutes, deposit checks, and manage transfers from your phone. The app also tracks rewards, interest earnings, and ATM fee rebates.

Customer support is available through chat, phone, or email, and deposits are FDIC insured up to $250,000. You won’t get branch access like with bigger banks, but the trade-off is higher rates and a streamlined digital experience.

Lending Club overdraft fees

Lending Club doesn’t charge overdraft fees on its checking accounts.⁴ If a debit card or ATM transaction takes your balance below zero, the transaction usually gets declined rather than letting you go into overdraft.

That means you won’t face surprise charges, but it also means you’ll need to keep an eye on your balance to avoid declined payments.

Lending Club comparison

Wondering how Lending Club measures up against other US banks? The table below shows how its fees and savings rates compare, so you can quickly see what’s on offer and where the differences are. You can also click through on each provider for more details.

Lending Club pros and cons

Lending Club offers modern, digital-first banking with solid rewards and interest rates. But like any provider, there are both strengths and limitations to keep in mind before you open an account.

Pros

• LevelUp Checking earns cash back on purchases and loan payments
• High-yield savings with up to 4.20% APY when requirements are met
• $0 account fees and unlimited ATM fee rebates
• FDIC insurance up to $250,000 per depositor
• Easy mobile and online account management

Cons

• Checking account is only available to existing or former Lending Club members
• No physical branch network for in-person support
• APYs are variable and depend on meeting activity requirements
• $500 minimum deposit to open a CD
• International ATM fees and exchange charges aren’t rebated

Frequently asked questions about Lending Club

Thinking about opening an account with Lending Club? Here are some of the most common questions people ask before deciding if it’s the right choice.

Is Lending Club a good bank?

Lending Club is a solid option if you want a digital-first bank with rewards and higher interest rates than many big banks. Its LevelUp Checking and Savings accounts stand out for cash back and APYs above the national average.

But because accounts are only available to members and there are no physical branches, it may not be ideal if you prefer in-person banking.

What is the rating for Lending Club?

Lending Club gets mixed reviews from customers. On Trustpilot, users often highlight ease of use and strong ratings, though some mention service delays.

NerdWallet gives Lending Club 4.5 out of 5 stars, noting competitive savings but limited availability compared to larger US banks.¹²

Is Lending Club a safe bank?

Yes. Lending Club is FDIC insured, which means deposits are protected up to $250,000 per depositor, per account category. Accounts also come with fraud monitoring, secure login features, and support through the mobile app or customer service team.

Lending Club brings together digital convenience, high-yield savings, and unique perks like cash back on loan payments. It’s a strong option if you’re comfortable banking online and want rewards you won’t usually find at the bigger banks. Just keep in mind that access is limited to members, and you won’t get traditional branch support.

If you’re considering Lending Club, it’s worth comparing it with modern alternatives too.

Learn more about Wise

Sources

1. Lending Club – LevelUp Checking
2. Lending Club – High-yield Savings
3. Lending Club – Certificate of Deposit
4. Lending Club – Are there any fees for my savings account
5. Bank of America – Account details and fees
6. Chase – Savings account
7. Chase – Consumer deposit rates
8. Chime – High-yield savings account
9. Citibank – Savings account
10. PNC Bank – Standard Savings
11. TD Bank – Savings accounts
12. NerdWallet – Lending Club Rating

Sources checked 09/26/2025