Lending Club (2024)

To participate in Found Money promotions, you must have an Acorns Core account in good standing.

Partner: Lending Club Personal Loans

Contribution: $50 for each personal loan funded by the Partner with a loan amount greater than or equal to
$5,000.

Eligible Transaction: Customer must click the Partner link in the Acorns app, register for an account, submit the online application and receive a funded loan with a loan amount greater than or equal to $5,000 to be eligible.

Limitations: Individuals who receive a funded loan with a loan amount of $1,000 to $4,999 are not eligible for this promotion. This offer is not avaialble to residents of Iowa.

Promotion Period: You must successfully complete the eligible transaction after midnight (Pacific Time) on November 2nd 2017. Acorns may, from time to time at its sole discretion, [end/extend], shorten, or otherwise modify such time period by posting changes at its website or within the Acorns app.

Notification and Posting: You will typically be notified within 72 hours of successfully completing an eligible transaction, and contributions to your Acorns Core account will typically be posted within 120 days thereafter.

Acorns is not a party to and makes no warranties regarding any purchase from or transaction with the Partner, and as such shall not be liable in connection with any dispute, faulty or defective merchandise or other issues that may arise in connection with any such purchase or transaction. While it is intended that contributions to your Acorns Core account be completed within 120 days from the last date on which any item included within an eligible transaction is able to be returned to the Partner in accordance with the Partner’s standard return policy, delays may occur and neither Acorns nor the Partner will be liable in connection with any such delay. You will be notified via e- mail, through the Acorns mobile application or via other means within 72 hours of successfully completing an eligible transaction included within this promotion, however Acorns will not be liable in the event any such notice is not timely sent or received. Eligibility to participate in certain promotions may require the allowance of cookies on the applicable mobile or desktop device, and may also require other device settings as determined by Acorns from time to time.

To the extent an Acorns customer believes that they are entitled to a reward that has not been contributed to such customer’s Acorns Core account, such customer must notify Acorns within 60 days from the applicable transaction date by either sending an email to support@acorns.com or completing and submitting a support request at https://www.acorns.com/support/contact. Acorns will, upon timely receipt of any such notice, investigate such support request, and Acorns’ decision in respect of such matter shall be final and binding.

Acorns shall be entitled to terminate or cancel all or any portion of this or any other promotion at any time by either providing email notice to its customers or posting such cancellation or termination notice at its website or within its mobile application. In addition, Acorns reserves the right to reject or void all or any portion of a contribution under this or any other promotion at any time if Acorns suspects the claim to that contribution was obtained or made fraudulently, unlawfully, in a transaction or manner that otherwise lacks a legitimate purpose, or otherwise in violation of these terms.

Advisory services are offered by Acorns Advisers, LLC, an SEC-registered investment advisor. Brokerage services are provided to clients of Acorns Advisers by Acorns Securities, LLC, an SEC-registered broker-dealer and member FINRA/SIPC. Investments are not FDIC insured. Investing involves risk and investments may lose value. Please consider your objectives and Acorns Advisers’ fees before investing. Past performance is not a guarantee of future results. “Acorns”, the Acorns logo, “Invest the Change” and “Found Money” are registered trademarks of Acorns Grow, Inc. Copyright © 2017 Acorns and/or its affiliates.

See Lendingclub.com/info/borrower-agreement for more details. To borrow through Lending Club, individuals must be a US citizen, permanent resident, or be in the United States on valid long-term visa, and be at least 18 years old with a verifiable bank account. Lending Club is not available in Iowa and West Virginia. The APR ranges from 5.99% to 35.89%. For example, with a credit grade of A1 you could receive a loan of $10,000 with an interest rate of 5.32% and a 1.00% origination fee of $100 for an APR of 5.99%. In this example, the individual will receive $9,900 and will make 36 monthly payments of $301.15. The total amount repayable will be $10,841.40. Your APR will be determined based on the individual’s credit at time of application. The origination fee ranges from 1% to 6% and the average
origination fee is 5.47% as of Q3 2016. There is no down payment and there is never a prepayment penalty. Closing of the loan is

contingent upon the applicant’s agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans made by WebBank, Member FDIC. All loans via Lending Club have a minimum repayment term of 36 months or longer.

Lending Club (2024)

FAQs

Is it hard to get a loan from LendingClub? ›

Applicants must have a credit score of at least 600 to qualify for a LendingClub loan. The higher an applicant's credit score, the lower the APR and origination fee will be. The average LendingClub personal loan borrower has a credit score of 711 and pays an APR of 15.95%.

How do I know if LendingClub approved me? ›

You can also sign into your Member Center anytime to check your loan status.

What are the downsides of LendingClub? ›

Cons
  • High annual percentage rate (APR) range with no discount for automatic payments.
  • Charges origination and late fees.
  • Limited loan term availability.

Does LendingClub always verify income? ›

Why LendingClub Doesn't Always Verify Income. Checking a borrower's income or income source may reduce risk in certain circ*mstances, such as screening for exaggerated income on an application.

Does LendingClub approve right away? ›

At LendingClub, most members are approved within a couple of hours. We also give you the ability to check your application status at any time.

Is LendingClub easy to get approved? ›

Do you qualify for a LendingClub personal loan? LendingClub's minimum borrower requirements are typical for a fair- or good-credit lender, but borrower averages are slightly higher. A high credit score and strong income will give you the best chance of qualifying.

Why did LendingClub deny me? ›

If your loan application was denied despite an accurate credit report, it could be your credit score is too low. Common reasons include: Late payments: If you've missed payments, be sure to get caught up, and continue making on-time payments.

What is the minimum credit score for LendingClub? ›

LendingClub is a digital lender that offers credit card consolidation loans, balance transfer loans, debt consolidation loans and home improvement loans. It has a minimum credit score requirement of 600, making its loans accessible to those with below-average credit. LendingClub does charge late fees.

Why does LendingClub take so long? ›

Your LendingClub final review may be taking a long time because LendingClub is having trouble deciding whether or not you are qualified for a loan. One reason this might happen is that LendingClub is unable to quickly verify the information on your application.

What is the LendingClub scandal? ›

According to the FTC's lawsuit, LendingClub falsely promised loan applicants that they would receive a specific loan amount with “no hidden fees,” when in reality the company deducted hundreds or even thousands of dollars in hidden up-front fees from the loans.

How long does it take LendingClub to review documents? ›

Once you've uploaded all the documents we've requested, you'll see a status update that your documents are in review. If we need additional information while your application is in review, we'll reach out to you by phone or email. It usually takes about two business days for us to review your documents.

How long does it take to get a loan from LendingClub? ›

It takes 3 to 7 business days to get money from a LendingClub personal loan, in most cases. The LendingClub loan timeline includes around 1-3 business days to get approved for a LendingClub loan and another 2-4 business days to receive the funds after approval.

Does LendingClub call your employer? ›

LendingClub will not disclose any information when they contact your employer, since they are just inquiring about your employment status. For more information, check out the full LendingClub personal loan review on WalletHub.

How long after you get approved from LendingClub do you get the money? ›

If your information is verified and your loan is funded, we'll deposit the money directly into your linked account. It may take a few days for the funds to reach your account, but keep in mind that interest will start to accrue as soon as the loan is issued.

Does LendingClub contact your employer? ›

To process your application, we may need to confirm your income matches what was on your application. If this happens, we'll ask you to submit documents like recent pay stubs or bank statements through your To-Do List. Your employer might also be contacted for more information.

What credit score is needed to get a loan from LendingClub? ›

LendingClub is a digital lender that offers credit card consolidation loans, balance transfer loans, debt consolidation loans and home improvement loans. It has a minimum credit score requirement of 600, making its loans accessible to those with below-average credit. LendingClub does charge late fees.

How long does it take to get approved for LendingClub? ›

The LendingClub loan timeline includes around 1-3 business days to get approved for a LendingClub loan and another 2-4 business days to receive the funds after approval. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.

Why is LendingClub shutting down? ›

In August 2020, the company discontinued its secondary trading platform, hosted by Folio, reducing liquidity for existing peer-to-peer investors. In October 2020, the company ceased all new loan accounts on their website as part of restructuring into a neobank after the acquisition of Radius Bank.

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