Is Lending Club bad for your credit?

To provide you with estimated rates, LendingClub completes a soft credit inquiry, which won’t affect your credit scores. If you prequalify, you may receive multiple loan offers.

Does Lending Club affect credit?

No, checking your rate and applying for a loan with LendingClub Bank won’t affect your credit score. It generates a soft credit inquiry to provide insight into your creditworthiness. You’ll see that soft inquiry on your credit report, but others who access your report won’t see it.

Can LendingClub be trusted?

Lending Club is legit for both investors and borrowers. This Lending Club review, unlike some others, will review the service from both sides of the deal. Make sure to read about my experience below before you invest or borrow with Lending Club.

Is Lending Club a hoax?

Unfortunately, scammers may contact people saying they represent a major financial services company. Sometimes they pretend to be LendingClub and offer personal loans with attractive terms. These fraudsters may tell victims to buy a prepaid debit card or gift card to pay a loan application fee.

Is LendingClub a real company?

LendingClub is a fair-credit lender offering personal loans, including one specifically for debt consolidation.

What bank does LendingClub use?

LendingClub Bank, N.A.

All loans are made by LendingClub Bank, N.A., which operates under federal banking law. LendingClub Bank is FDIC-insured and is subject to consumer lending regulations, including the Truth in Lending Act, the Equal Credit Opportunity Act, and the Fair Credit Reporting Act.

What credit score is needed for LendingClub?

600

Accessible to most borrowers: LendingClub requires a minimum credit score of 600 to qualify.

Why does LendingClub need my bank account?

Linking your bank account to your LendingClub account tells us where your loan should be deposited and can help speed things along. If you choose to use autopay, your payments will come from this same account.