LendingClub Review

LendingClub, now Happen Bank, is a national bank that makes fixed-rate personal loans to borrowers with fair to good credit. Loans run from $1,000 to $75,000 over 24 to 84 months, at APRs of 5.96% to 35.96% as of July 2026, with an origination fee of up to 8%. For a borrower who qualifies, it costs a fraction of the payday and high-cost installment loans reviewed elsewhere on this site. Its standout features are the $75,000 maximum, direct payment to your creditors for debt consolidation, and joint applications.

In 2026 LendingClub renamed itself: its bank is now Happen Bank, N.A., Member FDIC, and lendingclub.com redirects to happen.com. If you search for LendingClub, this is the lender you will land on. The product is the same. It is not built for small emergencies, though: the minimum is $1,000, and approval depends on your credit. If you need a few hundred dollars by Friday, payday loan alternatives covers smaller options.

How LendingClub works

LendingClub began as a peer-to-peer marketplace and later became a bank. Today the lender is Happen Bank, N.A., a national bank and Member FDIC, owned by Happen, Inc. (NMLS ID 167439). The loan is a standard unsecured installment loan with a fixed rate, one fixed monthly payment, and a set payoff date.

You choose where the money goes. It can be deposited into your bank account, or Happen Bank can send it directly to your creditors to pay off card balances and other debts. You can also apply with a coborrower, which Happen Bank says can help you qualify for a better rate or a larger amount.

Rates, fees, and what a loan really costs

Happen Bank’s published range is 5.96% to 35.96% APR, as of July 6, 2026. The fees, from its rates and fees page:

Fee	Amount
Origination	0% to 8% of the loan amount
Late payment	None during a 15-day grace period; after that, a fee “may apply”
Prepayment	None; you can pay extra or pay the loan off at any time at no charge

Happen Bank does not publish the late fee amount, so look for it in your loan agreement before you sign.

The origination fee is the cost to plan around. On a $10,000 loan with a 5% fee, $500 is taken out, so $9,500 reaches you while you repay the full $10,000. Here is what that $10,000 costs over 36 months at three interest rates:

Interest rate	Monthly payment	Total repaid	Interest
10%	About $323	About $11,616	About $1,616
20%	About $372	About $13,379	About $3,379
30%	About $425	About $15,283	About $5,283

These are our own amortization figures, not a quote. Add the origination fee on top, which is why the APR on your offer is higher than the interest rate. Compare offers by APR. How installment loan interest works explains why paying early saves money when there is no prepayment penalty.

Who qualifies

Happen Bank does not publish a minimum credit score. Its stated requirements: be a US citizen or resident, be at least 18, have a verifiable bank account, and live in one of the 50 states or DC. You provide your Social Security number when you confirm the loan. The decision rests on your credit score, your creditworthiness, and your ability to repay.

Checking your rate is a soft credit pull and does not affect your score. Happen Bank says a hard inquiry appears only if a loan is issued, so you can compare its offer against others before you commit.

Applying and getting funded

You check your rate online, pick an offer, and complete verification. Happen Bank says funds can arrive in as little as 24 hours once the loan is approved for funding, and it reports that 64% of loans approved for funding from January to March 2026 were disbursed within 24 hours. If you chose direct payment to creditors, that portion goes to them instead of your account, so keep paying those cards until the payoff posts.

Where LendingClub is available

Happen Bank accepts applications from all 50 states and Washington, DC, but not from US territories. It notes that some amounts, rates, and term lengths may be unavailable in certain states, so the offer you see after checking your rate is the one that counts.

How LendingClub compares

LendingClub competes most directly with Upgrade, Upstart, and Avant. All four cap their APR in the mid-30s and charge an origination fee. LendingClub’s edges are the $75,000 maximum, the bank charter, and joint applications; Upgrade matches its 84-month maximum term. Against high-cost installment lenders such as OppLoans or NetCredit, LendingClub costs far less for anyone who qualifies. Checking a rate is a soft inquiry, so do it before accepting a triple-digit offer. Bad-credit installment loans covers what to do if you are declined.

Is LendingClub (Happen Bank) legit? Complaints and reputation

LendingClub, now Happen Bank, is a legitimate lender: Happen Bank, N.A. is a national bank and a Member FDIC, and its parent company is licensed under NMLS ID 167439. Its record does include one federal enforcement action.

In July 2021 LendingClub agreed to pay $18 million to settle Federal Trade Commission charges. The FTC alleged that the company promised applicants “no hidden fees” while deducting hundreds or thousands of dollars in upfront fees, told consumers they were approved for loans many would never receive, and withdrew payments from bank accounts without authorization. The settlement bars those misrepresentations. Today the origination fee is disclosed as a range on the rates page, but read the fee line on your offer before you accept, because it comes off the top.

We also checked the Consumer Financial Protection Bureau’s public complaint database on October 7, 2026, and found no company entry under either LendingClub or Happen Bank, so there is no CFPB complaint count to report for the lender under either name. If a problem is not resolved directly, you can file with the CFPB. For the twelve-month complaint record of 17 online lenders that do have their own entries, see our CFPB complaints by lender report.

Bottom line

LendingClub, now Happen Bank, is a legitimate, mainstream lender. It suits borrowers with fair to good credit, especially anyone consolidating debt or borrowing more than most online lenders allow. The origination fee is the cost to watch, and the FTC settlement is a reason to check every figure on your offer. Compare offers by APR, not interest rate.