Do I need to make deposits prior to the First Evaluation Period?

Whether you’re stuck in a high-interest auto loan and want to save money, or you’re looking to slash your monthly car payment, an auto refinance may be the answer for you. However, if your credit score is less than 700, you may be wondering if you can refinance your auto loan with bad credit.

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Even in today’s low-yield, high-inflation environment, it’s essential to keep a certain amount of money in an easy-to-access checking or savings account for things like daily household and emergency expenses, or to meet short-term financial goals.

Since 2007, LendingClub has been on a mission to deliver a world-class experience to all our members. This month we took a moment to reflect on the more than four million members who have chosen LendingClub as their partner to help them reach their financial goals.

In March 2022, we hosted our first quarterly webinar where we celebrated our one-year anniversary as a digital marketplace bank. 

LendingClub completed the acquisition of Radius Bank in February 2021. At that time, in addition to the direct-to-consumer deposit business, we inherited a fintech partner program, and several lending businesses. As we reach the one-year anniversary of the acquisition, and in conjunction with the conclusion of a strategic review of our business operations, we have made the decision to discontinue certain businesses that don’t fit our mission.  

No. Additional deposits cannot be made to a CD following the initial deposit until the CD matures. 

Once the minimum opening deposit is met, there is no monthly minimum balance requirement to maintain your account

There is no minimum balance required to earn interest in your savings account. At the end of each month, the interest payment will be deposited into your account.

The goal of a CD is to lock in a fixed rate at the time of purchase for a fixed time horizon, and therefore, to get the most benefit from the CD purchase, you are going to want to remain in the product for the entire term, whether it is a 6 month, 1 year or 5 year CD.

There are no monthly maintenance, overdraft, or NSF fees for your account.

{noun} A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.

{noun} The total annual cost to borrow money, including fees, expressed as a percentage.

{noun} The amount of unpaid interest that has accumulated as of a specific date, either on a loan or an interest-bearing account or investment. 

A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.

{noun} An interest rate that remains the same for a set time, usually for the life of the loan.