How To Delete Lending Club Account

How To Delete Lending Club Account

How To Delete Lending Club Account

You can deactivate your Lending Club account if you don’t have a loan or if the outstanding balance on your loan is zero. To close an account or opt out of marketing emails and letters, contact their Member Support at, email and ask them to cancel your account.

Follow these steps below:

Step 1. Log into your Email Account that is linked to the account you want to delete.Step 2. Compose an email requesting account deletion, with your honest reason.NOTE: You must state your account information on the body of your message.Step 3. Now, in the Subject section type “REQUEST TO DELETE MY ACCOUNT”Step 4. And finally, send the email to

Here is a SAMPLE on how to write such an email.

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The Ascents Best Personal Loans for 2022

The Ascent team vetted the market to bring you a shortlist of the best personal loan providers. Whether you're looking to pay off debt faster by slashing your interest rate or needing some extra money to tackle a big purchase, these best-in-class picks can help you reach your financial goals. Click here to get the full rundown on The Ascent's top picks.


Best LendingClub alternatives

If the LendingClub has failed to meet your expectations or needs, there are plenty of other peer-to-peer lending platforms you could turn to. Some of the best ones are:


Service overview


  • Offers loans from $4,000 to $25,000
  • APR’s range from 5,99% to 29,99%
  • There are no prepayment penalties
  • The minimum recommended FICO score is 600
  • Repayment terms are three or five years
  • Funds are received within three days of loan approval


  • Offers loans from $2,000 to $40,000
  • APR’s range from 7.95% to 35.99%
  • Monthly payment dates are flexible
  • The minimum recommended FICO score is 640
  • Repayment terms are three to five years
  • Funds are received within five days of loan approval


  • Offers loans from $1,000 to $50,000
  • APR’s range from 7.88% to 35.99%
  • Iowa and West Virginia residents do not qualify for a loan
  • The minimum recommended FICO score is 620
  • Funds are received one day after loan approval
  • Repayment terms are three to five years


Longer Wait: In the online world, faster is better, especially if you need quick money for an emergency. LendingClub money usually requires about a seven-day period to become available. There are other places that could turn the money around in a day.

Origination Fee: After determining your credit risk, LendingClub will provide an interest rate, but part of that is an origination fee, which will cut into your loan. It’s worth comparing and contrasting options of companies that don’t have an origination fee.

Other Fees: There are an assortment of other fees. You are charged $7 if you pay by check, but no fee if you set up a debit through your bank account. It’s $15 if there isn’t enough money in your bank account to cover the monthly installment. Late payment fee is 5% or the unpaid installment amount or $15, whichever is greater.

Lending terms

LendingClub offers personal loans of $1,000 to $40,000, with fixed annual percentage rates ranging from 7.04 to 35.89 percent.

The company considers multiple factors:

  • Credit score and history.
  • Debt-to-income ratio.
  • Loan amount.
  • Repayment term (36 or 60 months).
  • Any amount owed to other creditors.

To qualify, you must:

  • Be at least 18 years old.
  • Be a U.S. citizen, permanent resident or long-term visa holder.
  • Have a bank account.

How does LendingClub work?

We agree on an interest rate and a term, and you begin paying back the loan. The peer-to-peer network (e.g. LendingClub) disburses the money and collects your payment each month. They take a fee for originating the loan. Then, they take the interest you’re paying on your loan each month and pay it to me and the other investors

In most cases, investors with LendingClub make very small (as little as $25) investments in each loan. That means that, for a given borrower, he or she is actually borrowing money from hundreds of different investors.

Meanwhile, investors enjoy lower risk by spreading their money across hundreds of loans. And then LendingClub makes money from origination fees on each loan and from taking a small percentage of investor profits.

If you’ll be using income in addition to your work earnings to repay the loan, you can check the box and answer questions about those in the next step. Alternative sources of income can include:

  • Alimony.
  • Child support.
  • Maintenance income.
  • Income from secondary jobs or side hustles.

Now we arrive at the section where you specify how much money you want. You can input any amount here, but the offer you get will be based on your creditworthiness and the amount you’re requesting. LendingClub also wants to know how you’ll be using the money. The options are:

  • Credit card refinancing.
  • Debt consolidation.
  • Home improvement.
  • Major purchase.
  • Home buying.
  • Car financing.
  • Green loan.
  • Business.
  • Vacation.
  • Moving and relocation.
  • Medical expenses.

What happens if you default on a lending club loan

When it comes to defaulting on a LendingClub loan, you will be given late fees for each payment. When defaulting on a lending club loan, you will owe late fees. These will be 5% of the payment amount or $15 for each payment, whichever is greater. Your credit score will also decrease because these non-payments will be reported to the credit bureaus. This is because payment history is one of the biggest factors in your credit score. Late payments will exist for seven years on your report and will continue to impact your score. This will occur once your payment is 30 days past due. If you do not pay it, then your debt will be sent or sold to collections.

You may even be contacted by debt collectors looking to collect your debt. Lending Club itself will make efforts to contact delinquent borrowers and collect these payments. This is why you need to be aware of your rights regarding how debt collectors may treat you.

Finally, you will be sued. LendingClub loans are unsecured, which means they will need a court judgment to get their funds from you. Then they can garnish your wages or go directly into your accounts and take the money you owe. You may be able to work things out through a payment plan, settlement, or refinancing with a cheaper lender, but you want to avoid defaulting on a LendingClub loan at all costs.

Don’t let debt collectors push you around. Respond with SoloSuit.

Alternatives to LendingClub

If you are turned down by LendingClub (or only qualify for a high-interest loan), there are other options to get a loan with bad credit. First, make sure all the information presented to LendingClub was correct. LendingClub might have uncovered a negative mark on your credit report that needs investigation.

Debt Management Plan/Credit Counseling — This is an excellent option for anyone who is denied a LendingClub loan. Working with a nonprofit credit counseling agency can help you lower your debt payments, regardless of your credit score. The counselors at a Debt Management Program (not a loan) will work with creditors on your behalf to reduce your monthly payment. It’s good for unsecured debts (such as credit cards, medical bills and student loans).

Prosper Perhaps a better peer-to-peer option if you carry substantial debt and have a high income. Prosper accepts credit scores of 640 and above, while accepting debt-to-income ratios up to 50%. The APRs are similar: 6.95% to 35.99%, which includes an origination fee of 2.4% to 5%. Loan amounts are $2,000 to $40,000 and the repayment plans range from three to five years. Money could be available in three business days. Overall, Lending Club vs. Prosper is an interesting comparison.

SoFi Good choice for new credit borrowers. The APRs are generally manageable (5% to 15%, no origination fee), but there’s a higher threshold for credit scores (660 minimum). Loan amounts are $5,000 to $100,000 and the repayment plans range from three to seven years. Typically, the money is available within seven days.

Discover It’s another alternative that doesn’t charge an origination fee. The APRs range from 6.99% to 24.99%. Loan amounts are $2,500 to $35,000 and the repayment plans range from three to seven years. Money can be available as soon as the next day in some cases.

Canceling your LendingClub loan application

What happens if you change your mind regarding the borrowed loan from LendingClub? 

You have the right to change your mind, of course, but you will have to notify the company as soon as you possibly can. According to the LendingClub, you have five calendar days to cancel your loan from when it gets funded.

It is advised that you keep the whole amount on your account, and the company will try to withdraw the money within five to seven business days. 

What about balance transfer loans?

When it comes to canceling balance transfer loans, the process is a bit more difficult. Since the LendingClub cannot retrieve funds from your creditors, you will have to do it yourself. The company grants you thirty days to recover the funds to your account and notify them about it.

Note that you will be responsible for repaying the loan, including the fees and interest if you fail to retrieve the money within a month. 

Canceling personal loan applications

In order to cancel a personal loan application, you need to call 844-557-2551, Monday to Friday, from 6 am to 5 pm Pacific Time.

Canceling auto refinance loan applications

If you have changed your mind about the borrowed auto refinance loan, call 888-845-0010, Monday to Friday, from 6 am to 5 pm Pacific Time.

Canceling small business loan applications

For canceling small business loan applications, you have two options at your disposal:

  1. You can contact your Client Advisor directly
  2. Call 855-846-0153, Monday to Friday, from 7 am to 5 pm Pacific Time

Can you cancel with

Yes / No








Company website (or another alternative method)


Why get a loan from LendingClub?

Quick loan turnaround

Perhaps the biggest benefit LendingClub brings over other lenders is speed. That is, you can get a loan fairly quickly and use it for any purpose.

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Your rights under the FDCPA

The Federal Debt Collection Practices Act governs how debt collectors may treat consumers. For example, debt collectors must identify themselves in every communication. They cannot state that they are a law firm or law enforcement agency if they are not. Debt collectors may not misrepresent themselves either, nor publish your name or address, or use legal action when they do not have the right.

The only person that the debt collector may share your information with is your attorneys and your spouse. They may also not send you mail that includes information indicating you are in debt. Debt collectors must also let you know your rights to dispute your debt, and send you this information, along with a verification of your debt. This is in addition to providing contact information for the creditor from whom the debt originates. This must be done within 30 days of receiving the request for this information.

File a response with SoloSuit and win your case.

You should also know that debt collectors may only call you between the hours of 8 a.m. and 9 p.m. They cannot harass you, or attempt to contact you at work if your employer has stated it is not allowed. This also means that they may not use abusive or profane language.

If you as a debt collector to stop contacting you, they must listen. This is called a cease and desist letter. Any communications after are not allowed except to let you know that you are being sued. Additionally, they may not contact you if you are represented by an attorney. Should any of these rights be violated, you have the right to sue debt collectors in state or federal court.


Rebecca has been the auto loans reporter at Bankrate since 2021. Prior to her time at Bankrate, she was a social media reporter and copywriter. 

She earned her bachelor’s degree in Strategic Communications and a minor in Women’s Gender and Sexuality from Elon University.


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