LendingClub Corporation is an American financial services company headquartered in San Francisco, California.

LendingClub also makes traditional direct to consumer loans, including automobile refinance transactions, through WebBank, an FDIC-insured, state-chartered industrial bank that is headquartered in Salt Lake City.

Though viewed as a pioneer in the fintech industry and one of the largest such firms, LendingClub experienced problems in early 2016, with difficulties in attracting investors, a scandal over some of the firm's loans and concerns by the board over CEO Renaud Laplanche's disclosures leading to a large drop in its share price and Laplanche's resignation.

[12] On June 20, 2008, LendingClub filed an S-1 statement[13] with the U.S. Securities and Exchange Commission (SEC) seeking the registration of $600 million in "Member Payment Dependent Notes" to be issued on its website.

[14] On August 1, 2008, LendingClub filed an amendment to its Form S-1[15] outlining new interest rate formulas as well as more details on a "resale trading system".

Notes issued on or after October 14, 2008 represent LendingClub securities rather than direct obligations of the ultimate borrower and are tradable (can be bought and sold) on the Foliofn trading platform.

[22] In fall 2011, LendingClub's headquarters moved to downtown San Francisco; its earlier offices were located in Sunnyvale and Redwood City.

[4] Co-founder Soul Htite moved to China to start Dianrong.com, a peer-to-peer lending company based in Shanghai.

[29] In November 2012, LendingClub surpassed $1 billion in loans issued since inception and announced they were now cash flow positive.

[42] Like other peer-to-peer lenders including Prosper, Sofi, and Khutzpa.com, LendingClub experienced increasing difficulty attracting investors during early 2016.

[43] The increase in interest rates and concerns over the impact of the slowing United States economy caused a large drop in LendingClub's share price.

[44] In April 2016, a LendingClub employee reported to Laplanche that the dates on approximately $US 3 million in the firm's loans appeared to have been altered.

[43][46] The New York Times reported that the investigation found that Laplanche had not disclosed to the board that he owned part of an investment fund which LendingClub was considering purchasing.

[43] The Wall Street Journal also stated that Laplanche was found to have not fully disclosed what he knew about the problematic loans.

[47][48] In an interview with Business Insider in December 2019, executive Valerie Kay noted that LendingClub had switched focus to institutional investors as well as its traditional peer-to-peer lending through a new project called "Scale", focused on delivering representative samples of loans instead of individual loans - labeled its "Select" program.

[50] 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.

[58] In June 2016, private investors had acquired approximately 95% of Radius Bancorp in response to Dodd Frank regulations.

The loans could only be chosen at the interest rates assigned by LendingClub, but investors could decide how much to fund each borrower, with a minimum investment of $25 per note.

This means that there is a risk that the investor may lose all or part of the investment if LendingClub becomes insolvent or declares bankruptcy, even if the ultimate borrower continues to pay.

During May of that year, LendingClub was seeking to sell hundreds of millions of dollars worth of loans as bonds as part of a strategy to overcome difficulties in accessing sufficient funding.

It developed an algorithm called LendingMatch for identifying common relationship factors such as geographic location, educational and professional background, and connectedness within a given social network.

It now presents the algorithm just as a search tool for investors to find Notes they would like to purchase, using borrower and loan attributes such as the length of a loan term, target weighted average interest rate, borrower credit score, employment tenure, homeownership status, and others.

[74] As of June 30, 2015, the average LendingClub borrower has a FICO score of 699, 17.7% debt-to-income ratio (excluding mortgage), 16.2 years of credit history, $73,945 of personal income and takes out an average loan of $14,553 that s/he uses for debt consolidation or for paying off credit card debts.

[80] Customers have access to online banking and mobile apps available for iOS and Android devices and offers free ATM reimbursements worldwide.

[89][90] LendingClub Bank provides depository services and financing to small and middle market businesses.

[106] Renaud Laplanche, the company’s founder and CEO, also received The Economist Innovation Award in 2014 for the consumer products category.