Once your loan is approved and backed by investors or LendingClub Bank, your loan is deposited into your bank account. Depending on your bank, it may take a few days for the funds to appear in your account.
- Interest is charged starting the day the loan is issued. If your bank takes a few days to deliver the funds to your account, interest still accumulates from the day the loan is issued.
- Your first payment is due one month after your loan is issued and the funds are sent to your account, even if your bank takes a few extra days to make the funds available.
- If you have a balance transfer loan, a portion of the loan is used to pay down your existing balances, and the rest is deposited into your bank account.