Last update: October 15, 2021
Effective December 31, 2020, LendingClub retired the Notes platform. This doesn't affect the existing Notes you own, but the last day to purchase Notes was December 27. In addition, we stopped accepting new accounts effective October 8 and retired the mobile app on November 10.
Why did you make this change?
Earlier in 2020 LendingClub announced that it signed an agreement to acquire Radius Bancorp, the holding company of Radius Bank. Combining the two companies is ground-breaking. By becoming the only full-spectrum fintech marketplace bank, and the first public U.S. neobank, LendingClub can unlock new value for borrowers and investors by using the marketplace to both pay less when borrowing and earn more when saving.
As we moved towards becoming a full-spectrum fintech marketplace bank, we looked closely at our current and future product suite and have developed new products to help our members keep more of what they earn and earn more on what they keep. Unfortunately, under a banking framework, it wasn't economically practical for LendingClub to continue to offer Notes. So, we had to make the difficult decision to retire the Notes platform effective December 31, 2020.
I'm trying to open a new account and was re-directed here. Why?
As part of retiring the Notes platform, LendingClub no longer accepted new accounts effective October 8, 2020.
I’m a current investor – what does this mean for the Notes that I currently own?
This will not affect the existing Notes you own, but the last day to purchase new Notes was December 27, 2020.
As a current investor, what do I do now?
Though we stopped offering Notes, you'll continue to receive principal and interest payments on the Notes in your account as you do today.
LendingClub Bank (formerly Radius Bank) has developed a high yield savings account (Founder Savings) available exclusively to our Notes investors as a sincere thank you for your dedication to the community. The new account includes an auto-save feature, which enables you to automatically transfer your available Notes cash account balance to your Founder Savings Account on a weekly basis. If you don’t choose to open a Founder Savings account, your Notes account cash position will continue to build until you transfer those funds to another financial institution.*
Click here for more information on the Founder Savings account.
*Please note that if your Notes investments are part of an individual retirement account (IRA), transferring those funds to a Founder Savings account or another financial institution may be considered a taxable event. If you set up a Founder Savings account as an IRA investor, you'll only be able to transfer funds from an external account. Please consult with your tax or financial advisor for more guidance.
Why did you retire the mobile app?
We determined that resources utilized to support the mobile app would be better used to transition to launching new products and services for our investors. You can still access all your account information through LendingClub’s web portal: https://www.lendingclub.com/auth/login
If we can help provide answers to additional questions, please email us at email@example.com.