LendingClub Referral Code (Feb 2023): $100 Signup Bonus

February 23, 2022
Blog

LendingClub is a P2p lending platform that has been operating since 2021 when it acquired Radius Bank. It has very low fees and doesn’t require a high credit score, the minimum is 600, so it’s ideal for people with low credit scores, and investors get to access all the credit and income data before they decide to lend. 

LendingClub has a referral program in place to benefit its new clients: by using our referral link (or our referral code YOREOYSTER) you will receive a $100 bonus after you make your first payment towards a Lending Club loan. You will also receive your referral code, to start inviting friends – you can earn $100 for each and you can invite as many as you want.

How To Use Your LendingClub Referral Code

LendingClub has a referral program for new clients. When you sign up with LendingClub using our referral link (or our referral code YOREOYSTER), you will receive a bonus of $100 after you make your first payment toward a LendingClub loan. You will also receive your own referral link.

To use the promo code:

  • Visit LendingClub‘s page. Click on the top-right menu the Sign-Up button. 
  • Fill in some of your basic information, including address.
  • Verify your identity.
  • Link your bank account with LendingClub through Plaid.

What Is LendingClub?

LendingClub, previously Radius bank, is a peer-to-peer lending platform based in San Francisco, California. It was among the first peer-to-peer (P2P) lending companies that registered its services as securities with the Securities and Exchange Commission (SEC).

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LendingClub works by matching potential borrowers and investors utilizing credit and income data. Investors know this data in advance, and it’s always up to the investor to make the final decision on whether or not to lend them money – and at what rate.

LendingClub Features

Some of LendingClub’s best features include:

  • Investors have access to credit data of prospective borrowers.
  • Long-term loans.
  • No hard credit inquiries.
  • Low credit score minimum. Currently there is a 600 minimum credit score, so you can apply for LendingClub even with a low score.

LendingClub Fees

For lenders:

  • 1% service fee of the total amount borrowed.

For borrowers:

  • $7 fee if you pay by check
  • No fee if you set up a debit. 
  • $15 if you don’t have enough money in your bank account to cover the monthly payment. 
  • 5% of the unpaid installment, or $15 late payment fee (whichever is higher).

How To Sign Up With LendingClub

#1 Visit LendingClub‘s page. Click on the top-right menu the Sign-Up button. 

#2 Fill in some of your basic information.

#3 Fill in some information about your address – LendingClub is required by law to ask these questions. You can click on the Why does LendingClub need my address for more information.

#4 Verify your identity.

#5 Link your bank account with LendingClub through Plaid.

#6 The last step is to select your bank and link your accounts.

LendingClub’s Referral Program

After creating your LendingClub account using our link, you will receive a $100 bonus when making your first payment towards your loan. Additionally, you will receive your own referral code; to find it sign in to your account and click Refer friends on the top-right corner. For each referral you will earn a bonus – with the referral code you can:

  1. Share your code via text, email, or with your social media audience.
  2. Once a referee signs up and makes their first payment you will both receive a $100 bonus. 
  3. There’s no limit to how many people you can invite.

Is LendingClub Safe & Legit?

LendingClub is regulated by the Truth in Lending Act, the Fair Credit Reporting Act (FCRA) and the Equal Credit Opportunity Act (ECOA). Additionally, it is insured by the FDIC, so your funds are insured for up to $250,000.

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Conclusion

LendingClub is a P2p lending platform that has been operating since 2021 when it acquired Radius Bank. It has very low fees and doesn’t require a high credit score, the minimum is 600, so it’s ideal for people with low credit scores, and investors get to access all the credit and income data before they decide to lend. 

LendingClub has a referral program in place to benefit its new clients: by using our referral link you will receive a $100 bonus after you make your first payment towards a Lending Club loan. You will also receive your referral code, to start inviting friends – you can earn $100 for each and you can invite as many as you want.

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