Elsa B.
Verified BorrowerWould you recommend this product? Yes
It went well.
Happen Bank (formerly LendingClub) 2026 Personal Loan Review
A Happen Bank personal loan is a standout option with wide eligibility and next-day funding. The loans can cover a great range of borrowing needs.
4.5
Est. APR
5.96 - 35.99%
Min. credit score
600
Time to fund
Next day
Loan amount
$1K - $75K
Loan term
2 to 7 years
Origination fee
Up to 8%
Best if you
- Need fast funding.
- Are looking to consolidate debt.
- Want a joint loan.
Not ideal if you
- Have bad credit.
- Have a debt-to-income ratio above 40%.
- Want to avoid an origination fee.
What to know about Happen Bank (formerly LendingClub) personal loans
Editor's note: In June 2026, LendingClub rebranded to Happen Bank, reflecting its transition to a full-scale digital bank that offers banking and investing services in addition to personal loans.
You may not be familiar with the new name, but Happen Bank provides the same top-notch personal loans as it did when it was known as LendingClub.
This lender offers a low starting annual percentage rate and multiple rate discounts, which can help reduce the cost of borrowing. Its 600 credit score requirement provides a low bar for eligibility. And with loan amounts from $1,000 to $75,000, a Happen Bank loan is likely to cover whatever you’re borrowing money for.
If you have a lower credit score, however, I recommend considering other lending options. One reason is because you can’t add collateral or a co-signer to a Happen Bank loan application, options that could boost your chances of qualifying. But Happen Bank does allow joint loans if you plan to share the loan with another individual.
» MORE: Compare the best personal loans
What the nerds think
"Happen Bank has all the makings of a top lender, especially if you want to use its balance transfer loan to consolidate debt. Its lightning-fast approval and funding timeline, its direct payment to creditors and the possibility of an additional rate discount all make it a smart option for borrowers who are ready to get their debt under control."
Jackie VelingSenior Writer & Content Strategist
What we like most about Happen Bank (formerly LendingClub)
- Multiple rate discounts: You can get your loan’s APR reduced by 0.5 percentage points for enrolling in automatic payments or having Happen Bank send the funds directly to your other creditors for debt consolidation. If you make a loan payment from a qualifying Happen Bank LevelUp checking account, you could earn 2% cash back, which is a rare perk for a personal loan lender. These discounts help lower the cost of borrowing money.
- Next-day funding: You won’t have to wait long for a Happen Bank personal loan. The lender told NerdWallet its average loan approval time is one hour, and it typically disburses funds for approved loans within 24 hours.
- Wide range of loan amounts and repayment terms: You can borrow from $1,000 to $75,000 with a Happen Bank loan and repay it over two to seven years, making it a fitting option for a variety of borrowing needs. Other lenders tend to offer fewer options for loan amounts and repayment terms.
- The ability to apply with a co-borrower: Most lenders offer loans to individual borrowers only, but Happen Bank offers joint loans so you can apply with someone you trust. Getting a joint loan with a co-borrower could help you qualify, get a lower rate or get a higher loan amount. Happen Bank told us it doesn’t require you to have a specific relationship with your co-borrower, but the co-borrower should be someone with good credit, verifiable income and a debt-to-income ratio no higher than 40%. Both co-borrowers share the loan funds and responsibility for making payments.
Why Happen Bank may not be right for you
- May have an origination fee: Happen Bank personal loans come with an origination fee that can be up to 8% of the loan amount and is subtracted from your loan before the lender disburses funds. The lender says the fee depends on factors like your creditworthiness. Origination fees aren’t uncommon for online lenders, but many banks don’t charge those fees.
- Your debt-to-income (DTI) ratio can’t be over 40%: If you’re looking for a debt consolidation loan and you have a bunch of debt relative to your income, you may need to try a lender with a higher maximum DTI allowance. You can calculate your debt-to-income ratio by dividing your monthly income by your monthly gross income and multiplying that number by 100. Make sure to include all your income sources on the loan application, even income like alimony or child support.
How much does a Happen Bank loan cost?
The total cost of your loan depends on the amount borrowed, annual percentage rate and loan term. Here’s an example of how different rates affect the costs of a $20,000 loan with a 5-year term. Happen Bank told NerdWallet its average borrower typically gets an APR from 15% to 19.99%.
APR | 15%. | 19.99%. |
Monthly payment | $476. | $530. |
Total interest cost | $8,548. | $11,786. |
Total loan cost | $28,548. | $31,786. |
» MORE: Use our personal loan calculator to estimate your costs
Do you qualify for a Happen Bank personal loan?
You may be eligible for a Happen Bank loan if you have fair credit or better. The lender offers loans in all U.S. states and Washington D.C.
You can pre-qualify to check your eligibility and preview your estimated rate and terms. Pre-qualification involves a soft credit check, which doesn’t impact your credit score.
Happen Bank’s borrowing requirements
- Minimum credit score: 600.
- Maximum debt-to-income ratio: 40%.
- Minimum credit history: 3 years and 2 accounts.
- Must be at least 18 years old with a valid government-issued photo ID.
- Must provide a Social Security number.
- Must be a U.S. citizen and provide proof of residency.
- Must provide proof of employment or income.
- Must have a valid email address.
- Must have a valid U.S. bank account.
Profile of an average Happen Bank (formerly LendingClub) borrower
For an idea of where you would fit in among other borrowers and what to expect, we asked Happen Bank about its average borrower. Here’s what the lender told us.
- Average loan amount: $20,000 to $29,999.
- Average APR: 15% to 19.99%.
- Most common loan purpose: Debt consolidation.
- Average borrower’s credit score: 690 or higher.
- Average annual income: $75,000 or higher.
- Average borrower’s debt-to-income ratio: 30% or less.
» MORE: How to get a personal loan
Frequently asked questions
Q: What can I use a Happen Bank personal loan for?
A: You can use a Happen Bank loan for nearly any purpose, including debt consolidation, home improvement projects, medical or dental expenses, emergencies, vacations and more. The lender only has restrictions against using the loan for higher education or college tuition, business expenses, investing, gambling and illegal activities.
Q: Does Happen Bank offer secured, co-signed or joint loans?
A: Happen Bank offers unsecured loans for individuals and joint loans, but not secured loans or co-signed loans.
Q: Does Happen Bank have a mobile app where I can manage my loan payments?
A: Yes, you can manage your monthly loan payments using Happen Bank’s mobile app. You can also access your credit score for free using the app. This allows you to see how making on-time payments can positively affect your credit score.
Q: Does Happen Bank report payments to the major credit bureaus?
A: Yes, Happen Bank reports your loan payments to the three major credit bureaus — Experian, Equifax and TransUnion. Making on-time payments can positively impact your credit score while late payments can cause your credit score to drop.
Q: What happens if I’m not able to make an upcoming loan payment?
A: If you think you won’t be able to make an upcoming loan payment, you may be able to adjust your payment date. Happen Bank lets you change your repayment date once a year. You may also be eligible for a hardship accommodation, such as a payment deferral or reduction. Contact the lender prior to missing a payment, or you may be charged a late fee (either $15 or 5% of the monthly payment amount, whichever is greater). Happen Bank does have a 15 day grace period before charging late fees.
How does Happen Bank compare?
 |  |  |  |
|---|---|---|---|
Est. APRFrom 5.96% to 35.99% | Est. APRFrom 6.99% to 35.49% | Est. APRFrom 7.24% to 24.89% | Est. APRFrom 7.74% to 35.99% |
Loan amountFrom $1,000 to $75,000 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $75,000 |
Min. credit score600 | Min. credit scoreNaN | Min. credit score660 | Min. credit score600 |
How we rated this lender
NerdWallet’s editorial team rates lenders using a rubric with five weighted categories and 29 subcategories. Here are the factors we prioritized, plus why this lender received each score.
Overall rating
4.5/5
Affordability25% of rating
4.1/5
Happen Bank has a low starting APR and offers rate discounts, but it charges an origination fee that can be up to 8% of your loan amount.
Our Method: We review lenders’ rates and fees, plus any opportunities for rate discounts.
Customer experience20% of rating
4.9/5
Customer-friendly features include the ability to change your monthly payment due date, manage payments with a mobile app and request hardship accommodations. Happen Bank also has customer service agents available six days a week and reports payments to the three major credit bureaus.
Our Method: We look at factors such as customer service availability, monthly payment flexibility and whether the lender reports on-time payments to major credit bureaus.
Loan flexibility20% of rating
4.8/5
Happen Bank offers a wide variety of loan amounts and repayment terms. Plus, you can get a joint loan with a co-borrower.
Our Method: We assess loan amount and term ranges and whether lenders offer multiple loan types or direct payment to creditors on debt consolidation loans.
Underwriting and eligibility20% of rating
4.8/5
Happen Bank performs a soft credit check so you can preview rates before applying and undergoing a hard credit check. Personal loans are available to eligible applicants nationwide.
Our Method: We consider how widely available and accessible the loans are and how lenders review applicants’ credit.
Application process15% of rating
4.1/5
Happen Bank has fast approval and funding times, and provides a good amount of information about your potential loan when you pre-qualify. However, its website isn’t as transparent about what rates and terms you might get.
Our Method: We evaluate loan approval and funding times and the lender’s transparency throughout the application process.
Read more about our ratings methodologies for personal loans.
Happen Bank (formerly LendingClub) borrower reviews
4.5out of 5
(89 reviews)
93%
Would recommend
this product
Rating Breakdown
5
(61)4
(13)3
(8)2
(1)1
(1)Sort by:
Rod H.
Verified BorrowerMiddle of the road, I thought. I've only had experience with two different personal loans for two different companies, Wells Fargo and Lending Club. Lending Club, their fees were a little bit more than Wells Fargo, similar rates, so I would put Wells Fargo above Lending Club. As far as the ease of navigating their system and getting the money, I think Wells Fargo had my money to me before the lending club.
Show moreShow less
Jacqueline C.
Verified BorrowerWould you recommend this product? Yes
Satisfied.
Megan H.
Verified BorrowerWould you recommend this product? Yes
It was really quick and really smooth, very transparent. No surprises or anything like that. So I would give it a read it really well.
Ron B.
Verified BorrowerWould you recommend this product? Yes
It went great. It was easy.
User reviews are displayed for informational purposes only and are not monitored for accuracy. These reviews do not reflect the opinions of NerdWallet or the financial institutions referenced and are not endorsed by them. Neither NerdWallet nor the financial institutions are responsible for the content of any review, nor are the financial institutions obligated to respond to or address any user posts.
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