And The Best Online Bank is… LendingClub?
The online lending community that once offered borrowers the opportunity to “bypass the banks and get better rates” is now technically the best online bank. Radius Bank, awarded best online bank of 2020, fully merged itself into LendingClub this month following the acquisition earlier this year. Radius bank’s website now points to bank.lendingclub.com.
It may be a bit jarring to those who remember Lending Club as a peer-to-peer lending platform, to see the FDIC-insurance guaranty at the bottom alongside offerings like a checking account. Bankrate.com added LendingClub to its rankings this weekend. It gives the company a score of 4.3, a good number of notches below the top score held by Ally Bank at 4.9.
LendingClub is just one of several fintech lenders that are fully transitioning to banks. Square flexed its new banking status starting this month, while Kabbage, under the American Express umbrella, has been pushing business checking accounts pretty hard.Last modified: July 25, 2021