In June 2026, LendingClub completed its rebranding as Happen Bank, offering a full range of banking and investing services. But the San Francisco-based fintech company is still best known for its personal loans, which have competitive APRs and flexible approval requirements.
We like that Happen Bank accepts co-borrowers, which can improve your chances of approval and a better interest rate. We also like that qualified applicants can get their money in as little as 24 hours after signing.
Origination fees can run up to 8.0% of your total loan, though, which can take a big bite out of your funding.
Below, we review Happen Bank personal loans, looking at rates, fees, loan terms, approval requirements and more. Learn about how we review personal loans in our methodology.
Formerly LendingClub, Happen Bank offers competitive rates on a wide range of loan amounts, with funds available in as little as 24 hours after final approval.
- Accepts borrowers with fair credit.
- High loan limit of $75,000.
- Funds may be available in as little as 24 hours.
- Repayment terms range from two to seven years.
- Co-borrowers are permitted.
- Origination fee of 2% to 6%.
- No autopay discount.
- No physical branches
Happen Bank personal loans
- What to know about Happen Bank personal loans
- How do you qualify for a Happen Bank personal loan?
- What we like about Happen Bank personal loans
- Why a Happen Bank personal loan might not be right for you
- How to apply for a Happen Bank personal loan
- How do Happen Bank personal loans compare?
- Happen Bank FAQs
- Our methodology
What to know about Happen Bank personal loans
APR: 5.96% to 35.96%. Your individual rate is based on your credit history, income, debt-to-income ratio and other factors.
Fees: Happen Bank charges an origination fee of between 0.0% and 8.0%, which is subtracted from the total amount you receive at funding. Late payments are charged $15 or 5% of the amount due, whichever is greater, after a 15-day grace period.
Loan amounts: Happen Bank approves personal loans ranging from $1,000 to $75,000.
Loan terms: Repayment terms range from 24 to 84 months (two to seven years), with no penalty for prepayment.
Funding time: Funds are directly deposited within 1 to 3 business days of signing. According to Happen Bank, two-thirds of borrowers receive their money within 24 hours.
Sample loan: A customer borrowing $15,262 for a term of 36 months could have an interest rate of 13.99%, a 6% origination fee and an APR of 18.40%. In this example, the origination fee would be $916 and the borrower would receive $14,346 and make 36 monthly payments of $522.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
7.99%–35.99%
Up to $50,000
9.95% to 35.99%
$2,000 to $35,000
How do you qualify for a Happen Bank personal loan
To qualify for a loan from Happen Bank, you must be a U.S. citizen or current resident who is at least 18 years old, with a verifiable bank account. Happen Bank issues personal loans in all 50 U.S. states and Washington, DC. (Residents of U.S. territories are not eligible.)
Happen Bank doesn't publish minimum credit score requirements, but typically approves borrowers with at least fair credit (580 FICO® Score or higher) and a maximum debt-to-income ratio of 40%.
Applicants can see their estimated rate and terms by prequalifying.
What we like about Happen Bank personal loans
You can apply with a co-borrower: Many banks don't accept co-borrowers for unsecured personal loans, but Happen Bank does. A co-borrower with good credit can improve your chances of approval or getting a better APR or a larger loan amount.
You can change your payment date: Provided you are current on your payments, you can temporarily or permanently change the day of the month your loan payment is due.
It approves loans for up to $75,000: Many lenders cap unsecured personal loans at $50,000.
It pays your creditors directly: If you use your financing for a debt consolidation loan, you can have Happen Bank send funds directly to up to 12 different creditors. Choosing a Direct Pay loan may even make you eligible for an APR discount of 0.75% to 8.00%.
It's a full-service bank: Some of the best online lenders, including LightStream and Upstart, only offer loan products. Happen Bank adds deposit accounts, CDs, business banking services and institutional investing. Having all your financial services in one place can make banking easier and potentially allow you to tap into rate discounts and other benefits. For example, eligible Happen Bank borrowers can earn 2% cash back with on-time payments from a LevelUp Checking account.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
4.20% (with monthly deposits of $250 or more), or 3.00%
None
None
Terms apply.
From 3.40% to 4.40% APY
From 6 months to 5 years
$500
Why a Happen Bank personal loan might not be right for you
The origination fee: Borrowers can be charged an origination fee of up to 8.00%. If you're taking out a loan for $10,000, that would mean only receiving $9,200 but still paying interest on the full $10,000.
Its maximum APR is on the high side: Happen Bank currently caps APRs at 35.96%. While that's not uncommon for an online lender, you can find lower maximum rates from some traditional banks, credit unions and specialized lenders like LightStream and Rocket Loans.
There are no physical branches: Applicants who prefer a face-to-face borrowing experience should look to other lenders.
How to apply for a Happen Bank personal loan
You can apply for a personal loan on the Happen Bank website, but there are no branches to apply in person.
- Get prequalified: You can review the estimated APR and terms you qualify for before formally applying. You'll need to submit basic information, like your name, address and annual income, but it's a soft credit inquiry, so it won't impact your credit score. According to Happen Bank, three-quarters of offers are generated in under a minute. To add a co-borrower, select the "Two of Us" option when you check your rate or click "Add a Co-Borrower" on the application page.
- Submit documentation: If you like the terms and want to apply, you may need to provide more information — such as a valid government I.D, recent bank statements and W-2s. There will be a hard credit inquiry, so only apply if you know this is the loan you want.
- Await approval: According to the bank, most approval decisions are made within a few hours, although the specific timeline depends on your individual application. You can check on the status of your loan on your "To Do List" on the Happen Bank dashboard, and see if you need to provide additional details. Review the offer and accept the loan: If your loan is approved, read through the loan agreement and confirm that the principal matches what you requested (minus any origination fee) and that you're okay with the APR, fees and total cost of the loan. You should also confirm when payments are due, the monthly amount and the total loan term. If you're taking out a Happen Bank Direct Pay debt consolidation loan, you can add up to 12 creditors that the bank will send funds to. Any leftover money will be deposited into your linked bank account.
- Receive your funding and start making payments: Funding should take no more than a day or two, with Happen Bank reporting that funds for most loans approved on a business day were disbursed via direct deposit within 24 hours. Your specific first due date will be listed on your loan agreement, but it's typically one month after the loan is issued and funds are sent.
How do Happen Bank personal loans compare?
Happen Bank personal loan comparison
| Feature | Happen Bank | SoFi | Upstart | Best Egg |
|---|---|---|---|---|
| Credit score | Fair to good | Good | Bad | Fair to good |
| Loan limit | $1,000 to $75,000 | $5,000 to $100,000 | $1,000 to $75,000 | $2,000 to $50,000 ($100,000+ for secured loans) |
| Terms | 24 to 84 months | 24 to 84 months | 36 or 60 months | 36 to 60 months (24 to 84 for secured loans) |
| Best for | Fast funding | Larger loans | Bad credit | Secured loans |
We like that SoFi has high loan caps and doesn't charge any origination fee, so borrowers get the full amount funded. The credit requirements can be stringent, however, and interest rates for weaker applicants are on the higher side.
- Loans approved for up to $100,000
- No origination fee or late fee
- Next-day funding available
- Accepts co-borrowers
- Minimum loan amount is $5,000
- High APR for fair/low credit
Fixed rates from 8.74% APR to 35.49% APR. APR reflect the 0.25% autopay interest rate discount and a 0.25% SoFi Plus interest rate discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or, Cross River Bank, a New Jersey State Chartered Commercial Bank, operating from its Delaware branch, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 02/23/26 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors.
We like that Upstart considers factors besides credit score, including education, income and employment history. However, co-signers aren't accepted.
- Accept applicants with bad or no credit
- Minimum APR is lower than many competitors'
- Approves personal loans up to $75,000
- Most loans are funded the next business day
- Origination fee of 0% to 10%
- Doesn't allow co-signers or co-borrowers
Best Egg is worth considering if you have good credit or are a homeowner interested in a secured loan. But origination fees can be high and it doesn't offer many other financial services.
- Secured loans have an average APR discount of 20% compared to unsecured loans.*
- Factors besides credit scores are considered when applying.
- Possible to get financing in as little as 24 hours.
- Vehicles and home fixtures can be used as collateral.
- The origination fee is higher than some competitors'.
- Best Egg does not allow co-signers or co-borrowers.
*The Best Egg Secured Loan is a personal loan secured using a lien against fixtures permanently attached to your home such as built-in cabinets, light fixtures, and bathroom vanities. Rest assured, your home itself will not be used as collateral.
Happen Bank FAQs
How much can you borrow with Happen Bank?
Happen Bank approves personal loans from $1,000 to $75,000, although the amount you're approved for depends on your credit history, income, debt-to-income ratio and other factors. Loan amounts and terms may also vary by state.
How fast can I get funding for a Happen Bank personal loan?
According to Happen Bank, two-thirds of borrowers receive their money within 24 hours. Funding time depends on when you are approved, your application, whether you have a co-applicant and other considerations.
Does Happen Bank offer personal loans for bad credit?
Happen Bank typically considers borrowers with a FICO Score of 600 or better, which is considered fair credit, although the bank says there is no set minimum credit score for approval. It does accept joint applications, and a co-borrower with good credit can greatly improve your chances of approval and a favorable rate.
Does Happen Bank accept co-signers?
Happen Bank accepts applicants with co-borrowers, but not co-signers. A co-borrower has the same financial obligation as a co-signer, but also shares legal ownership of any asset purchased with the loan funds.
Is Happen Bank a legitimate lender?
Yes, Happen Bank is a legitimate bank with an A+ rating from the Better Business Bureau. It began as LendingClub, a peer-to-peer lending platform, but transitioned into a full-service bank in February 2021 when it finalized its acquisition of Boston-based Radius Bank. Deposits are insured by the FDIC up to $250,000 per depositor for each account category.
Our methodology
When reviewing personal loans, CNBC Select considers more than 30 data points, including:
- Rates and fees
- Repayment terms
- Loan amounts
- Loan variety
- Approval requirements
- Accessibility
- Funding speed
- Online experience
- Customer support
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed financial decisions. Every personal loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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