Happen Bank Personal Loan
- Best for: Borrowers paying off credit cards; joint applicants
- What Sets It Apart: Direct Pay to up to 12 creditors, at a lower rate for some borrowers; 2% cash back on on-time payments from LevelUp Checking in months with a direct deposit
- Cost: 5.96% to 35.99% APR (the yearly rate, fee included); 0% to 8% origination fee deducted from the loan; no prepayment penalty
- Features: $1,000 to $75,000; 24- to 84-month terms; joint applications; rate check that doesn’t affect your score
- Pros: Possible Direct Pay discount; co-borrower option; fast funding
- Cons: Fee up to 8%; APR up to 35.99%; Direct Pay excludes auto and student loans
Happen Bank, the former LendingClub, is a strong pick if you’re paying off credit cards, because it can pay up to 12 creditors for you, sometimes at a lower rate than a cash loan. If someone would apply with you, check your rate jointly too, since two incomes can qualify for a lower rate or bigger loan than one.
The 2026 rebrand changed LendingClub’s name to Happen Bank but left its personal loan intact. It’s an unsecured loan with a fixed rate and payment, and its best features serve borrowers trading several card balances for one bill.
Key Features
- 5.96% to 35.99% APR, the yearly cost with the fee included, fixed for the life of the loan (rates as of July 6, 2026)
- A one-time origination fee of 0% to 8%, set by your credit and deducted before the money reaches you
- $1,000 to $75,000 over 24 to 84 months, with loans that pay creditors directly (Direct Pay) listed up to $60,000
- Open to U.S. citizens and residents 18 or older who have a verifiable bank account, and no minimum credit score or income is published
Pros
- Direct Pay sends money to as many as 12 creditors for you, and some borrowers who use it get a lower rate than on a cash loan
- A co-borrower’s income and credit can get you a lower rate or a bigger loan than applying alone
- 2% cash back on each on-time payment made from Happen’s LevelUp Checking in a month with a direct deposit, about $10 on the $522 payment in Happen’s example
- No application fee or prepayment penalty, and a 15-day grace period before a late fee can apply
- By Happen’s count, 66% of loans approved for funding on a business day from April to June 2026 went out within 24 hours
Cons
- The fee comes out of your proceeds, so Happen’s own $15,262 example at 6% puts $14,346 in your account
- APR can reach 35.99%
- Direct Pay won’t pay auto loans, student loans, mortgages, or business loans
- Some creditors take a couple of weeks to receive Direct Pay funds, so keep paying each card until the issuer confirms
Check your rate if you’re consolidating credit cards, since the soft credit check won’t affect your score. Look elsewhere if you need auto or student loans paid off directly, or if a no-fee lender quotes you a lower APR than Happen for the same amount and term.
Learn more about Happen Bank or see how it compares to the best personal loan companies.
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