US-based financial services company LendingClub Corp's (NYSE: LC) LendingClub Bank digital marketplace bank subsidiary has launched LevelUp Checking, the latest in its growing set of smart, simple, and rewarding digital-first financial solutions, the company said.

LevelUp Checking is designed to reward LendingClub members for making smart financial decisions and using money they have rather than money they borrow.

Members will have the opportunity to receive 1% unlimited cash back1 when they use their LevelUp Checking debit card for gas, grocery, and pharmacy purchases.

What's more, if they have a LendingClub personal loan, they will have the opportunity to get 2% of their monthly payment in cash back for making on-time loan payments from their LevelUp Checking account demonstrating that LendingClub products deliver even more value when used together.

A recent LendingClub survey found that 31% of consumers consider rewards or cash back as their top priority when choosing a credit card versus 29% who cite interest rates as their top priority.

At the same time, because of higher living costs, 42% cite food and groceries as their largest category of increased credit card spending.

Taken together, providing cash back rewards for essential purchases that consumers make most often makes sense.

LevelUp Checking is only available to current LendingClub members, who unlock these cash back benefits when they enroll in direct deposit.

People can become a member by taking out a LendingClub personal loan, opening a LevelUp Savings account, or a certificate of Deposit.

LendingClub Corp. (NYSE: LC) is the parent company and operator of LendingClub Bank, National Association, Member FDIC.

LendingClub Bank is a digital marketplace bank in the US, where members can access a range of financial products and services designed to help them pay less when borrowing and earn more when saving.

LendingClub Corporation is an American financial services company headquartered in San Francisco, California. It was the first peer-to-peer lender to register its offerings as securities with the Securities and Exchange Commission, and to offer loan trading on a secondary market.