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LendingClub

LendingClub

 3.9/5 (550 ratings)
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About LendingClub

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

With Lending Club’s peer-to-peer lending, you can get a personal loan, refinance your car payments or take out a small business loan. Its online marketplace connects borrowers with a network of lenders to help them select the best loan.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • Quick, easy online application
  • Fast money delivery
  • No prepayment penalties
  • Fixed interest rates

Cons

  • High APRs
  • Short loan length

Bottom Line

Lending Club is a peer-to-peer lending website that helps consumers get personal loans, small business loans and auto refinancing. You can apply for one of its loan options online.

Top LendingClub Reviews

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Rated with 5 stars
Verified

This is my 3rd loan with Lending Club and have never had an issue. They are great to work with and easy to apply. Money comes in about 3 days and they automatically take the payme...

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Rated with 5 stars
Verified

The ease in which filling forms online were extremely fast and easy. And with a brief follow up phone call to verify information, I was provided my loan within a very short time a...

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What is Lending Club?

Lending Club is an online marketplace that connects you with lenders. Its application process for personal or small business loans is quick and easy.

  1. Apply online by providing the amount you want to borrow and the purpose of the loan.
  2. Select a loan offer.
  3. Your money is deposited directly into your bank account in as little as four days.

Lending Club offers multiple borrowing options, including personal loans, small business loans and auto refinancing. Borrowers can take out a personal loan for up to $40,000 for almost any significant expense, including:

  • Paying off credit card debt
  • Transferring a balance
  • Consolidating debt
  • Improving a home

Personal loan terms are either 36 or 60 months, and all transactions take place through your Lending Club account. Once approved, your loan is deposited directly into your bank account in as few as four days.

With a small business loan from Lending Club, borrowers who have been in business for at least a year with $50,000 or more in annual sales can get up to $500,000 with a one- to five-year loan term. Small business loans have fixed monthly payments and interest rates as low as 4.99%.

The auto refinancing options are excellent for borrowers who owe $5,000 to $55,000 on their auto loan and want to lower their monthly car payment. Once a borrower chooses a refinancing offer, Lending Club pays off their previous lender. All payments go through a Lending Club account.

How much does Lending Club charge?

Lending Club charges an annual percentage rate (APR) between 6.95% to 35.89% on personal loans. Costs and fees for borrowing with Lending Club include an interest fee, and the company charges a one-time origination fee that's 1% to 6% of the entire amount you're borrowing.

Lending Club FAQ

How does Lending Club affect your credit?
Lending Club does a hard credit check to evaluate your creditworthiness when you apply for a loan, which may cause your credit score to drop temporarily.
How long does it take to get a loan from Lending Club?
You can get a loan from Lending Club in as few as four days.
Does Lending Club verify income?
Lending Club verifies the income of most loan applicants. When applicants apply for a loan, they go through a screening process that considers hundreds of data points that help identify which applications need further verification. Applicants may have to submit documents like W-2 forms, tax records or pay stubs for income verification purposes.
Can you pay off a Lending Club loan early?
Yes. Lending Club does not charge any penalties for paying off your loan early.

Is Lending Club legit?

Lending Club makes getting a loan quick and easy with its online application process and direct deposit, and there’s no penalty for paying off your loan early. Although Lending Club offers low, fixed interest rates, origination fees of 1% to 6% drive up the cost.

LendingClub Reviews

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How do I know I can trust these reviews about LendingClub?
How do I know I can trust these reviews about Lending Club?
  • 3,306,752 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer
Original review: Nov. 22, 2020

I have borrowed from this lender twice and each time, it has been picture perfect. While no one wants to borrow to pay off debts, the fact that this company was willing to give me a chance proved to me that despite the hardship, they supported me even during this Pandemic. Of course the trick is not to get into debt, but when illness, job loss and decrease in salaries and IRS taxes for both middle and lower class people impacts, decisions have to be made in order to survive.

3 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Nov. 20, 2020

I have used Lending Club to fund/pay down medical bills twice. I have found that their process to apply very easy to understand, apply & get funded, approved. Their customer service is top notch, funds are directly deposited into your account, I find the whole process seamless & in my experience. I would highly recommend Lending Club.

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    Rated with 5 stars
    Verified Reviewer
    Original review: Sept. 27, 2020

    I was wary of getting a personal loan, I suspected there would be hidden fees or a hidden "extra" interest rate. As an attorney, I read the fine print carefully and found that the actual APR was fully disclosed and in my case fairly reasonable (6.9% with 3% of that being pre-paid) for my credit score for an unsecured loan. Other companies were quoting up to 19%. No way I would ever take such a loan. I also liked that the loan rate was not all prepaid (although 3% was) as I needed the loan only short-term (less than one year), so I paid it off very early, and ended up paying far less than if I had paid it back over the full term. The 3% of the APR which amounted to prepaid interest, for me was worth it at the time I needed the funds.

    3 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Sept. 26, 2020

    I was in need of some money, and the Lending Club came to my rescue! Though I didn't get approved for the amount I initially applied for, I DID qualify for enough to get me through a difficult time... Application was simple, quick, and thorough, and I received the Loan quicker than expected! THEN, when I got a "Windfall", I was able to payoff my Loan early. They even sent me a check for the unpaid/unearned interest!!

    3 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Sept. 24, 2020

    Application process for the loan was quick and simple, my experience with customer service was friendly all my questions were answered. There was not a long wait to speak with someone. Repaying the loan is convenient as they pull directly from my checking account. Plus I'm usually advised before payment comes out. Taking this loan really helped me in the time I needed it most.

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    Rated with 1 star
    Verified Reviewer
    Original review: May 28, 2021

    Their COVID19 "hardship" program DESTROYED us financially. While they SAID payments were deferred they FAILED to mention that NO PAYMENTS would be applied to PRINCIPAL for OVER NINE payments. Our monthly payment is $700 p/month & I just found out that NINE payments and NONE was applied. We owe MORE than the loan amount. I just made a 10th payment today and AFTER I made it and questioned the principal I was told this $700 would NOT be applied to principal either! I asked them to restructure the loan. I was told the only way would be to apply for another loan with them for the amount we owe -- I did (like I have done in the past with no issues) and they denied my loan.

    Now we have no idea how many payments we will need to make before ANY of it will go towards the principal! We paid $5,000 on this loan and NONE went toward the balance. This should be ILLEGAL!! I've placed complaints with the Better Business Bureau and will be seeking Federal Lending Regulatory Complaints as well. As far as I'm concerned they took advantage of a GLOBAL PANDEMIC and everyone's financial vulnerability which NONE of us could control or fix, and they have STOLEN, ROBBED AND RAPED people -- THEY have gotten RICH off of the PANDEMIC! Morally corrupt and financially fraudulent.

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    Rated with 1 star
    Verified Reviewer
    Original review: April 16, 2021

    LendingClub was easy to work with in terms of getting a loan but when my bank issued an overpayment to pay off the loan as part of a refinance, I have gotten nothing but lies and the runaround in getting the 1500.00+ owed to me as a refund. To date, I still have received no refund for overpayment in spite of providing proof that no refund was issued. I do not trust them and neither should you.

    6 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Feb. 10, 2021

    I invested $5000 3 years ago with Lending club. They promised a high return, about 6% average. However, what they don't tell you is that when you count the defaults, you end up making no money. I'm near the end of the term and have not put any money back in and I've made maybe $150. What a joke! I could have made more money putting it in a high yield checking account! Would never invest money with them again.

    4 people found this review helpful
    Rated with 5 stars
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    Verified Reviewer
    Original review: Jan. 25, 2021

    Fast service, easy application process, pleasant American, English speaking customer service! I’ve had two loans and look forward to doing business with these folks again. With their help I have increased my credit score considerably... thanks LendingClub.

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    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 17, 2020

    As long as you don't need to communicate with a person (phone or email) this company seems fine. The communication is rude and resistant to answering questions. They cannot answer questions about their program showing inaccurate information. If you have a hardship they will not talk about options unless you tell them your entire story only to be judged and receive their nasty attitude. I do not recommend working with this company.

    8 people found this review helpful
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    LendingClub Company Information

    Company Name:
    Lending Club
    Year Founded:
    2006
    Address:
    71 Stevenson Street, Suite 300
    City:
    San Francisco
    State/Province:
    CA
    Postal Code:
    94105
    Country:
    United States
    Website:
    www.lendingclub.com