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Lending Club
Overall Satisfaction Rating
1.83/5
  • 5 stars
    6
  • 4 stars
    1
  • 3 stars
    2
  • 2 stars
    4
  • 1 stars
    39
Based on 52 ratings submitted in the last year
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    93 Lending Club Consumer Reviews and Complaints

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    Page 1 Reviews 1 - 30
    Rated with 5 stars
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    Verified Reviewer
    Original review: Oct. 16, 2018

    I was reading bad reviews on this site yesterday which kind of scared me but they funded my loan this morning and were also able to change my payment date to fit my schedule better. They are very helpful and deliver the product that they promise to.

    Be the first one to find this review helpful
    Rated with 5 stars
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    Verified Reviewer
    Original review: Oct. 13, 2018

    I read the negative reviews and have some thoughts. This has NOT been my experience with Lending Club. I got a loan for $10,000 with an interest rate of just over 5%. I chose to have payments deducted monthly from my checking account which makes it easier for me since I don't need to worry about making my payments on time. Listen up, you need to have reliable creditworthiness, a decent credit score, be working full time. I have worked two jobs for a while now. Some may think on here it's a lot to ask you that you be working and reliable but come on think about it! Would you loan your money to someone with all indicators pointing to the likelihood you won't get your money back?! The answer is no! No you wouldn't. That is why some of you are offered extremely high interest rates.

    Sorry it is what it is, most of us weren't born with a silver spoon. Take the loan if it's offered, make consistent payments and build your credit score back up. That's how it goes, you have to start somewhere. I'm thankful for Lending Club and their loan is just what I need to support my two children and get my finances in order since my divorce.

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    Rated with 1 star
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    Verified Reviewer
    Original review: Oct. 7, 2018

    I have had a loan via Lending Club for almost 3 years. I have found the company provides misinformation to the 3 credit Companies. I would say never to get sick or become unemployed. As traditional for companies you're only as good as your last payment.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 6, 2018

    This company gives false approval, then runs you through the mill requesting document. Fails to communicate and then turns you down for no valid reason. I fear now this company has my personal information and what they will do with this. Don’t apply with this company. Just a waste of time. False advertising. Loan Builder through PayPal will treat you right.

    2 people found this review helpful
    Rated with 3 stars
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    Verified Reviewer
    Original review: Oct. 2, 2018

    I chose to invest in Lending Club as a way to diversify my portfolio. With as strong as the economy is, my average rate of return continues to drop as more lenders default. I started out with a healthy ROR and after over a year, am now down to 6.35% when factoring in past due notes. I can't imagine what my ROR would look like if the economy was stagnant and unemployment high. Here's my portfolio ratios: 21.85% A, 30.52% B, 27.96% C, 14.73% D, 1.05% F. I am giving them 3 stars for all the details and graphics available on the website. Would I recommend Lending Club? Not anymore.

    8 people found this review helpful
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    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 2, 2018

    Receive multiple phone calls from different numbers. When I hang up! I receive insulting and racist voicemail. This company should not be allowed to call people!!! The CEO is in trouble with the SEC...you can imagine the rest.

    3 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Sept. 22, 2018

    I have had 2 loans with this company and had suspect credit. No problems whatsoever. All fees were explained upfront and interest rate. Those being asked to send a Google card are being scammed by another company, not Lending Club. They answer the phone every time I have called and were always helpful. It makes no difference whether people believe my experience because I already have my loans. Never send money upfront for a loan. You are being scammed and deserve what you get. Do not come here and blame others.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Sept. 20, 2018

    I read the negative reviews and they sound like from a completely different company. I got a loan for $3600 through Lending Club and have been paying on it for about a year. It's easy since the payments are deducted once a month from my account, and I have always been able to speak to somebody when I call. In addition, the rate is decent and I've never had problems in any aspect of the transaction. They never asked me to do anything sketchy (like the deposit into my acct only to remove it and MoneyGram it back). I honestly don't believe that is how Lending Club does business - at least not what I've seen.

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 20, 2018

    I want a debt consolidation loan. I recently received an offer from my bank for a personal loan or line of credit at 7.57% APR. That same day I also received a letter from Lending Club. I decided to check if Lending Club could offer me a better deal than my bank. On the Lending Club letter it stated "The smart way to pay off debt faster" followed by "Reserved for people with great credit." FALSE advertising at its fullest! They offered me a ridiculously high 38.99% APR (I didn't even know APR went that high) with a 630$ fee - that's right, a FEE! Who does that?

    If you have great credit, and mine is not that bad, you are not offered a 38.99% APR! The Lending Club is taking advantage of people who really need the debt help, and I hope that when someone reads this they reconsider and look elsewhere. No one should ever pay this high of interest on anything! Check with other companies first! My highest current merchant credit card (Macy's) is at 28% and that was the one I wanted to pay off. Be smart and look elsewhere.

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    8 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Sept. 14, 2018

    I recently paid off a $35000 loan from Lending Club early. Since then, my credit score is near 800, my credit utilization ratio is 15%, and I’ve had my own dental practice for 10 years earning $240000/year. After paying off my loan I responded to an email saying to apply again for better rates since I have been a great customer. I applied for their line of credit product and was immediately declined and told I need a guarantor. This is ridiculous. I don’t know what automated underwriting system they use now, but it’s clearly different than what they used a year ago. A year ago, my credit utilization was over 80%, I had other loans, my credit score was 720, my income was 200k, and I was approved instantly for 40k. Now, at 15% utilization, no loans, 799 credit score, and 40k more income I am declined for and simple line of credit. Lastly... THEY NEVER ANSWER THE PHONE!

    7 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: Sept. 8, 2018

    I’ve had a loan through Lending Club for almost 2 years and have been unable to get a hold of this company since my approval. I’ve never received a statement and when I call them it disconnects me after being told to enter my SS#. I’ve tried emailing them several times and receive the generic “A representative will be contacting you in a couple of days to resolve your issue”, only to never hear back from anyone. I have no clue how much I owe to pay off my loan, when my last payment date is, or even how much interest I’ve been paying. They just auto deduct my payment monthly. So they have all my personal info, including my banking info, but yet I can’t even get a hold of a real person or even the automated line to check my account status. I should have only a year or so left of payments but they could continue to deduct after that and I’d have no recourse since I can’t even check my account. Never again would I do business with them!

    14 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 8, 2018

    I have had three loans previously. All have paid off early and deducted from my checking account. After numerous days of submitting paperwork, with a FICO SCORE OF 746 and credit scores of 804, and 756 I got so tired of the bad treatment and being spoken to like I was attempting to do something. I applied to Citizens and in 18 hours after applying was approved and money was received today. No fee and lower interest. So I want to thank you for forcing me into a situation where I saved 900 fee, got lower interest rate and was treated nice. I have and will tell everyone I know about this great deal. Your employees can use some training in how not to treat people when your job is to loan money.

    19 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 2, 2018

    Received a $5,000 loan thru this company. Never made one payment and paid off loan in full early. The day I paid loan off I specifically ask and double check to be sure no more interest would accrue on my account. I was assured that the payment I made that day would be my last and no interest would accrue during the time it took my payment to post. It WASN'T! They are now charging me $16.38 and I have emailed and made several calls trying to resolve this issue and my calls are not returned to get this very simple issue resolved! They have very poor customer service and interest rates on their loans are RIDICULOUS! My monthly interest alone of $103/month was the same as what was being subtracted from loan amount monthly! If I wouldn’t have paid loan off early it would have cost me nearly $10,000 to borrow $5,000!??

    14 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Aug. 31, 2018

    I also applied for $5000 personal loan, online. I received a text, then a call from Lending Club. "JIM or JOHN" said that I had been approved for up $5000... So I went for $5000 loan to completely PAY BILLS I had at the moment. Jim or John asked a lot of person security questions including Username & Password to my banking institute. I gave it. He said that because my score was low (not over 620) I would not qualify for a loan using lenders that only cater to 620 and UP FICO scores. He said Lending Club would make a deposit (with personal banking information I provided) into my bank account. Then he said that this was a way to prevent identity fraud on their end... Anyway he said after the deposit has been made I then need to go to Walmart then MoneyGram the funds back to them to ensure that this acct was actually mine.

    Well hr was calling me at 4 something in the morning asking me to check my account... I check my account this morning around 4:45 am and saw my account had been disabled. So I call the bank and they told me my account was under investigation because a check had been mobile deposited in my account and it was fraudulent. The deposit was a cashier's check with some strangers names on it. Now I have to wait for their investigation to be completed and be on 6 months monitoring and not allowed to make out of branch deposits. They ensured me that the deposit was FRAUDULENT!!! Run away fast. Do not trust this company!!!

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    19 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Aug. 10, 2018

    So I just got done reading all these negative reports and keep asking myself if they are talking about the same company who I dealt with. I applied last year and they did exactly what they promised me. Not one time did I have to pay anything upfront or get a Google card. They took about 3 1/2 weeks from start to finish and they gave me exactly what I requested. I now have been paying 1 year. They even sent me a Happy Loanniversary card and they thank me for my on time payments. I am sorry for others bad experiences but mine was awesome and did exactly what I needed. They condensed my bills to 1 monthly payment. I did pay an origination fee but they told me up front it was going to happen and it was in my paperwork to sign.

    23 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: July 25, 2018

    This organization has enticed me to apply multiple times. I am vulnerable and need to build my credit so I have to take a consideration for credit seriously. One would expect the research and reasons for a rejected application to be accurate at the very least with a professional lending syndicate. The information relayed to me cited a wrong credit score, a ratio that was unlikely, and claimed delinquencies when there have been none for a normative amount of time.

    Before I proceed, in the interest of accuracy... whatever my credit past, I was accepted for a Platinum Amex Card, and the three agencies peg me at 803, 711 and 690. Lending Club claimed my score was 690. Why is this group advertising as a reasonable loan alternative to people who are on the mend if they such sticklers? And why is their research off? Don't they have people who can read credit reports? Or call individuals who they may need more information on to process an application? Home Depot had the sense to call me and speak to me about an application. Under these conditions this is false advertising. They should be transparent and cater to, advertise to, the type of lender they want and research information accurately. They are ridiculous and a waste of time... Whatever their demographic is, it is not people with good credit on the upswing.

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    18 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 21, 2018

    I get mailed. Lending Club debt consolidation offers 1 or 2 times per week, and the two times I've tried to apply over the years, they've both declined. I don't care what the reasons are. If you're going to constantly mail me offers, DON'T DECLINE THEM.

    31 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 18, 2018

    I applied for $1000 personal loan, online. I received a text, then a call from Lending Club. "ERIC" said that I had been approved for up $5000... So I went for $5000 loan to completely settle the emergency situation I had at the moment. Eric asked a lot of person security questions including Username & Password to my banking institute. I gave it. He said that because my score was low (not over 620) I would not qualify for a loan using lenders that only cater to 620 and UP FICO scores. Eric said there was another route for people like me. He said that they had private investors that would lend monies to me. He said Lending Club would make a deposit (with personal banking information I provided) into my bank account. Eric said that this was a way to prevent identity fraud on their end... Anyway he said after the deposit has been made I then need to go to Walmart then MoneyGram the funds back to them to ensure that this acct was actually mine.

    Well... I check my account this morning around 4:45 am and saw a mobile app deposit for $991.00. The deposit was a personal check with some strangers from Florida's names on it. I immediately changed all security information on my acct and even added a few more steps to block access until banks opened. I walked into Wells Fargo at 9:00am to request an investigation of this deposit and they ensured me that the deposit was FRAUDULENT!!! The bank and I have taken ALL precautions to prevent anyone other than myself to have access to my account. THANK YOU WELLS FARGO.

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    39 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 17, 2018

    I invested $5,000 about 5 years ago. Two years ago I told them to close my account, liquidate my loan investments, and pay out my account balance. To date, although my statement says they are holding cash that is not invested, at zero interest rate, to their obvious benefit by using the money without cost. Now, I cannot get any response from them regardless of the medium used, whether by phone (indefinite hold) or by email to their service email. Frankly, as an investor I believe this company is scamming investors by failing to respond to contact or pay out any of the funds they hold in my account. DO NOT INVEST WITH LENDING CLUB.

    34 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 5, 2018

    Lendingclub.com, terrible loan company! I tried to get a $5,000 loan with them. I told them upfront I had poor credit! They said it is ok, I already am approved for the loan. I talk to a supervisor name Walker. He is a good talker and liar! He said to me, "Don't you worry. You have been approved already for this loan. I need you to get a Google card for $250.00 dollars for the loan. That is all you have to do I promise you!" Then about a half an hour later on when the Google card went through he now said to me, "You will have to pay a out of state fee to get your loan." I had to buy another Google card for $450.00 dollars! He said that, "Don't you worry now you will get the loan." He lied to me twice now, I told him I never did this with no other loan company! I said, "What are you doing? Why are you taking my money?" I was naive to buy Google cards and put money on them! I was thinking about the loan.

    Then two days later on he called me back and said I had to do one more thing in order to get the loan. He said my credit was poor. I already told him that up front! He said that he would send it to their attorneys to clean up my credit. In order for him to do that he wanted another fee for the attorney! That was $580.00 dollars. I said, "No. I do not want the loan no more!" Walker said, "I promise you that is all you have to do!" He lied to me. I said, "I want my money back." He said he can not give it back to me unless I pay $580.00 dollars. I said no. I told him that money was for my mortgage! He said I would get it all back. I said no again, I want my money back to forget about the loan! He said, "Ok then I can not give you your money back!"

    I was upset and I was disturbed and crying all day and night. I want something done with their company and him! I want my $700.00 dollars back. I have to suffer because of him! I needed that money, I only get so much a month from the V.A. and Social Security! Please email me back if you can not help me! Where should I go to get my money back! Please help me! I am a mentally ill veteran! I am Manic Depressive bipolar, I am being treated at the V.A. Walker does not care! They have been doing it to other people too! Thank you, this company needs to change the people that work for them. Shut it down! They take people money. They are scammers!??

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    42 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 3, 2018

    Opened credit with without consent and ignored credit freeze. I thought I was just researching options. Never received all my medical services but there was nothing I could do because this unethical lender had already paid over $7k to provider. I would not recommend.

    26 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 12, 2018

    I had a personal Lending Club Loan and I got a new loan at a lower rate from Freedom Plus. I spoke to a Lending Club Rep and told her about the new loan I was getting and that it also would take a little time for it to go through and pay them off, She said, "That's no problem" and got the payoff info from her and the Automated system info for the New Freedom loan. Then come to find out they said I owed like $74.oo added a late fee so it came to $110 They said I owed. So they ruined my credit from 760+ down to 695. This could have been taken care of without reporting it which should never should have never taken place. They ruin my Credit and say they understand my situation and can make no exceptions in their Policy. Yes they can make exceptions so this experience has totally devastated me to know end all over $74.00. I do not recommend them as in my eyes they say one thing but do another.

    39 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 6, 2018

    Today a friend asked to use my checking account to put a loan disbursement in. And I said, "Sure, no problem". Then she said that the loan was through Lending Club and they needed $450.00 for administration fees. And to put the $450 on a Google Play Card. Text the card no. and the loan would be directly deposited to my checking account. Well she didn’t have $450.00 so I debited my account for the $$$ and surprise, surprise, NO MONEY WAS DIRECTLY DEPOSITED. And then Lending Club tried to get another $600, for transfer fees that the bank was charging. Which I knew was a flat out lie.

    So now I’m out $450, which was my mortgage payment. And my poor friend who was needing the loan for cancer treatments not covered by insurance. Feels horrible that she trusted Lending Club after they promised this was normal business practice. And reading some reviews that were favorable. We feel like we were **. Lending Club is nothing but a BIG FAT SCAM. PLEASE BE AWARE OF THIS NASTY COMPANY DO NOT DO BUSINESS WITH THEM.

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    40 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 30, 2018

    This is the most unhelpful company I have ever dealt with. I was initially offered a great deal on my rate and jumped at the offer. The beginning process was simple enough and soon I found myself not progressing. I would make phone call after phone call and all they claimed is that I needed a number to my employer. So I gave them two which I confirmed to work beforehand. They claimed they tried and tried yet couldn’t reach anyone. I work at one of the largest employers in the nation. I even gave them a direct line to my boss with extension. Nothing they say on it til it expired and then asked me to renew. I attempted to submit it and it went approved. My credit score has gone up significantly due to me paying off all my debts! Stay away from them at all cost! They never made an effort to help me. Can only imagine what working with them would be like!

    21 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: May 23, 2018

    Absolutely awful customer service. They denied my mother a loan. She has excellent credit, in the high 800s. Annual income is great. No delinquent accounts and no derogatory marks. She has a wonderful credit report. And was denied. They emailed her reason for denial... delinquent accounts and derogatory marks. She went through the same credit reporting company LendingClub uses, and once again... excellent! No delinquent no derogatory. So she emailed them back, they sent a copy and paste of the first email.

    Last week I went to BBB to file a formal complaint on my mother’s behalf. First response back to me, they changed their story. Now it’s because her income and taxes do not match up... yeah right. Oh, they also claimed to call her and leave a message... no such thing happened. I sent them another message. Their second message back to me was (surprise surprise) a copy and paste of their first email. I replied a third time. Their third reply was issue had been resolved. Which, once again, is a lie. Either they have extremely lazy and unqualified people who work there or it’s ran all by computer programs. My mom applied for a loan at Quickie Loans, never an issue. Credit score and report, perfect. Income and taxes, match. And, bonus, she talked with a real person! Skip LendingClub, go to Quickie Loans. Customer Service is great and they truly care about you and want to do business.

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    27 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 17, 2018

    After receiving numerous advertisements from the Lending Club indicating that I was prequalified for a loan, I decided to submit an online application for $6,000. I submit all of the required documents as requested, some as many as 3 times. I have an excellent credit history with a FICO score of over 720. I have been with the same employer for over 20 years. I called twice in an attempt to find out my loan status. The first time I waited for 20 minutes without response until I finally hung up. I called a second time and waited another 20 minutes only to be told that I needed to provide them with a telephone number of my employer.

    I had already given them two different numbers to call. I work for an employer with over 10,000 employees. All of the credit agencies indicated who my employer is. My salary is excellent. After 15 days I received an email indicating that my loan was denied because they couldn't verify my employment. WHAT A WASTE OF TIME. I received a loan from another company which gave me same day approval.

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    26 people found this review helpful
    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: April 15, 2018

    Awful experience. Very pushy to get steam cards and iTunes cards. He says, "Don’t tell anyone it’s for a loan." Bothered me all day while at work. Calling, calling, and calling. He tells me my loan was approved for 10,300 and nothing caked from ** and also **. So needless to say I fell for it and drained my account and know had to close my bank account and still never got the (loan I was approved for with confirmation number and all). It’s ok karma is a **. He will get his and all the people that write the reviews they all work for this Sam **.

    48 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: April 15, 2018

    After fully paying off my loan, they told credit agencies that I closed account. A statement saying “closed account” is not good on your credit report. I demanded that they correct that statement. I strongly dislike this Club. Each month I received an email about lowering my payments from $472 to $235. When I tried it once each time it lead to a bait and switch. For a new loan no reduction in payment but instead payment would increase (on a lower amount) by close to $150 to $170.

    27 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 12, 2018

    I took a loan out in the amount of $6500 on November 17, 2017, of which I received a little over $6200, because of fees. From November 17, 2017 - April 9, 2018, less than 5 months I paid over $860 interest, this is with paying an extra $100 every month, last month paying an extra $500, and paying $5345 this month. This company does not reduce your monthly payment if you pay more at any time, you will still have to pay the monthly amount, even if you paid $5000 within the month. This company does not post payments the same business day, even if you make the payment at 8 AM, your payment will post the next business day, so if you pay off your loan on a Friday, the payment will reflect that you paid on the following Monday. Terrible, shady, the worst ever. Going back to One Main.

    50 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: April 3, 2018

    I received an ad in the mail about pre-approval for a loan and was looking to borrow a small loan basically due to timing of when I would need the loan rather than actual need of the money long-term. (Making a pre-owned vehicle purchase and had half the money saved and was going to borrow the other half to move up the purchase date of the vehicle.) Anyway, I did some recon online of the company, etc. and determined it was legit. I used the mail ad code and applied for a small loan and received confirmation I was approved for the loan but the rate was unbelievable - ~23.3%?!?

    My credit is not the best but it's not terrible either. Well, I saw there was no penalty for early pay-off so I figured I would just proceed with the loan and pay it off early - right up until I got to the part where I am granting them limited POWER-OF-ATTORNEY over my BANK ACCOUNT. Um, no. Exited out of the application and will not go forward with it. I will just find a way to make the timing work on the next car purchase and pay cash like I have been! Read the fine print, people, before you borrow and make sure it's worth it.

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    59 people found this review helpful
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    Lending Club expert review by Barbara Friedberg

    Lending club is the biggest peer lending marketplace. The company was launched in 2007, and it was originally one of Facebook's applications. Lending Club makes loans up to $35,000.

    • Financial and social rewards: Similar to Prosper, money borrowed through Lending Club originates from peer lenders who commit their own cash to the system. These consumer lenders help borrowers and receive higher than bank interest rates.

    • Easy application: Potential customers complete a quick online application. Lending Club rapidly calculates the consumers risk and assigns a credit rating and an interest rate to the potential loan. Loan applicants can examine their options without impacting their credit score.

    • No hidden fees or prepayment penalties: Transparent fees and the ability to prepay the loan without penalty are two of the advantages of a Lending Club loan.

    • Mobile-friendly: Lending Club has a sleek and easy-to-use mobile platform, which is convenient for borrowers and lenders on the go.

    • Award-winning: Lending Club has won many awards for its services, including recognition as one of Forbes' America's Most Promising Companies and a CNBC Disruptor 50.

    • Easy payment options: The company deducts borrowers’ single monthly payments from their bank account, so the repayment process is simple and easy.

    • Best for: People looking to refinance debt, those starting a business, experiencing financial hardship and consumers experiencing a big life event.

    Profile picture of Barbara Friedberg
    Barbara Friedberg Personal Finance Contributing Editor

    Barbara Friedberg, MBA, MS is a former investment portfolio manager with decades of financial experience. Friedberg taught Finance and Investments at several universities. Her work has been featured in U.S. News & World Report, Investopedia, Yahoo!Finance and many more publications.

    Lending Club 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
    Phone:
    (888) 596-3157
    Website:
    www.lendingclub.com
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