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Lending Club
Overall Satisfaction Rating
3.28/5
  • 5 stars
    49
  • 4 stars
    27
  • 3 stars
    21
  • 2 stars
    7
  • 1 stars
    53
Based on 157 ratings submitted in the last year
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    Lending Club

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    148 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: April 10, 2019

    The most difficult thing was choosing a lender as there are many options and considerations to look at. Once that was done, Lending Club made the rest of the process easy and pretty straightforward. All was done online except for one phone call to confirm that my phone number was correct. They were able to collect most data needed from other sources, limiting my effort to little more than name and social, and eventually, choosing what other debts to pay off. I would probably give the website 8 of 10 stars as I did not find the steps to be completely obvious or intuitive, that is, there was a listing of "next steps" but not for me a clear way to complete them. Phone call confirmation was especially pleasant, an English speaking rep who was efficient and courteous, willing to answer questions, and clear about next steps to process and what else I needed to do.

    Overall, so much more pleasant than dealing with a bank or even credit union, who always seem to have another form to fill out, and one more "little requirement" that needs copies of some form or something I did not even know existed. Final approval was delayed by two days, only because I did the application on a Friday late afternoon, go figure. I have not seen the repayment process yet, but if that goes so smoothly as the application procedure, I hope I don't start applying for more loans I don't need just because it is so easy and pleasant. I compare this to something like a real estate loan, where once done, you swear you will never move because you don't want to have to do that again, or a car loan, where it seems like nothing is ever final, a little tweak to a rate, a "fix" for price, an "adjustment" to term, somehow it is never really final.

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    4 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: April 2, 2019

    The process was straightforward. To be honest, I never thought anyone would ever give me another line of credit or loan for that matter. My bankruptcy discharged in August 2017 (it's now April 2019), and although I have worked hard to make sure I did things right this time and I now have a credit score range of 650-678 (depending on the agency), I was continually turned down. Heck, I was even turned down from the all mighty Navy Federal! Everyone is always going on about how they help EVERYONE, well they didn't help me. But you know who did? Lending Club. They gave me the terms upfront, pre-approved me, and I had a decision in about 2 days. I had the money in my account the following day. I'm happy with how all of this turned out. I now have to my 15K loan-less the fee of $800 (and again they were upfront about) which I'm delighted to do. My fiance and I can now plan an awesome wedding!

    3 people found this review helpful
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    Rated with 5 stars
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    Verified Reviewer
    Original review: Nov. 29, 2018

    I applied for a $20k loan a little over a month ago. Due to a bankruptcy that was discharged in 2012, the credit card debt I had was at very high interest rates, so I wanted to consolidate. The loan process was so simple it was ASTOUNDING, and the money was in my account in three business days. I used all 20k to pay off as many cards as I could. Not all of the paid in full accounts have reported yet, but my "unofficial" score on Credit Sesame has increased by 69 points. In just over a month. I have calculated everything out, and I am going to save over $12,000.00 in interest! There are no prepayment penalties with Lending Club Loans, so I am adding an additional $300.00 to pay my loan off in 22 months instead of 36. I COULD NOT BE HAPPIER!!!

    17 people found 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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    21 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.

    40 people found this review helpful
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    Rated with 5 stars
    Verified Reviewer
    Original review: May 26, 2019

    I applied and they called me personally and helped me with the application. Very easy to work with. Received the approval in 2 days. They took care of paying my credit cards and deposited what was left into my bank account. A good experience.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: May 21, 2019

    Process was quick and efficient. Monies were available quickly. Everything was done online except for one phone call, a pleasant verification discussion. Highly recommended. Will use products again.

    Be the first one to find this review helpful
    Rated with 5 stars
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    Verified Reviewer
    Original review: May 15, 2019

    Quick and Easy. I was turned down at my home Bank but I was approved at Lending Club. Thank You! Now I can pay off my debt and make monthly payments that will be automatic and just one payment monthly. I recommend them to everyone.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 12, 2019

    Mailed payment into Lending Club. They cashed the check and posted it days later. I mailed my May payment. Lending Club cashed on April 26 and 16 days later they still have not posted the payment. I complained to them initially and reps were rude and nothing has changed.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 10, 2019

    Lending Club’s first discrepancy was that when I paid my loan on time or ahead of time they took longer to process my payment. Then the made me feel guilty for not paying my bill on time. My bank statement showed they deposited the funds to their accounts earlier than the due date. In 5 months of payments I was over 22 days late that get stuck on the I back end of the loan at $2.10/day interest accruing daily. This is not in the loan contract they explain to you on the phone. They feel that you are in good standing with them as the conduct this type of usery. I would CAUTION anyone considering a loan you will never pay off.

    6 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: May 9, 2019

    Applied for loan to consolidate credit card debt a week ago, completed all paperwork on Tuesday, got confirmation of approval today. This process was so easy. I could not believe it was real, then I received an email notifying me that the pay-offs were in process. I will definitely be referring this company to friends and family.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 8, 2019

    I received a loan from Lending Club for $9,000.00 and all was paid in full on auto payments. When they reported to Transunion, the report read 0/0/0 on late payments but at the end of report it said serious delinquency of 119 days. There was no delinquency so I called for assistance and was told the payments manager would call back. It never happened and after calling them back for over three weeks no one has yet to call me. I feel their customer service is terrible. This should be a simple fix and at the time of this review, nobody has responded back to me. I would recommend checking with other lenders.

    4 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: May 7, 2019

    My experience with Lending Club is very poor. It took over 20 days to finally receive a denial letter. I had to keep calling to get updates. They called three times to verify my wife's income, but each time I called them they said everything was verified, but that was after they had the wrong Loan Number, and I had to give them the correct Loan Number each time. They then said I applied for a $15k loan, which I did not, I applied for a $12k loan. The whole point was a credit card consolidation, yet someone how my debt to income was too high, yet I pay my bills 100% of the time on time, without missing a payment. The idea was to pay off all the CC debt and close the cards and just pay on the loan. Clearly they do not have it together over there.

    8 people found this review helpful
    Rated with 5 stars
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    Verified Reviewer
    Original review: May 4, 2019

    I am self employed so getting these kinds of loans is usually difficult since I don't have normal documentation. This was so much easier than I thought it would be. Applied on Monday, money in the bank on Thursday. Easy payment terms. Going to make life so much better!

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 4, 2019

    Very Long process comparing to other banks. It took me 2 weeks to know the decision. I had to look for another bank and they were able to determine the amount that I qualify for and fund within 2 days.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 3, 2019

    I invested around $3000 in C/D loans with a 60 month period. They were terrible investments. So far 1 year in, I've seen 2-3 loans default and fail collections and another 10 or so paid off quickly so total return around negative 25%. These loans are listed as 12-20% return. I recommend that others be careful funding these loans.

    4 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: April 25, 2019

    Very Professional and courteous to the causes of the need of the money that you are borrowing from their borrowers it is a Web bank and secure. I would recommend this facility to others who need a quick loan for paying off credit cards, buying a car, paying off your home or any other important needs. It’s quick simple and easy. I was very surprised that I was approved immediately for the loan that I asked for without paperwork and I needed it to pay off credit card debt so you won’t be dissatisfied.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: April 21, 2019

    I am so entirely pleased with Lending Club! I have never taken out a consumer loan. I thought it could be cumbersome and not be an easy process. Well I was completely impressed with Lending Club that not only worked fast, they made it a pleasant experience!

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 19, 2019

    I've been receiving pre-qualification letters from Lending Club about once a week by mail for almost a year now. I did a little research and I read many of the reviews and decided to give it a try. I went to the link, put in my offer code and filled out the application. I applied for $8,000 to pay off a couple high interest credit cards. My income is W-2 at $72,000 per year and my credit score is about 680. I haven't made a single late payment on either of my car loans or credit cards in about 4 years. After filling out my application I got this message: "Unfortunately your application was not a match with the stringent credit criteria that we use to determine eligibility".

    So I don't know what all these other reviews are saying that they approved them when others wouldn't and that it was so easy to get approved. If they're looking for better borrowers than me, they're looking for excellent credit. I can drive away with a new $35,000 car with no money down, but these guys denied my small loan request? So if your credit or income is even a little sketchy, I wouldn't even bother applying. I gave them 1 star because of the weekly harassment I've been receiving from them with their "You have already been pre-qualified", "Offer Expires on XX/XX/XX", "Suggested Loan amount up to $20,000", "We have the loan you want!". Then I finally give in and apply and get denied.

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    20 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: April 18, 2019

    Lending Club company is by far the most quickest personal loan I've applied for. After a few years of bankruptcy discharge, we were able to get instant loan. I recommend this company for loans and investment...

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: April 16, 2019

    Quick process, took total of 3 days from starting to money in my account. Amazing and will use again that's fo shizzo!! If you need to consolidate your debts this is a quick and easy way to simplify the process at a lower interest rate.

    3 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: April 12, 2019

    Applied for a personal loan and got approved after all supporting documents were sent in for consideration. Overall a good experience. My needs were given a good look before at all areas of finances and creditworthiness. We are glad they gave us a loan, even though it is a higher interest rate than we desired.

    2 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: April 11, 2019

    I never had too many questions while waiting to be approved for a loan but the few that I did have were answered straight away. I called once and used the chat option once and both times I was treated like I was a close personal friend.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: April 3, 2019

    After keeping up with all my payments on time I was able to get a lower rate and combine some of my credit cards and higher interest loan for a lower payment. Thanks Lending Club for believing in me and trusting me. John

    2 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: March 28, 2019

    The process was quick and easy. I had a loan with the company already but was able to get a second debt consolidation loan. Literally was signing my documents in less than 5 minutes and was in review. Three days later my money was funded and deposited into my bank account. I would recommend to all my friends and family!

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: March 20, 2019

    The loan process with the Lending Club was easy, and they kept me aware of the loan's progress through every step. They afforded me to get a grip on my finances by eliminating the high interest cards and loans I had. I wouldn't use any other company.

    2 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: March 19, 2019

    Excellent customer service and efficient application process. I found myself in need of a personal loan to consolidate credit card debt. Was given enough to make a huge difference in my monthly expenses and improve my credit score. Would highly recommend this service and would use it again myself if needed. Thank you Lending Club!

    Be the first one to find this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: March 14, 2019

    Got all of my info, sent in documents and even my bank account if and they decided they could not do loan. Don't trust them with my info. Turning them into the BBB and also consumer lending division. Beware of their tactics and misleading info.

    17 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: March 14, 2019

    I did all my information online and then sent in the application ahead. Within a couple of hours I had my answer and received what I asked for. I was skeptical but Lending Club came through and helped me out a lot. Thanks for their hard work.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 13, 2019

    Lending Club sends promotional materials and invitations by mail very frequently. They send "pre-approved" amounts along with codes so they are personalized offers based on the prospect's profile. However, when you log in to the website and you enter the amounts shown in the offer, invariably these are significantly higher. I have tested this three times already. Today, my wife received an offer and she immediately wanted to confirm the promotional rate she had received of a loan with offers for $5,000, $10,000 and $20,000 with options for 36 months at 6.95% APR with payments of $151.18, $302.37 and $604.73 respectively all for 36 months at an APR of 6.95%. She decided to check on the $10,000 loan to start.

    First, the maximum she could now borrow was $16,000. No longer an offer for $20,000 as in the mailer. The offer for $10,000 was now $341.30 for 36 months at $13.90% rate with an APR of 18.31%. The "pre-approved" mailer showed proposed payments of $302.37 for 36 months at 6.95%. THIS IS A HUGE DIFFERENCE!!! I am sure some fine print exonerates them in some way but this is a way to entice people with offers they will not honor. These are supposed to be personalized loans with an expiration date so they should be able to honor what they are promoting. This is the typical bait and switch.

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    25 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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