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LendingClub

LendingClub
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Overall Satisfaction Rating 3.68/5
  • 5 stars
    52
  • 4 stars
    59
  • 3 stars
    29
  • 2 stars
    12
  • 1 stars
    29
Based on 181 ratings submitted in the last year

This company is not yet accredited. 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.

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.

PROS

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

CONS

  • High APRs
  • Short loan length

Top LendingClub Reviews We Found

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Rated with 5 stars
profile pic of the author
Verified Reviewer

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 payment out of my bank so I don't have to do a thing.

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Rated with 5 stars
Verified Reviewer

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 after. Doing business with Lending Club has been a pleasure!

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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?
  • 2,735,967 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 - 10
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.

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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.

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    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!!

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    Rated with 5 stars
    Verified Reviewer
    Original review: Jan. 29, 2020

    Very easy to apply and get approved. The only negative thing is that I already had a loan with them for a year and a half and never missed a payment. My credit information shows I haven't been late on any payments for over 5 years yet they charge a very high rate of interest like 30% on their loan. I could understand this with someone with bad credit but there should be a break for people with good credit. Plus on a $17000 loan I only got $15980 deposited into my account. So if you want a easy loan here it is but be ready to pay high interest rates.

    11 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Jan. 29, 2020

    In this age of technology, we enjoy the ability to access our revolving credit balances, account #’s, along with the ability to do it all on our mobile phones. So when I applied for a personal loan, I was able to know what amount was needed to pay down all. Amazingly, so did LendingClub! So it was easy! The majority of the funds pay down creditors and the residual amount of funds leftover went directly into my account. I have enough to pay down in full 2 more creditors that we’re missed - yay! Savings equal the monthly amount needed to pay LendingClub monthly because my interest rate is very low! In essence, I’m saving over $300 per month. I’m well pleased!

    2 people found this review helpful
    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.

    2 people found this review helpful
    Rated with 4 stars
    profile pic of the author
    Verified Reviewer
    Original review: Dec. 5, 2020

    Unfortunately most of your loan companies are not the best option as bank would be but the ones who PROVIDE DETAILED INFORMATION AND SEEM BE REALISTIC WITH QUALIFICATIONS. SO I'D SAY WORTH CONSIDERING however Interest rates can be high.

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    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 30, 2020

    I opened a loan with them just before the Covid pandemic began. I was employed and had the salary to be able to pay the loan. The loan term was 3 years with a high interest rate. I lost my job and told them I would be glad to renegotiate the loan and extend the terms to 4 years with a lower rate and they said no. So they won't get paid anything. I was willing to extend the loan and more likely, make them more money than they would have made on the original loan by extending the terms of the loan a year for a smaller payment. They would not even entertain the notion. So, starting at the end of December, they won't get paid anything more from me and they'll write off the whole loan rather than re-negotiating something which probably be more favorable to them. If they're refusing to even entertain the option to assist during this time, then I refuse to continue to pay during this time. I'll take the charge-off. It didn't have to be this way.

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 23, 2020

    My late husband took out a loan with them shortly before his sudden death. I was not a party to the loan, but when I contacted them they said my name was on the loan. Myself and my attorney have been trying to get them to send me proof that I was on the loan. They have not provided proof yet and it has been 18 months. They have ruined my credit so I cannot refinance my house or do anything. I am very upset???? with them. This is no way for a business to do business. If they had proof that I was a party to the loan I would think that I would have gotten a response from them. But nothing, instead I think they sold the loan to another company under my name. They stopped (the new company) bothering me after I told them what happened. I have called and called with no luck, no proof. How hard could it be to find?

    4 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: Nov. 21, 2020

    Wow, talk about very high rates. I have a score of 760 and the rates given to me were completely way too high. This is not a place where you can go with good credit and get great rates and fast funding. Also, they nail ya with TONS of emails from EVERYONE. So if you have to go down the rabbit hole, create a separate email only for this stuff. Me, I will never ever do it again.

    2 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
    Phone:
    (888) 596-3157
    Website:
    www.lendingclub.com