Lending Club
Overall Satisfaction Rating
  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars
Based on 193 ratings submitted in the last year

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      Lending Club Reviews

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      Page 1 Reviews 1 - 10
      Rated with 5 stars
      Verified Reviewer
      Original review: July 25, 2019

      I was skeptical at first because I came across LendingTree by a sponsored IG Story. After filling out some of the prompts they asked you, everything was easy going from there. I did not experience all the negative things people were posting. I submitted my application to Lending Club Tuesday evening, got a message that I had to confirm my email address, approved within 5-10 mins (because I kept refreshing status), received an email about my approval Wednesday (even though I already knew since Tuesday), received another email that my funds were released to my bank, and by Thursday 6:30 am, my direct deposit was in my account.

      I believe it went through as quick as it did because I selected the option to connect my banking account to Lending Club. From what I heard, they're able to verify a lot of things that way such as your employment, salary, identity, etc. That's why I did not have to submit verification documents as other reviewers had expressed. The whole process was less than 48 hours from start to finish.

      I had chose the lump sum option. Therefore, out of the $12,000 that I had borrowed, $600 was taken out for fees and only $11,400 was deposited. I have a 12% APR. Everything was clear cut upfront. For others that complained about this, they must had not read everything. APR and fees would had been lower by half if I had chose the other option in which they pay your CC half directly and give you the remainder monies. I didn't want to do that and was planning to pay off my 3 yrs loan in 1 year instead. If all goes well, I might apply for a 2nd loan for something else just for the convenience and relax state of mind to not worry about living paycheck to paycheck. The only regret was that I didn't borrow more because I forgot to take into consideration that I will be on maternity leave soon and will not be paid that 3rd month off.

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

      I was a personal banker before my current position and my boyfriend is a banker now. We know there are a lot of scams out there and had a meeting with my bank all scheduled, but I recently found out that, when applying for loans, you can apply to as many places you want within a 45 day period and it will only count as one hit on your credit score (you'll want to wait at least 3 months before applying for something new after you've accepted a loan).

      The APR I received with Lending Club was less than what my bank (a credit union) currently offers and less than all the other places I got quotes from (4 others and I reviewed 15+ quotes through Credit Karma). I was very pleasantly surprised. The application process was very quick and easy to understand. When I had a question, the online chat agent was available within a few minutes. When I was approved for the loan, they automatically sent out the payments to my current credit cards and the extra to my bank account. They also offered to let me change the due date of my loan each month, which is helpful for budgeting. So far, I have no issues or concerns.

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      12 people found this review helpful
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      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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      16 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!

      22 people found this review helpful
      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!!!

      23 people found this review helpful
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      Rated with 1 star
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      Verified Reviewer
      Original review: Oct. 18, 2019

      I do not recommend Lending Club to anyone. They will charge you up to 36% and the interest is all front-loaded. Even if you pay it off early, you will pay all the money back plus a huge sum of Interest. They make you think there is no prepayment penalty but that is not true. You will pay back the full amount and then some even if you pay it off the next month. Absolute rip-off avoid it like the plague. Ask me how I know.

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      Rated with 1 star
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      Verified Reviewer
      Original review: Oct. 7, 2019

      Paid off my loan 21 months early, had a zero balance and Lending Club is still withdrawing 500.00 out of my bank account. Called to ask why, lady said I should have called last Friday. I told her I called last Tuesday and I would like a supervisor. Supervisor stated she needed to listen to the recorded phone call and admitted she saw where I called last Tuesday. I am now waiting on bank to open to stop payment. This loan company should have closed the loan and stopped any overpayments and they did not.

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      Rated with 1 star
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      Verified Reviewer
      Original review: Sept. 25, 2019

      Worst process took 2 months to get denial. Raquel was good as a customer service representative. However... Lending Club has an inefficient and strenuous process to just input information for submission. (taxes, paystubs,w2's etc) Additionally as someone who understands the loan process as a former loan underwriter, the company is highly incompetent. I will in the further discourage friends, family and business associates and contacts to never do business with Lending Club. Dissatisfied patron.

      Russell **

      Los Angeles, CA

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      3 people found this review helpful
      Rated with 5 stars
      Verified Reviewer
      Original review: Sept. 24, 2019

      Lending Club was so easy in helping me, the questions were easy to read, there was not a lot of unnecessary information and very helpful. The company did not take long at all to find what I needed. It was so much easier than going to a company in person.

      2 people found this review helpful
      Rated with 2 stars
      Verified Reviewer
      Original review: Sept. 21, 2019

      They apply for loans for you without checking with you first. I did not get the loan I was wanting and they keep applying for loans I'm not interested in. You have to cancel loans you don't want and it's hard to find the way to make them stop applying. Three hard hits on my credit in a week was enough to make me mad. They could ruin a person's credit this way.

      3 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:
      71 Stevenson Street, Suite 300
      San Francisco
      Postal Code:
      United States
      (888) 596-3157
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