Lending Club

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Consumer Reviews and Complaints

They were quick with all of my questions. I really appreciated their expertise with all of my questions. They are a model business for which others to follow. They did a great job explaining all of the questions that I had. I expected less and ended up with more. I had a lot of questions however on some of the paperwork. It did get confusing to be honest. I'm glad that I had help in order to get it down right the first time. I would say that I had a good experience overall. I think that the rates and terms were to standard and explained to me the right way the first time. I think that the online tools was very helpful. I think that the website was very helpful to get me ready. This is something that the company must keep as I think it is a great tool for consumers.

If they ask you to purchase an iTunes card do not do it. They are scamming you and you cannot get your money back. They will tell you are approved but they want you to download money on iTunes cards which they scan and take, then when they tell you funds are available at Western Union by the time you get there to pick it up from lender they already collected it electronically in your name with your ID number so be aware of this. When ask for refund of course they want you to pay a fee to get your money back that you never get.

Good service for the most part. Service was fair and agents were a professional, although they could have been more detailed when explaining the costs. Application process if I had to explain it, was fairly straightforward. The application process was very comparable to other similar organizations and I didn't have to try very hard. The terms were a bit high for the quality of service we received. In the end, the terms and costs were probably too high and we would do more research before paying that much again. The online tools available were fairly standard and those you would come to expect from this type of company. I wish there were more customization features however.

Received a Pre-Approved Loan letter from Lending Club and, despite my reservations and encouragement to use the Pre-Approval from Prosper, I went ahead with Lending Club based on their tenure. Surprise! I was denied based on, according to them, my credit records. My thinking, and experience with all other lenders, was that a Pre-Approval was based on factors deemed favorable. So now, not only is my credit score dinged, I never got the fund. Same score that I used to obtain a mortgage approval. My grouse is that I wouldn't have bothered except that it was a Pre-Approval. The letter was clear in the statement saying "You have already been pre-approved for a loan up to $40,000." Don't let them get you with the same ruse.

Very good customer support. Friendly person who helped with anything I needed. I could not ask for anything more. Very good help that I was given. I would recommend them. The application was very simple and straightforward. Just put your information into the application process and it goes straight through. Very easy. Very good rates and terms. Very easy to understand. Good product for the price. You pay not overcharging on the rates and terms. The online tools are very easy to use and informative if you need information. It's very easy to find the information. The online tools make everything easy.

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Quick to answer when contacted, helpful and thorough, knowledgeable. When I contacted them I was presented with options I did not even think of. I was able to gather all documents before I began the application process. It was very clear, fairly simple, relatively quick, and I had an answer right away. As always I would like to have lower rates, wouldn't we all, but my credit had a large impact in that. Overall I would say my rate is fair. The online tools are easy to use and understand especially the calculator. I have used the online resource several times and never had an issue.

They were so helpful and made sure that I knew what I was doing and that I understood everything that I was doing. They made sure I knew what the interest was and when my payments were due. The application process was very simple and the staff was very helpful. They made sure that I knew what to put and where to put it at. They made sure that I knew what to do and how to do it and where my business was. They had very fair rates and the terms were very easy to understand. I also understood when my payments were due and how to process the payments. They gave me lots of information to use when I was approved for my application and they also made sure that I knew what to do to get tools online and how to use them.

For those considering a loan from Lending Club, let this review serve as a testament to move forward. Although skeptical at first, I did some research and read review after review until my decision was made. If you take the emotion out of the review, either good or bad, it is easier to make an informed decision and decide if this is a viable alternative to credit unions, banks or other entities. The process was extremely easy and when I applied, I was told upfront that their platform for investors had a lot of applications and the process would take about 14 days. Here is the good part - The process took 14 days if you count just the business days.

The process - I applied online, then received my offer. I thought about it for a couple of days, called Lending Club and visited with what appeared to be an extremely knowledgeable representative that answered any and all of my questions concerning loan amount, interest rate, approval process and any other aspect of my application. I only had to verify my email address after the review of my application and the rest is history. I received my funds in my bank account without any additional requirements. I did not have to provide any additional income verification or banking information. This all happened in 14 days!!

There are many negative reviews on many sites, however my experience does not fit that genre, so I opted to write this review to relay my experience in this process from Lending Club. I would recommend giving them an opportunity to help you in whatever way is possible. If I had not been approved, the process was still very easy and I would have to be honest and understand the reasoning behind the denial, had I not received an approval. Thank you Lending Club for the opportunity to have a relationship with your company as a borrower and I may soon become an investor!!

The customer support team asked many questions and listened to my concerns. I felt valued, appreciated and happy. I was spoken to in a polite tone and told all my concerns would be handled promptly. The application process took less than 5 minutes to complete. It was intuitive, interactive and helpful. I had no issues while performing this. I received the best rates and returns I could with no hassles or loose ends. The rates were not variable and it was locked in on the life of my loan. The online tools were simplified, easy to use and informative. I could use it for verification and to project my loan plan. It was simple and I had no tech issues.

Good support. Everything was answered to my liking and were very polite and courteous.

Lending Club is good for the new initiated. It needs more simplicity and form, function as said. They need to get out there and make a move to make it accommodating. A better environment for up to the date interests and appliances. I find everything a lot smoother when it's here and now. I can take the hint that this is a better lending app center than the rest. It feels very personified and dignified.

It was good and I would recommend it to all of my friends, family, best friends. I was very happy with the experience. Is a simple and easy. Anybody can do it. I can recommend everybody to try. Everyone should apply. Satisfied. Trust me when I tell you. Everything is great. Thank you very much for your time.

This was the second place I applied for a small business loan. The application process was very easy to follow. I have friends that had recommended Lending Club as they had used them and gave them a great recommendation. I do have a great credit score, I believe this helped. I provided the information requested and was approved quickly. Their terms were clear and easy to understand. And their loan rates are lower than almost of the corporate banking/ lenders. I would recommend Lending Club without hesitation.

The auto payment process was good until I decided to make extra payments. Even though the agreement allows a client early repayment, in fact, they do NOT process larger payments within 2-4 biz days as they claim. It took my $1,000.00 payment over 15 days to get processed! My next regular payment of $338.71 took over 5 days to process. They also mess up your account information including remaining balance. The final last payment should be $468.04 incl interest, but for some reason they want me to pay over $550. My remaining balance doesn't changed at that. They change the numbers as they wish without changing the remaining balance!

According to them regardless of how much your recent payment is the remaining balance won't change meaning you will NEVER pay off your loan according to them. The responsiveness is poor too. They claim a client can address his/her issues either by email or phone - forget it! Neither works. I do not recommend this business to anybody. Stay away from trouble, folks.

Expert Review

Barbara FriedbergPersonal 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.    More about Barbara→

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.

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Lending Club Company Profile

Company Name:
Lending Club
Year Founded:
71 Stevenson Street, Suite 300
San Francisco
Postal Code:
United States