Lending Club
Overall Satisfaction Rating
  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 star
Based on 38 ratings submitted in the last yearSHOW RATING DISTRIBUTION
Need a personal loan company?

    Lending Club

    ConsumerAffairs Unaccredited Brand

    This company is not yet accredited. To learn more, see reviews below or submit your own. Want to know more about ConsumerAffairs accredited brands? Check out ConsumerAffairs for Brands.

    Select stars to rate your experience
    Very dissatisfied with the experience
    Dissatisfied with the experience
    Satisfied with the experience
    Happy with the experience
    Would recommend to a friend
    Last updated: Jan. 22, 2018

    54 Lending Club Consumer Reviews and Complaints

    Filter by:Any
    Verified Reviewer
    Original review: Jan. 22, 2018

    I tried get loan with this company. Was started on weekend. Did paper say I got the loan. First he want to deposit to my account then I would have to give back deposit. Started then was stopped. I waited. Called today too. He had find my account. Since bad credit he want me open another bank account. I'm not wasting time with this company.

    Verified Reviewer
    Original review: Jan. 6, 2018

    You have so many problems with Lending Club! You cannot make two payments a month, split the payment equally. It takes an act of Congress to change your bank account. If you cannot change your loan payment date before the due date, pay in advance. Any changes require permission from Lending Club! Also note they take a lot of money up front from the loan amount, you do not get the entire amount. Interest is higher than most banks also.

    Get expert advice delivered right to your inbox

    We try to avoid the fluff and deliver tips and guides that really matter

    Thank you, you have successfully subscribed to our newsletter!Enjoy reading our tips and recommendations.
    Unsubscribe easily whenever you want
    profile pic of the author
    Verified Reviewer
    Original review: Jan. 2, 2018

    My partner had dental work done that wasn't covered by my dental insurance (Dental Dental - they suck too but that's another story). They use Lending Club to allow their patients to spread out the (expensive) payments for up to 12 months interest free. I was told by a representative on the phone that you could set up automatic recurring payments on their website. Searched hi and low but could not find the means to do this. Long story short, I missed a payment by a few days and they charged me almost $40 late fee. I paid the 2 months minus late fee and asked to remove late fee and again how the hell do you set up auto payments which I was told was possible. They refused to remove late fee and said, "No, we do not support auto recurring payments at this time." That's **. Avoid and find some other service.

    Verified Reviewer
    Original review: Dec. 30, 2017

    I am a REAL person - I lend MY own money to people through Lending Club. It is NOT a scam, they do NOT ask you to buy gift cards or wire money. Seriously, doesn't anyone do their homework anymore? DO NOT GIVE YOUR PERSONAL INFORMATION IF YOU DO NOT KNOW WHO YOU ARE TALKING TO! I don't care WHAT they say they have of your personal info. Lending Club is a legitimate business and I make legitimate money lending to people that pay interest on their loans. My only complaint is the amount of people that default on their loans... Meaning I lost my money. I am not happy with the rate of return at this time, but it is a risk that I chose to take.

    Do I think they need to step up their screening process? HELL YES. Nobody wants to lose money. Regarding some of these other reviews where you think this is some kind of Indian scam... That's NOT LENDING CLUB. That is someone pretending to be them or some other well known company. Wake up and pay attention! If you went and purchased gift cards to give to someone you don't know because you think they are associated with a real company - then YOU are an IDIOT. Lending Club is a real company, a legitimate lending club if you will. I am one of the investors that lends MY money on these loans and hopefully I can make a little bit of extra money to help support me and my kids doing so. Good luck out there... But please pay attention to your personal information.

    View more
    profile pic of the author
    Verified Reviewer
    Original review: Dec. 28, 2017

    Took out a loan for about 5,000.00! They take $300.00 off the top before you see anything. My payment a month is $232.00 in which a $100.00 is straight interest! DO NOT TRUST THIS AT ALL!!! GREEDY, SATANIC, COMPANY! Numbers speak volumes! They are disadvantage bloodsuckers!

    How do I know I can trust these reviews about Lending Club?
    • 995,198 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 please visit our FAQ.

    Verified Reviewer
    Original review: Dec. 13, 2017

    I had been making payments on time and accurately for several months. During the summer, when I was not employed I let the company know as well as when I returned to work. Recently, they have been calling several times a day every day. I tried to explain to them my payment plan which they refused while saying that I am refusing to pay and non-committal. I felt like I was being pressured and harassed to sign up for an automatic payment plan which I declined to do so. I felt she continued to harass me even though I explained several times what I was comfortably able to do.

    Customer increased Rating by 2 stars!
    Verified Reviewer
    Resolution response: Dec. 9, 2017

    I posted first review too hastily. Money received. Entire process took 2.5 days. Only negative was origination fee ($900 for 18k loan) and the awful "glitches" with their electronic correspondence so far. I will update again if there are any adverse events; but so far so good!

    Original review: Dec. 7, 2017

    I was approved for up to 30k. Applied for 18,000. Received message "Your loan has been approved and 100% funded". Next day "Your money is on its way". Then, "We made payments totaling $0 on your behalf to the accounts you listed. Keep in mind it can take up to four additional business days to receive..." So then it instructs me to click the Truth in Lending Disclosure, and GUESS WHAT? It goes to a link that says Adverse Action letter "We cannot approve your loan at this time" stating the reason as "Insufficient payments on current Lending Club account". I DON'T HAVE ONE.

    So now on my online account profile it shows TWO application numbers, however still shows a Promissory Note and Loan Documents, and Still says my 18K loan has been ISSUED. Readers, I ASSURE YOU, nothing has been transferred to my account. I called customer service, and was told there is a "glitch in the system," and advised not to worry. Ha! The only thing I'm worried about at this point is my bank account being compromised. I will update if something changes in the next few days.

    Updated on 12/07/2017: I posted first review too hastily. Money received. Entire process took 2.5 days. Only negative was origination fee ($900 for 18k loan) and the awful "glitches" with their electronic correspondence so far. I will update again if there are any adverse events; but so far so good!

    View more
    Verified Reviewer Verified Buyer
    Original review: Dec. 6, 2017

    After receiving approximately 15 offers for a "pre-approved" personal loan, I applied for a loan on 11/18 to consolidate debt. I was sent an approval notice that day, and was asked for paystubs. Those were sent then I was asked for W-2. Then a few days later I was asked for my tax return. After providing all of the requested information, I was told that they could not verify the amount of income I claimed, though ALL of the documents proved the amount of income I claimed.

    When I called to ask how they arrived at their number ($5000 less than I earn), the supervisor Emily said that the loan agent Pallar would not give her that information. I asked to speak to Pallar and was told that he (?) refused to speak to me and would not say how they arrived at their lowered figure. I have used this company before and never had a problem, but the fact that they have employees who can't read a W-2, paystub or tax return is troubling. They are refusing to give me any information and this needs to be rectified.

    View more
    Verified Reviewer
    Original review: Dec. 5, 2017

    Terrible. Do not lend! You will lose your money. The company promises great returns but unqualified borrowers will default on you. They do not actually screen borrowers, they just accept their stated qualifications and income. I was very foolish to believe their posted reviews and projected income, and my loans (I have made thousands of loans with them) are universally losing money. Instead of being at the projected 8%, I am minus 3% and it will only get worse. Try the stock market, for as crazy as it is, it is safer because it takes longer for companies to default than for unqualified individuals!

    Verified Reviewer Verified Buyer
    Original review: Nov. 25, 2017

    Lending Club approved my loan with under 10% apr. They then emailed me to say they had a system glitch and my loan had been deleted and I had to reapply. Of course the next offer was a 24% apr. Utterly annoyed as the process took a month with all the information they needed. Waste of time!!

    Verified Reviewer
    Original review: Nov. 3, 2017

    Paid first payment On Time via online banking. I have the receipt of payment - they Do acknowledge returning my online payment! Now they want a $50 Late for this ON Time payment!!! Rude customer service - lonnng hold and No help! Perfect scam for collecting fraudulent late fees!!! Buyer beware.

    Verified Reviewer
    Original review: Oct. 27, 2017

    If I could give a one I would!!! Someone named Ronnie texted me saying I qualified for a $2000-5000 loan. I called! They already knew my banking info, my pin number and my security question answers! I told him I was not interested and he said that they had already deposited 1000 in to my account! I told I did not want this, I did not agree. How do I send it back! He told me to go to Walmart and send a MoneyGram to return the funds. I did this! I got to get gas and my card is locked out. Called my bank and they told me my account is overdrafted by $980 and I am responsible for paying this back but I was a victim of a scam! I heard Indians in the background talking and it was a cell phone which is why I told them I was not interested! Please listen to the people on the comments. Do not use this company, it is a scam!!!

    profile pic of the author
    Verified Reviewer
    Original review: Oct. 23, 2017

    I have received probably 6 or more pre approved notices from Lending Club. I kept saying no but found myself in a life crisis and needing to debt consolidate to get relief. I have credit score in the mid to high 600s and never missed a payment on anything. And of course DENIED for stupid reasons, as they call themselves a debt consolidation and there to help when needed. If I didn't need the help I sure as heck would not be trying. If I had cash on hand and life was fine, I would not be trying. I wish I had the funds to hire an attorney and put a STOP to this kind of practices from and form of BANK period.

    Verified Reviewer Verified Buyer
    Original review: Oct. 13, 2017

    They requested all this personal info to be uploaded and emailed to them including pay stubs, driver license, W2's, employers verification form, notarized title transfer, and my original title to be FedEx to them to send me an email three weeks later to tell me I was not approved & try again in 30 days. I asked a Representative a week prior, "Was I approved" and she told me, "Yes". The next step would be to sign my payment disclosure and she went over all my loan terms. They could have approved/declined me before I jumped through HOOPS to get them all my personal info. I requested a phone call from a manager by phone and email the day I was rejected and have yet to receive a response.

    Verified Reviewer
    Original review: Oct. 13, 2017

    I had two loans with The Lending Club. Both accounts had monthly auto withdrawals from my personal checking account and all payments were received on time and without fail. Both accounts were paid IN FULL prior to their term. So, I applied for a third loan and just received a denial. The reason, insufficient payments on other loans with Lending Club. Are you kidding me??? This is not the way to treat your clients especially those who have done nothing wrong.

    Verified Reviewer
    Original review: Oct. 6, 2017

    I made a payment error. Contacted the company, they told me there is nothing they can do, and to contact my bank. So I did. My bank got my funds back. I made a big error by adding a zero to my payment which made it a 10,000 payment instead of 1,000. This was an extra payment anyways. Now LC has me as delinquent and all of my payments will be going to the delinquent amount of 10,000 and not the remaining balance of 4800. So the 4800 will sit and collect late fees and penalties while my payments go to an amount that shouldn't be delinquent in the first place.

    So we got a loan to improve our credit and now it is going to go down the drain again. Wondering if I should just let the whole darn thing go delinquent. What's the point. I should let it go to collections and settle later on since it's never going to be considered current until the 10 grand is paid off. One little mistake and all hell breaks loose. They tell me to contact my bank but I did not know the repercussions of doing so. Lending Club gets a F in my book and they aren't even willing to help me. Hoping to win the lotto to pay them off and never use them again.

    View more
    Verified Reviewer
    Original review: Sept. 19, 2017

    I had a terrible experience with Lending Club. They will send four emails a day/harass you. Just to have a 17 yr old kid tell you that you have been denied. They don't seem to understand what lending is!? We have NEVER missed a payment on anything and I do not know where they get their info from. It's incorrect!!! Use a trustworthy company not these scumbags!

    profile pic of the author
    Verified Reviewer
    Original review: Sept. 17, 2017

    Received constant mail offers to apply for loan. Even with perfect credit score and income over $100k annual, I was still denied a loan. I believe this company is associated with scammers in India who gets your information ie. employer and social security number and then extorts money from applicants by calling their employers to terminate employment of the applicants to Lending Club aka Web Bank. I did my part to warn you. Stay away you will regret it if you do.

    Verified Reviewer
    Original review: Sept. 15, 2017

    Applied & approved for a personal loan -- Told (have documentation) that I was approved for a personal loan. NOT Pre-approved - APPROVED -- Emailed all documentation. Then was told, "Oops sorry you're not approved..." Lending Club is nothing more than a SCAM. My advice take them off your mailing list & do not apply to these bottom feeders! BTW I have very good credit.

    Verified Reviewer
    Original review: Sept. 7, 2017

    They told I could get a loan from them. They told me to get iTunes cards and to load them with money. Will somehow got my bank account stuff. They stole 8,000 from my bank account. Now I owe my bank 8,000 in the hole with them. Be careful it’s a scam, scam.

    Verified Reviewer
    Original review: Sept. 2, 2017

    At first we found the fake reviews that everything was quick and easy and hassle free, but then we started the loan process. For various reasons we needed a little boost to consolidate and get through a hard time. We saw the price per month and it was better than what we were doing. We faxed them what they asked then they started asking for the something or something new every day. They started asking for documents we could not produce and we called and told them that and it was not good enough. Eventually we were denied the loan, in the end we decided with all the problems it is probably a good thing.

    Verified Reviewer
    Original review: Aug. 30, 2017

    First and foremost, I have a current loan which is almost halfway paid off and a second loan which was paid off. I have received continuous literature that I was pre approved for up to 35,00. I applied for 9,000. After 3 fax pages I was denied. Please save that hard inquiry for something that has fruit to bear. Shame on Credit Karma for even making the suggestion that the possibility of acceptance was above average. Buyer be cautious in dealing with Lending Club and especially with Credit Karma and it's false rating. Obviously when Lending Club charges that exorbitant setup fee and the person answering the phone tells you after asking a question, "I'm not qualified to answer any loan questions."

    profile pic of the author
    Verified Reviewer Verified Buyer
    Original review: Aug. 27, 2017

    I have two loans with Lending Club. I paid off one loan last month (I had only 5 months left). They state in their policy that there are no penalties for paying off a loan early, but today I received a notification from Credit Karma that one of my accounts was closed. This dropped my score ten points!! I still have an open loan with them why would they do this? They are terrible!

    Verified Reviewer
    Original review: July 19, 2017

    Thought this company was ok, even at 29% interest with my credit score of 698, I needed to just consolidate higher interest cards. Have been paying on time for 8 months now, but needed to change the date of payment only 13 days. Tried to change it online but they said I had to call and when I did they were fine with the change for next month but is charging me $6.40 a day for 13 days past my original due date. It was on the 13th. Wanted it changed to the 26th because of change in pay dates. That is adding an additional charge of 60.00 to a 361.00 payment. Now I will owe 422.00 in August. Am not sure how legal this is but that is a big chunk!! Don't change your due date!!

    Verified Reviewer Verified Buyer
    Original review: July 6, 2017

    The representatives were very professional and extremely helpful in helping me to enter into a high interest loan that is costing too much in the long term. The individuals that operate the Lending Club are the modern day mobsters who offer loans and charge the clients 100% interest. If I had known then what I know now, I would have never entered into an agreement with the Lending Club. If you are considering using the Lending Club as a lender, please look somewhere else.

    Verified Reviewer Verified Buyer
    Original review: June 28, 2017

    I applied for this loan and was given $35,000, but almost $5,000 of that went towards loan origination fees so I really got a little less than $30,000 deposited into my account. First I was completely shocked to see my monthly payment was $1,350 per month... this is completely outrageous and it's a total budget buster. For reference I have another $25,000 loan through another lender and the payment is $250 per month. Okay it's bad enough, right? What else could go wrong?

    Well today I had to reach out to them to ask for a deferment (Pretty standard stuff) due to a hardship, I won't go into detail but it's pretty serious personal situation that's going to require adjusting payments around and working through some troubling times for the next few months. I was told that they do not offer altered payment arrangements and that the only thing they could do is accept the payment up to 14 days late for the grace period. This $1,350 payment is killing me and now I can't even put it on deferment like any other lender so I'm completely screwed by Lending Club. Whatever you do don't sign for a loan from this company, it's a total rip-off. Happy to answer any questions... but the answer will always be don't do it.

    View more
    profile pic of the author
    Verified Reviewer Verified Buyer
    Original review: June 28, 2017

    I was approved for a loan on 7 June 2017. Then I received every week or so a request for new documentation from Lending Club to confirm information I had previously given them. I submitted all requested documentation, and then when I was in the process of submitting "My 2016 tax forms including all schedules" including schedules that the IRS themselves did not require, I was issued a decline notice. Not even 48 hours after asking for the documents, they declined me for a loan which they had approved nearly a month prior. This is not legal and their senior management know it. They are a criminal organization and should be put out of business.

    Original review: June 26, 2017

    I got approved for 5k and I tried to borrow 4k and they were fine with it, so one of the employer told me that I have to put $175 first into Apple iTunes card and I did! Then he told me I have to pay 200 dollars for the enquiry of my bank that way they would be able to put the money into my account. The next day I only had 100 dollars on me and I called them and another employer said that it's ok to put then 100 into another Apple iTunes card then once I get the amount I was trying to borrow just pay the remaining 100, so I said "ok that perfect." But then I had to wait them to call me. After a couple of hours I called back and they said the system was not letting them complete the transaction because I had remaining 100 and I had to pay that first but I was out of cash, so I told them to give me another day to put the remaining 100.

    Then the next day I called back again and told them that I was ready to put the 100 into iTunes card, I got mad out of nowhere when they told me it was actually 150 because the 50 dollars was the late fees, meaning I have to pay 50 dollars every day until they finished. So I once they approved you that day then you have to do everything they need that day so you won't have to pay 50 dollars fee. It's 50 every late day until you pay everything and get the loan amount you want, but the good this is you get those money back with the amount you borrow! Anyway when I paid everything they told me to wait 45 min but it past so I called back and they said 10 more min then everything will be done. Past 10 min I called back again and nobody was answering the phone. It was Saturday then Sunday they closed so I have to wait till Monday but I don't know if that will be another 50 or not!

    View more
    profile pic of the author
    Verified Reviewer Verified Buyer
    Original review: June 21, 2017

    After the initial excitement of being approved for a loan to consolidate high interest debt, I was angered by the sudden appearance of origination fees. The amount I was charged was 6% of the loan amount!!! How can this go unreported, swept under the rug. At no time did I receive an itemized report of my loan documents. This seems illegal, or at the very least unethical ambush marketing.

    profile pic of the author
    Verified Reviewer
    Original review: May 31, 2017

    I keep getting pre-approved loan applications via US mail. I have applied several times and was denied. I have emailed them to stop sending me these pre-approved loan applications. If we could consolidate our debt we could get out of this hole we're in. What a disappointment. Why am I pre-approved and denied? Isn't that false advertising and against the law.

    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

    View Profile

    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

    ConsumerAffairs Solutions for Business

    Schedule a demo

    Follow us

    Inc. 5000 Award

    Your use of this site constitutes acceptance of the Terms of Use

    Advertisements on this site are placed and controlled by outside advertising networks. does not evaluate or endorse the products and services advertised. See the FAQ for more information.

    The information on this Web site is general in nature and is not intended as a substitute for competent legal advice. makes no representation as to the accuracy of the information herein provided and assumes no liability for any damages or loss arising from the use thereof.

    Copyright © 2018 Consumers Unified LLC. All Rights Reserved. ConsumerAffairs Privacy Policy. The contents of this site may not be republished, reprinted, rewritten or recirculated without written permission.