Lending Club
Overall Satisfaction Rating
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Based on 46 ratings submitted in the last yearSHOW RATING DISTRIBUTION
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    Lending Club

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    72 Lending Club Consumer Reviews and Complaints

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    Verified Reviewer
    Original review: June 12, 2018

    I had a personal Lending Club Loan and I got a new loan at a lower rate from Freedom Plus. I spoke to a Lending Club Rep and told her about the new loan I was getting and that it also would take a little time for it to go through and pay them off, She said, "That's no problem" and got the payoff info from her and the Automated system info for the New Freedom loan. Then come to find out they said I owed like $74.oo added a late fee so it came to $110 They said I owed. So they ruined my credit from 760+ down to 695. This could have been taken care of without reporting it which should never should have never taken place. They ruin my Credit and say they understand my situation and can make no exceptions in their Policy. Yes they can make exceptions so this experience has totally devastated me to know end all over $74.00. I do not recommend them as in my eyes they say one thing but do another.

    5 people found this review helpful
    Verified Reviewer
    Original review: June 6, 2018

    Today a friend asked to use my checking account to put a loan disbursement in. And I said, "Sure, no problem". Then she said that the loan was through Lending Club and they needed $450.00 for administration fees. And to put the $450 on a Google Play Card. Text the card no. and the loan would be directly deposited to my checking account. Well she didn’t have $450.00 so I debited my account for the $$$ and surprise, surprise, NO MONEY WAS DIRECTLY DEPOSITED. And then Lending Club tried to get another $600, for transfer fees that the bank was charging. Which I knew was a flat out lie.

    So now I’m out $450, which was my mortgage payment. And my poor friend who was needing the loan for cancer treatments not covered by insurance. Feels horrible that she trusted Lending Club after they promised this was normal business practice. And reading some reviews that were favorable. We feel like we were **. Lending Club is nothing but a BIG FAT SCAM. PLEASE BE AWARE OF THIS NASTY COMPANY DO NOT DO BUSINESS WITH THEM.

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    2 people found this review helpful
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    Verified Reviewer
    Original review: May 30, 2018

    This is the most unhelpful company I have ever dealt with. I was initially offered a great deal on my rate and jumped at the offer. The beginning process was simple enough and soon I found myself not progressing. I would make phone call after phone call and all they claimed is that I needed a number to my employer. So I gave them two which I confirmed to work beforehand. They claimed they tried and tried yet couldn’t reach anyone. I work at one of the largest employers in the nation. I even gave them a direct line to my boss with extension. Nothing they say on it til it expired and then asked me to renew. I attempted to submit it and it went approved. My credit score has gone up significantly due to me paying off all my debts! Stay away from them at all cost! They never made an effort to help me. Can only imagine what working with them would be like!

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    Verified Reviewer
    Original review: May 23, 2018

    Absolutely awful customer service. They denied my mother a loan. She has excellent credit, in the high 800s. Annual income is great. No delinquent accounts and no derogatory marks. She has a wonderful credit report. And was denied. They emailed her reason for denial... delinquent accounts and derogatory marks. She went through the same credit reporting company LendingClub uses, and once again... excellent! No delinquent no derogatory. So she emailed them back, they sent a copy and paste of the first email.

    Last week I went to BBB to file a formal complaint on my mother’s behalf. First response back to me, they changed their story. Now it’s because her income and taxes do not match up... yeah right. Oh, they also claimed to call her and leave a message... no such thing happened. I sent them another message. Their second message back to me was (surprise surprise) a copy and paste of their first email. I replied a third time. Their third reply was issue had been resolved. Which, once again, is a lie. Either they have extremely lazy and unqualified people who work there or it’s ran all by computer programs. My mom applied for a loan at Quickie Loans, never an issue. Credit score and report, perfect. Income and taxes, match. And, bonus, she talked with a real person! Skip LendingClub, go to Quickie Loans. Customer Service is great and they truly care about you and want to do business.

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    3 people found this review helpful
    Verified Reviewer
    Original review: May 17, 2018

    After receiving numerous advertisements from the Lending Club indicating that I was prequalified for a loan, I decided to submit an online application for $6,000. I submit all of the required documents as requested, some as many as 3 times. I have an excellent credit history with a FICO score of over 720. I have been with the same employer for over 20 years. I called twice in an attempt to find out my loan status. The first time I waited for 20 minutes without response until I finally hung up. I called a second time and waited another 20 minutes only to be told that I needed to provide them with a telephone number of my employer.

    I had already given them two different numbers to call. I work for an employer with over 10,000 employees. All of the credit agencies indicated who my employer is. My salary is excellent. After 15 days I received an email indicating that my loan was denied because they couldn't verify my employment. WHAT A WASTE OF TIME. I received a loan from another company which gave me same day approval.

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    8 people found this review helpful
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    Verified Reviewer Verified Buyer
    Original review: April 15, 2018

    Awful experience. Very pushy to get steam cards and iTunes cards. He says, "Don’t tell anyone it’s for a loan." Bothered me all day while at work. Calling, calling, and calling. He tells me my loan was approved for 10,300 and nothing caked from ** and also **. So needless to say I fell for it and drained my account and know had to close my bank account and still never got the (loan I was approved for with confirmation number and all). It’s ok karma is a **. He will get his and all the people that write the reviews they all work for this Sam **.

    31 people found this review helpful
    Verified Reviewer
    Original review: April 15, 2018

    After fully paying off my loan, they told credit agencies that I closed account. A statement saying “closed account” is not good on your credit report. I demanded that they correct that statement. I strongly dislike this Club. Each month I received an email about lowering my payments from $472 to $235. When I tried it once each time it lead to a bait and switch. For a new loan no reduction in payment but instead payment would increase (on a lower amount) by close to $150 to $170.

    14 people found this review helpful
    Verified Reviewer
    Original review: April 12, 2018

    I took a loan out in the amount of $6500 on November 17, 2017, of which I received a little over $6200, because of fees. From November 17, 2017 - April 9, 2018, less than 5 months I paid over $860 interest, this is with paying an extra $100 every month, last month paying an extra $500, and paying $5345 this month. This company does not reduce your monthly payment if you pay more at any time, you will still have to pay the monthly amount, even if you paid $5000 within the month. This company does not post payments the same business day, even if you make the payment at 8 AM, your payment will post the next business day, so if you pay off your loan on a Friday, the payment will reflect that you paid on the following Monday. Terrible, shady, the worst ever. Going back to One Main.

    22 people found this review helpful
    Verified Reviewer
    Original review: April 3, 2018

    I received an ad in the mail about pre-approval for a loan and was looking to borrow a small loan basically due to timing of when I would need the loan rather than actual need of the money long-term. (Making a pre-owned vehicle purchase and had half the money saved and was going to borrow the other half to move up the purchase date of the vehicle.) Anyway, I did some recon online of the company, etc. and determined it was legit. I used the mail ad code and applied for a small loan and received confirmation I was approved for the loan but the rate was unbelievable - ~23.3%?!?

    My credit is not the best but it's not terrible either. Well, I saw there was no penalty for early pay-off so I figured I would just proceed with the loan and pay it off early - right up until I got to the part where I am granting them limited POWER-OF-ATTORNEY over my BANK ACCOUNT. Um, no. Exited out of the application and will not go forward with it. I will just find a way to make the timing work on the next car purchase and pay cash like I have been! Read the fine print, people, before you borrow and make sure it's worth it.

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    36 people found this review helpful
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    Verified Reviewer
    Original review: March 19, 2018

    This company is a joke. Poor communication and lies and more lies. Telling you things that are not true. Stringing you along for a loan just to say, "Sorry on our end we didn't do what needed to be done in the 30 days so we can't approve you." After turning in all required documents. Don't waste your time like I did.

    36 people found this review helpful
    Verified Reviewer Verified Buyer
    Original review: March 17, 2018

    My account has been plagued with defaults and charge-offs this year. I've been with them since 2009 but the defaults are out of control. It seems the "borrowers" have figured out how to scam the system and get loans with no intention of repaying them. I will NOT be investing any more money into Lending Club.

    26 people found this review helpful
    Verified Reviewer Verified Buyer
    Original review: March 17, 2018

    I would suggest you never invest through this company. Although they rate borrowers based on the information they provide, I honestly don't think they verify anything. I initially made an investment of $6,500 in two accounts. This has been almost 4 years now. Over that time period I have lost $227 in one account and $79 in the other. Don't believe the returns they advertise. They are still showing that I've made 4.04% and 2.33% but I don't know how they have arrived at that number when my account value is less than my original balance. I've tried investing in just A & B rated borrowers but they are written off after a short period of the loan. I just had one this week that was an A7 borrower who only made 4 payments and then a year later the account was written off. Once your money is invested, there is no way to get the balance back until the loans are paid in full. NEVER, NEVER, NEVER AGAIN!!!

    28 people found this review helpful
    Verified Reviewer
    Original review: March 14, 2018

    Avoid this lender!! Horrible business lending. I dealt with underwriter Somie ** and she was very slow to respond and asked me several questions that she already had the answer to. Very misleading process and much better lenders available. I was shocked that after advertising loans were funded the next day that I hadn’t even heard from her after 3 days of applying! I was funded by another company a day before I received any credible response from Lending Club. There are so many better commercial lenders. Stay away from Lending Club at all costs.

    19 people found this review helpful
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    Verified Reviewer
    Original review: March 8, 2018

    I stumbled upon the reviews for Lending Club today, and after reading all the negative reviews am convinced these were written by competing loan companies. I’ve had a loan now for 10 months with zero complaints. I applied for $12k with a FICO over 800 (It took some work!), but with less than a year of employment history at my current job and was approved within a few days. I only had to verify my bank account, and the money was there in less than a week. The loan terms are great and automatic payments have been hassle-free. When it has been a year since I applied I may think about taking out a second loan.

    27 people found this review helpful
    Verified Reviewer
    Original review: Feb. 16, 2018

    Like some others here, my dealing with Lending Club is as a lender. Initially, the returns were OK, now there are basically no returns... just defaults and charge offs. I have stopped adding money to my account and I transfer any payments resulting in cash to the self directed IRA custodian. That's where the story gets even better... not only are the Lending Club "returns" terrible, the IRA custodian charges $100 a year for IRA fees. Oh, it gets even better... if you transfer the money out of the custodial account, you get hit with yet another "transfer fee". I'm pretty much losing money all the way around with this "company". I can't wait to terminate my dealings with Lending Club. Just be warned that this outfit is just two shades shy of a scam.

    24 people found this review helpful
    Verified Reviewer Verified Buyer
    Original review: Feb. 7, 2018

    We got a letter saying we were "pre-qualified" and our payments would be about $100.00 less a month. We thought sounds good, so we submitted an online application. A while later they send an email asking for continued information, pay stubs, tax returns, drivers lic. We emailed all that to them. Next day they send another email, send employment verification signed letter, ok did that. OK so at this point we are figuring all is good and we got the loan. Next day we get a request for a signed title transfer, I downloaded it and got it all filled out and was going to send it out today, now we are thinking wow we got this. Awesome.

    About midday I get a email from them saying they could not approve the loan due to our credit ratio. OK I know it is high, so why could you folks have not figured all that out before we sent in all of this paperwork over the last several days, and have been done with it, now they have all this info on us and what they do with it I wonder. But I never got to send in title transfer. Prequalified??? This company is not worth your time.

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    46 people found this review helpful
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    Verified Reviewer
    Original review: Jan. 25, 2018

    I do not recommend this company. They collected my personal information for a loan. I also have a great employment history, homeowner and good credit score. I received one email from Lending Club which said, "Watch your email for updates." No further communication from this company. After one week, I called Lending Club requesting an update. The representative from Lending Club said the loan processor was still trying to contact my employer to confirm my employment. I gave additional phone numbers for my employer who is one of the largest employers on the West Coast. No response or communication. After three weeks and several more follow up phone calls I concluded that the Lending Club performance was substandard and terminated my loan request with them. Based on my experience I do not recommend doing business with Lending Club.

    27 people found this review helpful
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    Verified Reviewer
    Original review: Jan. 25, 2018

    My dealings with Lending Club are as a lender. At first, the returns seemed pretty good, now are no better than a high-yield online savings account, which is FDIC insured and has very little risk. There are a high number of charged off loans in my account, some were rated "A" (Best), resulting in lost money. Supposedly the economy is good now, what will happen during a recession? I have stopped adding money to my account and I transfer any payments resulting in cash back into my source bank account as soon as I can. I can't wait to terminate my dealings with Lending Club.

    30 people found this review helpful
    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.

    18 people found this review helpful
    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.

    27 people found this review helpful
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    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.

    24 people found this review helpful
    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.

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    45 people found this review helpful
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    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!

    29 people found this review helpful
    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.

    23 people found this review helpful
    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!

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    25 people found this review helpful
    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.

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    26 people found this review helpful
    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!

    32 people found this review helpful
    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!!

    21 people found this review helpful
    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.

    33 people found this review helpful
    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!!!

    46 people found this review helpful

    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

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    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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