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Lending Club

Lending Club
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Overall Satisfaction Rating 3.11/5
  • 5 stars
    81
  • 4 stars
    27
  • 3 stars
    21
  • 2 stars
    11
  • 1 stars
    53
Based on 193 ratings submitted in the last year
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    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 Lending Club Reviews

    Rated with 5 stars
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    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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        Are you this business?

        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.

        Lending Club Reviews

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        Page 1 Reviews 1 - 10
        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!

        Be the first one to find this review helpful
        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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        25 people found this review helpful

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          Are you this business?
          Rated with 5 stars
          profile pic of the author
          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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          30 people found this review helpful
          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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          22 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!

          32 people found this review helpful
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          Rated with 1 star
          Verified Reviewer
          Original review: March 19, 2020

          I just explained to the operator that I've been hospitalized since the beginning of March with two viruses the doctors were trying to get to the bottom of. I was even intubated in ICU for 4 days, with the doctors themselves giving me a 50/50 shot at survival. I called Lending Club and explain that I don't even know when I'm going to be discharged and I need to sit down with all my bills when I get home. The operator offered a 15-day grace period. Isn't that generous? I still have tubes coming out my arms and unable to use the bathroom on my own, but they'll give me a 15-day grace period. Given what's going on in the world at the moment, I expected a little more compassion and humanity. Apparently that is not the Lending Club brand. Shocking and disgusting.

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          Rated with 2 stars
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          Verified Reviewer
          Original review: March 9, 2020

          Getting approved was a nightmare. Took a lot of time. They needed everything under the sun. When they would get it, they needed more of the same thing. It took longer than usual from other lenders, to get anything done. It even takes a while to get the money. There is even a big fee (for what,) I have no idea, to even get the money. It comes out of the loan. If it was up to me, I would not have done this loan. My wife was the one who followed in with it. She didn't tell me any of the fees until after the fact. 750.00 just to get a loan, then, the big APR, and the interest rate was very high. Seems to me like sharks in the water.

          2 people found this review helpful
          Rated with 1 star
          profile pic of the author
          Verified Reviewer
          Original review: March 5, 2020

          I was impressed with Lending Club when I first took out a personal loan even though their rate was a bit higher than a local bank. It was easy to apply, easy funding and easy to change payment due date. Their online services became frustrating. Instead of helpful information it is full of marketing nonsense. Every other financial institution I do business with can provide an e-statement. To get a statement you have to call, wait 15 minutes on hold while hearing an annoying person tell you to go online for faster service, then you’ll have to explain why you need a statement. The representative told me it wasn’t necessary because the email reminders if you're late...

          Finally a floor supervisor I confidently said they would go to the back office and have it processed. I think they were going to get the typewriter out... Getting an account statement should be simple with today’s technology especially for a company based In the tech center of the Universe. I wish I could say nice things. Maybe they will read this and realize their shortcomings. The floor supervisor got on the line and told they would process it. I asked when.

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          5 people found this review helpful
          Rated with 1 star
          Verified Reviewer
          Original review: March 5, 2020

          Decided to take the loan they offered by mail in order to build up my credit score. Was a bit suspicious, offer looked too good to be true. Suspicions confirmed. Interest calculated daily. No details statements provided to explain interest calculation. Online data hidden from view, customer must click around to find incomplete "payment history." Have made several very large "extra payments" to pay down balance.

          In one instance, made an "extra payment" two days before regularly scheduled "automatic monthly payment" and accumulated $69.27 in interest in only 48 hours. "Balance" does not show daily interest calculations. Customer must click on "Pay off my Loan" to see true balance. Customer service phone number takes long time to speak to human. Customer service reps speak down to customers, have had some snicker/laugh, and all always state: "Well, that's how our system is, we are a paperless company" when I have asked for detailed statements that disclose interest accumulated, billing periods, etc. Am happy I will pay this loan off within 6 months of obtaining it. Strongly advise consumers to not take a loan with this company. Better to just borrow from your local loan shark than one in cyberspace.

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          Rated with 1 star
          Verified Reviewer
          Original review: Feb. 25, 2020

          I have received numerous loan offers from this company. I have e-mailed them and contacted them via USPS asking them to stop sending offers to me. They continue to do so. I have contacted the three main credit bureaus requesting that this company stop send me pre-screened offers. They continue to do so. They are also sending offers to a non existent person at my address. These people do not listen. I have advised them again, that if I continue to receive offers, I will file a lawsuit against them.

          5 people found this review helpful

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            Lending Club 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

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