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LendingClub

LendingClub
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Overall Satisfaction Rating 2.49/5
  • 5 stars
    18
  • 4 stars
    5
  • 3 stars
    4
  • 2 stars
    7
  • 1 stars
    34
Based on 68 ratings submitted in the last year

This company is not yet accredited. See reviews below to learn more or submit your own review.

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 LendingClub Reviews We Found

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Rated with 5 stars
profile pic of the author
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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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.

LendingClub Reviews

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How do I know I can trust these reviews about LendingClub?
How do I know I can trust these reviews about Lending Club?
  • 2,472,135 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 ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 5 stars
Verified Reviewer
Original review: Sept. 27, 2020

I was wary of getting a personal loan, I suspected there would be hidden fees or a hidden "extra" interest rate. As an attorney, I read the fine print carefully and found that the actual APR was fully disclosed and in my case fairly reasonable (6.9% with 3% of that being pre-paid) for my credit score for an unsecured loan. Other companies were quoting up to 19%. No way I would ever take such a loan. I also liked that the loan rate was not all prepaid (although 3% was) as I needed the loan only short-term (less than one year), so I paid it off very early, and ended up paying far less than if I had paid it back over the full term. The 3% of the APR which amounted to prepaid interest, for me was worth it at the time I needed the funds.

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Rated with 5 stars
Verified Reviewer
Original review: Jan. 29, 2020

Very easy to apply and get approved. The only negative thing is that I already had a loan with them for a year and a half and never missed a payment. My credit information shows I haven't been late on any payments for over 5 years yet they charge a very high rate of interest like 30% on their loan. I could understand this with someone with bad credit but there should be a break for people with good credit. Plus on a $17000 loan I only got $15980 deposited into my account. So if you want a easy loan here it is but be ready to pay high interest rates.

10 people found this review helpful

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    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!

    2 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Dec. 12, 2019

    I decided to apply online and the process was so fast and easy. I provided my personal information including my email address and income. I requested an amount that I wanted to borrow and chose the terms. Everything was done in a flash, as I was pre-approved in seconds. I submitted a couple documents that they requested for verification, and they told me to watch out for an email. I received it in a couple days as stated with my approval for the loan. The terms are very clear. The money was deposited into my account the very next day. I would definitely recommend them to my family and friends.

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    Rated with 5 stars
    Verified Reviewer
    Original review: Oct. 24, 2019

    I would just like to say how much I appreciate Lending Club and the Investors for helping me out to get out of debt in such short period of time. Sometime life hits you harder than you can expect especially when not prepared, when seemed there was no way out, the light shined upon me. Thank you again as I know these days it's hard to believe anyone (even with decent credit score) as far as borrowing money goes! The process for approval was very fast. Keep in mind if you're trying to pay off credit cards it might take a bit longer but it will happen. Be patient. I'm very thankful.

    6 people found this review helpful
    Rated with 3 stars
    Verified Reviewer
    Original review: Oct. 22, 2020

    I received an offer from the LendingClub to refinance my car at a competitive rate. I filled out the application and received a determination. At no point did any of the paperwork mention that the loan would be actually be serviced by another company altogether, and the Truth in Lending didn't specify it either. It also stated I would have 60 days to make my first payment. After signing the loan docs, the next thing that happens is I receive paperwork from my actual loan company, First Services. Their paperwork doesn't mention anything about the 60 day grace period, and when I call them on it, they said they won't honor it. I had to go back and forth between Lending Club and First Services, each blaming each other. I finally got Lending Club to send the Truth in Lending over to their client, and then (and only then) they honored it.

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    Rated with 1 star
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    Verified Reviewer
    Original review: Oct. 16, 2020

    I have had two loans through this company and was completely satisfied with both of my loans UNTIL we needed some help during the unforeseen pandemic that lead to income issues. They charged me $3500.00 for two months of deferments. This company is taking advantage and profiting during unforeseen difficult times that their clients are facing! Absolutely a disgrace!

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer
    Original review: Oct. 1, 2020

    The loan process was easy, but it took a while to get an answer. I'm rebuilding my credit so I needed a loan. This one was a good one. Only drawback was the loan fee was a little high, but otherwise I would recommend.

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    Rated with 5 stars
    Verified Reviewer
    Original review: Sept. 26, 2020

    I was in need of some money, and the Lending Club came to my rescue! Though I didn't get approved for the amount I initially applied for, I DID qualify for enough to get me through a difficult time... Application was simple, quick, and thorough, and I received the Loan quicker than expected! THEN, when I got a "Windfall", I was able to payoff my Loan early. They even sent me a check for the unpaid/unearned interest!!

    Be the first one to find this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: Sept. 25, 2020

    I once had a personal loan with this company, and it was a horrible ordeal. The process was tedious and time consuming. Once I finally got the loan and began to repay, it got even worse. The customer service was anything but service. The representatives were not very cooperative and were somewhat combative. I will never do business with them again under any circumstances.

    2 people found this review helpful
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    LendingClub 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