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LendingClub

LendingClub

 3.9/5 (599 ratings)
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About LendingClub

This profile has not been claimed by the company. 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.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • Quick, easy online application
  • Fast money delivery
  • No prepayment penalties
  • Fixed interest rates

Cons

  • High APRs
  • Short loan length

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.

Top LendingClub Reviews

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Rated with 5 stars
Verified

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 payme...

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Rated with 5 stars
Verified

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 a...

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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?
  • 3,468,354 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 1 star
Verified Reviewer
Original review: Nov. 18, 2021

Applied for a business checking account with Lending Club based on online reviews and suggestions. Opened the application process which was full of glitches and broken links no matter which of the 4 browsers I used. Several days later was asked to finalize the application with an email with another broken link. Obtaining further guidance with the help of customer support, they indicated to me that the application was declined due to missing information, however would not tell what information they were missing. They then informed me that I could not reapply for 6 months. Sounds as though their poor online support and inadequate programming/website design is costing them a lot of business. Would not recommend to anyone looking into small business checking accounts. They are an incapable company to meet your business needs.

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Rated with 1 star
Verified Reviewer
Original review: Oct. 15, 2021

I got a loan with Lending Club about 6 months before the pandemic. I was paying payments on-time without any issues. Because of the pandemic, I was furloughed and then laid off. I decided to do the 2 month deferral. My payments are 486.16 monthly. When I started back with my payments, my next payment of $486.16 went completely to interest and the next payment after that an additional $100 went towards interest. In addition to that they added on 2 additional payments which will include interest and principal, so I am told.

When my loan was initiated, the amount going towards interest was $214.68. Because of 2 deferred payments, I am paying $1000+ in interest and nobody can explain to me why that is happening. I am not saying this is a bad company because I did have a loan with them before and it was ok and it was paid off early. However, after this second loan and with the deferral program, I will NOT do another loan with this company. I believe they are taking advantage of a situation.

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    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 26, 2021

    I just spoke with a lady from Lending Club who had an attitude, I'm currently going through a job transition and wanted to look into deferring my payment for either a month or two... I tried to explore my options by calling them and they didn't want to hear it, so NOW I'm going to go into a debt consolidation since they didn't want to help me out over one month. BEWARE: when you need to defer, they do not give you the option to stop auto pay, this company is NOT for the people, they don't listen, all they care about is MONEY, NOT CUSTOMERS. To be clear, I pay $480 for a 62 month term, I only have 22 more payments left and never asked for help (other than COVID) but I've proven myself that I am fully capable of making these payments monthly, but the one time I needed to explore my options they weren't trying to hear it.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 28, 2021

    Their COVID19 "hardship" program DESTROYED us financially. While they SAID payments were deferred they FAILED to mention that NO PAYMENTS would be applied to PRINCIPAL for OVER NINE payments. Our monthly payment is $700 p/month & I just found out that NINE payments and NONE was applied. We owe MORE than the loan amount. I just made a 10th payment today and AFTER I made it and questioned the principal I was told this $700 would NOT be applied to principal either! I asked them to restructure the loan. I was told the only way would be to apply for another loan with them for the amount we owe -- I did (like I have done in the past with no issues) and they denied my loan.

    Now we have no idea how many payments we will need to make before ANY of it will go towards the principal! We paid $5,000 on this loan and NONE went toward the balance. This should be ILLEGAL!! I've placed complaints with the Better Business Bureau and will be seeking Federal Lending Regulatory Complaints as well. As far as I'm concerned they took advantage of a GLOBAL PANDEMIC and everyone's financial vulnerability which NONE of us could control or fix, and they have STOLEN, ROBBED AND RAPED people -- THEY have gotten RICH off of the PANDEMIC! Morally corrupt and financially fraudulent.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 16, 2021

    LendingClub was easy to work with in terms of getting a loan but when my bank issued an overpayment to pay off the loan as part of a refinance, I have gotten nothing but lies and the runaround in getting the 1500.00+ owed to me as a refund. To date, I still have received no refund for overpayment in spite of providing proof that no refund was issued. I do not trust them and neither should you.

    7 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Feb. 10, 2021

    I invested $5000 3 years ago with Lending club. They promised a high return, about 6% average. However, what they don't tell you is that when you count the defaults, you end up making no money. I'm near the end of the term and have not put any money back in and I've made maybe $150. What a joke! I could have made more money putting it in a high yield checking account! Would never invest money with them again.

    7 people found this review helpful
    Rated with 5 stars
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    Verified Reviewer
    Original review: Jan. 25, 2021

    Fast service, easy application process, pleasant American, English speaking customer service! I’ve had two loans and look forward to doing business with these folks again. With their help I have increased my credit score considerably... thanks LendingClub.

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    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 17, 2020

    As long as you don't need to communicate with a person (phone or email) this company seems fine. The communication is rude and resistant to answering questions. They cannot answer questions about their program showing inaccurate information. If you have a hardship they will not talk about options unless you tell them your entire story only to be judged and receive their nasty attitude. I do not recommend working with this company.

    11 people found this review helpful
    Rated with 4 stars
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    Verified Reviewer
    Original review: Dec. 5, 2020

    Unfortunately most of your loan companies are not the best option as bank would be but the ones who PROVIDE DETAILED INFORMATION AND SEEM BE REALISTIC WITH QUALIFICATIONS. SO I'D SAY WORTH CONSIDERING however Interest rates can be high.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 30, 2020

    I opened a loan with them just before the Covid pandemic began. I was employed and had the salary to be able to pay the loan. The loan term was 3 years with a high interest rate. I lost my job and told them I would be glad to renegotiate the loan and extend the terms to 4 years with a lower rate and they said no. So they won't get paid anything. I was willing to extend the loan and more likely, make them more money than they would have made on the original loan by extending the terms of the loan a year for a smaller payment. They would not even entertain the notion. So, starting at the end of December, they won't get paid anything more from me and they'll write off the whole loan rather than re-negotiating something which probably be more favorable to them. If they're refusing to even entertain the option to assist during this time, then I refuse to continue to pay during this time. I'll take the charge-off. It didn't have to be this way.

    11 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
    Website:
    www.lendingclub.com