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Lending Club would like to have you believe that you can earn 8% by investing their notes. I can tell you from experience this is not the case. I invested in a broad portfolio of hundreds of notes which were mostly of a high grade. As it turns out Lending Club is a tool frequently used by frauds. Let me explain. People will take out a Lending Club loan and then shortly thereafter and sometimes immediately declare bankruptcy at which point your loan goes to 0 and recovery is prohibited by law. This isn't rare. It literally happened dozens of times. Even among those with 'A' and 'B' grade profiles.
Now I'm stuck slowing withdrawing my money over the course of three years earning a return of less than three percent. I could have invested in government treasuries of a shorter duration and earned a better return! Also yesterday I got an email informing me that the IRA I opened with LC is charging me a $100 annual fee which equates to 44% of the amount of interest I've earned since inception! Learn from my mistake and stay away!
I took out a loan from Lending Club on 11/17 for $35,000 from which they took $1500 off the top. Upon refinancing my house in November of 2018, I arranged to have the loan paid off through my escrow company. Lending Club claims they never received it even though we have a proof of delivery from FedEx signed for by one of their employees. They continued to charge me late fees and interest while promising to do an internal audit and search for the check. They said they would get back to me shortly. They never did.
Lending Club would not respond to the problem in writing via email and, instead, asked that I call. I called on numerous occasions only to learn that no investigation had been undertaken. Every call started the entire process over again with me sending all the supporting documents while investing another 30 minutes on the phone with no result. The agents are not helpful and become belligerent if you don't do exactly as they demand. When I asked to speak with a manager, they placed me on permanent hold. If you are going to pay off your loan early, insist on wire transferring the money so they can't "lose" your check. They do not want you paying off the loan early and will do everything possible to prevent it from happening.
I spoke with five different agents about this matter and not one time did anyone admit that they had received a FedEx package from me with a check for the payoff. They would simply repeat that my loan was late and ask when I was going to bring it current. For payback, they reported this as a late payment to the credit bureaus while they were holding my payoff. This organization is as unethical as it gets and should be avoided at all costs by people looking for loans.
I got a loan with Lending Club without any issues and then a year later applied for a second loan which was not approved despite the first loan was almost paid off and always on time. Each time I applied I shortly after started to get loan offers in my spam box from other lending companies. A coincidence???
Lending Club is committing fraud in an attempt to harass and blackmail customers for paying off their loans early in retaliation to destroy their credit for losing out in hefty amounts of interest over years long period. I can prove this with screenshots. Lending Club records indicate whatever they want them to indicate and they will change the records after the fact to match what they want them to show is illegal. This is why I took screenshots the minute I tried to call them about their fraudulent activity and I recommend everybody frequently take screenshots of their accounts. They now claim my bank is the one committing the illegal activity and not them, even though I have screenshots of both accounts showing otherwise.
One screenshot shows Lending Club actually refunded the payment they illegally took out on a paid off loan in the amount of $510.68 on December 7, 2018 (listed as an external deposit from Lending Club) when I called them regarding this and not my bank taking the payment back as they claim. Another screenshot from my bank account shows they took this exact payment out on December 3, 2018 after the loan had already been paid off even though they repeatedly lie and state they did not (them lying can also be verified on the screenshot from my Lending Club account, they tried stating they took $0 out because $0 was due on a $0 loan balance... Also stated on their "recorded" line that they did in fact take the payment).
Again proving they are committing fraud and lying. They answered the BBB complaint only because the BBB can't take legal actions against them for their illegal activity, committing fraud, and abusing their customers by harassment and blackmail to destroy their customers' credit if they don't pay an undisclosed ransom at their random demands after a loan is already paid off in full. However they refuse to even acknowledge the FTC lawsuit or the CFPB complaints filed because of the fact they know they are committing fraud and would have to admit to this or be exposed with several customers.
The screenshots I have taken from my actual Lending Club loan account also verify they again are lying and committing fraud about extra payments being owed as there is $0 due even though again they fraudulently took out a full payment anyhow (payment taken out was shown in bank account screenshot and they show they took $0 out on my website but on their "recorded" line admitted they knew they took it out anyhow and would refund it, which they did). Then they make a generic verbatim threat on my BBB complaint of pursuing collection agencies on these fraudulent charges which is again threatening to destroy my credit based on a loan that has already been paid off but they demand ransom money again.
Also seen in this same screenshot are the payments made in November totaling $16,665.35 on a $16,175 loan principal amount and the interest for the 28 days was paid in the amount of $490.35 (over the loan amount) leaving a $0 balance and paying off the loan. Another screenshot of my actual Lending Club loan account shows a $0 balance, that $0 is overdue, and that there are 0 payments remaining. With this showing proof of them committing fraud during and after the fact, how does a $510.68 a month payment (which includes the interest) require over $1200 a month in interest alone to be paid within a 28 day period on a $0 balance? They refuse to correct it and close my account, instead threatening to destroy my credit if I don't pay their new ransom amount which started out over $300 (on top of the $490.35 already paid to them), now they added on over $500 and demand over $800 in total more on a paid off loan.
I was contacted by Lending Club for a loan, was supposed approved for $20,000 and then they started to ask for transfer fee and a totaling of $12,080.00 in Google play cards to process the loan and was told three time the money was in account and that the transfer was declined. Needed more money. I talked to Charlie and he said he gives me his word money be in my account Saturday morning. Nothing and now they won’t call me back so now I’m out that money and this company should be shut down and arrested. Don’t fall for this scam.
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Lending Club needs to be disciplined - meanwhile, because of the false reports, my credit is devastated my FICO score. Lending Club should be severely punished, and not allowed to report to any credit agencies. My credit FICOs need to be restored immediately. I have not had one payment late in over 9 years, and this - my scores drop like a rock. Reimbursed all monies on credit that this action affected, higher loan interest and denial of loan applications.
This is the exact problem of the credit reporting and rating industry, one erroneous report will devastate one credit rating and if lucky to get it corrected would take 2-3 months, spending countless hours with each credit reporting agency - which take the reports as gospel that the individuals are guilty until they can prove themselves innocent at their own expense, and until then their credit interest and applications are denied or at all time high rates. This should be totally revamped tailored to for the consumer, not the reporting companies spit out misinformation all the time.
This company sets up traps, they ask you for all of your personal information including bank account then they deny your application for a LOUSY 10 grand loan when I have 300k in equity! REALLY? I learned my lesson. Will never give no personal info to any lenders unless it's a super large company that I know and trust and I don't trust these people!!!
I applied for a $20k loan a little over a month ago. Due to a bankruptcy that was discharged in 2012, the credit card debt I had was at very high interest rates, so I wanted to consolidate. The loan process was so simple it was ASTOUNDING, and the money was in my account in three business days. I used all 20k to pay off as many cards as I could. Not all of the paid in full accounts have reported yet, but my "unofficial" score on Credit Sesame has increased by 69 points. In just over a month. I have calculated everything out, and I am going to save over $12,000.00 in interest! There are no prepayment penalties with Lending Club Loans, so I am adding an additional $300.00 to pay my loan off in 22 months instead of 36. I COULD NOT BE HAPPIER!!!
I applied to this company for a loan and was rejected although they didn't say why. Since they rejected me I decided to bite the bullet and just take the money out of savings. I paid off whatever it was I needed the money for and to my surprise I checked my checking account and they deposited the money they said they rejected, took out a payment and left me with a balance I didn't want. Now here is my warning. They sent an email rejecting me so I deleted any correspondence with them. When I discovered what they had done I called and somehow they have no record of rejection and I was forced to pay extortion money just to return the loan. I think they are running a scam but I didn't save my correspondence. Please beware and SAVE ANY CORRESPONDENCE WITH THIS COMPANY OTHERWISE THEY'LL SCREW YOU TOO!
DONT WASTE YOUR TIME. This company is very deceiving and just wants to get your information. I received a letter stating that I was pre-approved to refinance my car based on my credit report. They then said that that same credit report did not have a high enough score. They are not there to help you, just get your information. STAY FAR AWAY FROM LENDING CLUB AND LENDING CLUB AUTO!
I received a message stating that I was approved for a $10,000 loan. When I called back, I told them that I did not want to finance that much and he told me the least amount I could get would be $2500, so I agreed. He then begin to ask me for my social and street address. I asked him, "how did I get approved if you don't have that information already," he stated, "Did I say that we didn't have it? You need to verify it." That gave me reason to pause because he was extremely rude. And they did not have it because I could hear him typing it in as I gave it to him and he asked me several times to repeat it because I was going too fast.
Toward the end he said in order to verify my identity he needed my username and password to my mobile banking. I asked him if there was any other way to prove my identity such as a copy of my driver's license instead and he said no. He had to have my username and password. I told him that I did not feel comfortable giving that out so if there was no other way to prove my identity, I would like to cancel the application. He says, "Who are you to cancel, we are the loan company, we have the right to cancel!" I told him that "without MY acceptance of this loan, there is nothing for you to cancel and I don't want it." He hung up on me.
DO NOT TRUST THIS COMPANY. I have read some good reviews but I didn't get that experience. I will not be treated disrespectfully, or spoken to in that manner just because I am having financial hardships. Just like they approved me, I was approved someplace else with less fees, and extremely better customer service. If Michael calls you, just be prepared for his nasty and unprofessional attitude if you have questions or disagree!
This company's motto is that they want you to succeed, no they don't. Horrible company who want you to fail and will report immediately to the credit bureaus as soon as you are late and will not work with you. They take forever to respond to an email and when they do it's the generic response. I have asked to have payments split into two payments which works better for me, their response, "Nope. Can't do that," and if you need to change your due date they charge you more. They need to be reported and sued. Maybe we all should get together for a class action suit?
I was reading bad reviews on this site yesterday which kind of scared me but they funded my loan this morning and were also able to change my payment date to fit my schedule better. They are very helpful and deliver the product that they promise to.
I read the negative reviews and have some thoughts. This has NOT been my experience with Lending Club. I got a loan for $10,000 with an interest rate of just over 5%. I chose to have payments deducted monthly from my checking account which makes it easier for me since I don't need to worry about making my payments on time. Listen up, you need to have reliable creditworthiness, a decent credit score, be working full time. I have worked two jobs for a while now. Some may think on here it's a lot to ask you that you be working and reliable but come on think about it! Would you loan your money to someone with all indicators pointing to the likelihood you won't get your money back?! The answer is no! No you wouldn't. That is why some of you are offered extremely high interest rates.
Sorry it is what it is, most of us weren't born with a silver spoon. Take the loan if it's offered, make consistent payments and build your credit score back up. That's how it goes, you have to start somewhere. I'm thankful for Lending Club and their loan is just what I need to support my two children and get my finances in order since my divorce.
I have had a loan via Lending Club for almost 3 years. I have found the company provides misinformation to the 3 credit Companies. I would say never to get sick or become unemployed. As traditional for companies you're only as good as your last payment.
This company gives false approval, then runs you through the mill requesting document. Fails to communicate and then turns you down for no valid reason. I fear now this company has my personal information and what they will do with this. Don’t apply with this company. Just a waste of time. False advertising. Loan Builder through PayPal will treat you right.
I chose to invest in Lending Club as a way to diversify my portfolio. With as strong as the economy is, my average rate of return continues to drop as more lenders default. I started out with a healthy ROR and after over a year, am now down to 6.35% when factoring in past due notes. I can't imagine what my ROR would look like if the economy was stagnant and unemployment high. Here's my portfolio ratios: 21.85% A, 30.52% B, 27.96% C, 14.73% D, 1.05% F. I am giving them 3 stars for all the details and graphics available on the website. Would I recommend Lending Club? Not anymore.
Receive multiple phone calls from different numbers. When I hang up! I receive insulting and racist voicemail. This company should not be allowed to call people!!! The CEO is in trouble with the SEC...you can imagine the rest.
I have had 2 loans with this company and had suspect credit. No problems whatsoever. All fees were explained upfront and interest rate. Those being asked to send a Google card are being scammed by another company, not Lending Club. They answer the phone every time I have called and were always helpful. It makes no difference whether people believe my experience because I already have my loans. Never send money upfront for a loan. You are being scammed and deserve what you get. Do not come here and blame others.
I read the negative reviews and they sound like from a completely different company. I got a loan for $3600 through Lending Club and have been paying on it for about a year. It's easy since the payments are deducted once a month from my account, and I have always been able to speak to somebody when I call. In addition, the rate is decent and I've never had problems in any aspect of the transaction. They never asked me to do anything sketchy (like the deposit into my acct only to remove it and MoneyGram it back). I honestly don't believe that is how Lending Club does business - at least not what I've seen.
I want a debt consolidation loan. I recently received an offer from my bank for a personal loan or line of credit at 7.57% APR. That same day I also received a letter from Lending Club. I decided to check if Lending Club could offer me a better deal than my bank. On the Lending Club letter it stated "The smart way to pay off debt faster" followed by "Reserved for people with great credit." FALSE advertising at its fullest! They offered me a ridiculously high 38.99% APR (I didn't even know APR went that high) with a 630$ fee - that's right, a FEE! Who does that?
If you have great credit, and mine is not that bad, you are not offered a 38.99% APR! The Lending Club is taking advantage of people who really need the debt help, and I hope that when someone reads this they reconsider and look elsewhere. No one should ever pay this high of interest on anything! Check with other companies first! My highest current merchant credit card (Macy's) is at 28% and that was the one I wanted to pay off. Be smart and look elsewhere.
I recently paid off a $35000 loan from Lending Club early. Since then, my credit score is near 800, my credit utilization ratio is 15%, and I’ve had my own dental practice for 10 years earning $240000/year. After paying off my loan I responded to an email saying to apply again for better rates since I have been a great customer. I applied for their line of credit product and was immediately declined and told I need a guarantor. This is ridiculous. I don’t know what automated underwriting system they use now, but it’s clearly different than what they used a year ago. A year ago, my credit utilization was over 80%, I had other loans, my credit score was 720, my income was 200k, and I was approved instantly for 40k. Now, at 15% utilization, no loans, 799 credit score, and 40k more income I am declined for and simple line of credit. Lastly... THEY NEVER ANSWER THE PHONE!
I’ve had a loan through Lending Club for almost 2 years and have been unable to get a hold of this company since my approval. I’ve never received a statement and when I call them it disconnects me after being told to enter my SS#. I’ve tried emailing them several times and receive the generic “A representative will be contacting you in a couple of days to resolve your issue”, only to never hear back from anyone. I have no clue how much I owe to pay off my loan, when my last payment date is, or even how much interest I’ve been paying. They just auto deduct my payment monthly. So they have all my personal info, including my banking info, but yet I can’t even get a hold of a real person or even the automated line to check my account status. I should have only a year or so left of payments but they could continue to deduct after that and I’d have no recourse since I can’t even check my account. Never again would I do business with them!
I have had three loans previously. All have paid off early and deducted from my checking account. After numerous days of submitting paperwork, with a FICO SCORE OF 746 and credit scores of 804, and 756 I got so tired of the bad treatment and being spoken to like I was attempting to do something. I applied to Citizens and in 18 hours after applying was approved and money was received today. No fee and lower interest. So I want to thank you for forcing me into a situation where I saved 900 fee, got lower interest rate and was treated nice. I have and will tell everyone I know about this great deal. Your employees can use some training in how not to treat people when your job is to loan money.
Received a $5,000 loan thru this company. Never made one payment and paid off loan in full early. The day I paid loan off I specifically ask and double check to be sure no more interest would accrue on my account. I was assured that the payment I made that day would be my last and no interest would accrue during the time it took my payment to post. It WASN'T! They are now charging me $16.38 and I have emailed and made several calls trying to resolve this issue and my calls are not returned to get this very simple issue resolved! They have very poor customer service and interest rates on their loans are RIDICULOUS! My monthly interest alone of $103/month was the same as what was being subtracted from loan amount monthly! If I wouldn’t have paid loan off early it would have cost me nearly $10,000 to borrow $5,000!??
I also applied for $5000 personal loan, online. I received a text, then a call from Lending Club. "JIM or JOHN" said that I had been approved for up $5000... So I went for $5000 loan to completely PAY BILLS I had at the moment. Jim or John asked a lot of person security questions including Username & Password to my banking institute. I gave it. He said that because my score was low (not over 620) I would not qualify for a loan using lenders that only cater to 620 and UP FICO scores. He said Lending Club would make a deposit (with personal banking information I provided) into my bank account. Then he said that this was a way to prevent identity fraud on their end... Anyway he said after the deposit has been made I then need to go to Walmart then MoneyGram the funds back to them to ensure that this acct was actually mine.
Well hr was calling me at 4 something in the morning asking me to check my account... I check my account this morning around 4:45 am and saw my account had been disabled. So I call the bank and they told me my account was under investigation because a check had been mobile deposited in my account and it was fraudulent. The deposit was a cashier's check with some strangers names on it. Now I have to wait for their investigation to be completed and be on 6 months monitoring and not allowed to make out of branch deposits. They ensured me that the deposit was FRAUDULENT!!! Run away fast. Do not trust this company!!!
So I just got done reading all these negative reports and keep asking myself if they are talking about the same company who I dealt with. I applied last year and they did exactly what they promised me. Not one time did I have to pay anything upfront or get a Google card. They took about 3 1/2 weeks from start to finish and they gave me exactly what I requested. I now have been paying 1 year. They even sent me a Happy Loanniversary card and they thank me for my on time payments. I am sorry for others bad experiences but mine was awesome and did exactly what I needed. They condensed my bills to 1 monthly payment. I did pay an origination fee but they told me up front it was going to happen and it was in my paperwork to sign.
This organization has enticed me to apply multiple times. I am vulnerable and need to build my credit so I have to take a consideration for credit seriously. One would expect the research and reasons for a rejected application to be accurate at the very least with a professional lending syndicate. The information relayed to me cited a wrong credit score, a ratio that was unlikely, and claimed delinquencies when there have been none for a normative amount of time.
Before I proceed, in the interest of accuracy... whatever my credit past, I was accepted for a Platinum Amex Card, and the three agencies peg me at 803, 711 and 690. Lending Club claimed my score was 690. Why is this group advertising as a reasonable loan alternative to people who are on the mend if they such sticklers? And why is their research off? Don't they have people who can read credit reports? Or call individuals who they may need more information on to process an application? Home Depot had the sense to call me and speak to me about an application. Under these conditions this is false advertising. They should be transparent and cater to, advertise to, the type of lender they want and research information accurately. They are ridiculous and a waste of time... Whatever their demographic is, it is not people with good credit on the upswing.
I get mailed. Lending Club debt consolidation offers 1 or 2 times per week, and the two times I've tried to apply over the years, they've both declined. I don't care what the reasons are. If you're going to constantly mail me offers, DON'T DECLINE THEM.
I applied for $1000 personal loan, online. I received a text, then a call from Lending Club. "ERIC" said that I had been approved for up $5000... So I went for $5000 loan to completely settle the emergency situation I had at the moment. Eric asked a lot of person security questions including Username & Password to my banking institute. I gave it. He said that because my score was low (not over 620) I would not qualify for a loan using lenders that only cater to 620 and UP FICO scores. Eric said there was another route for people like me. He said that they had private investors that would lend monies to me. He said Lending Club would make a deposit (with personal banking information I provided) into my bank account. Eric said that this was a way to prevent identity fraud on their end... Anyway he said after the deposit has been made I then need to go to Walmart then MoneyGram the funds back to them to ensure that this acct was actually mine.
Well... I check my account this morning around 4:45 am and saw a mobile app deposit for $991.00. The deposit was a personal check with some strangers from Florida's names on it. I immediately changed all security information on my acct and even added a few more steps to block access until banks opened. I walked into Wells Fargo at 9:00am to request an investigation of this deposit and they ensured me that the deposit was FRAUDULENT!!! The bank and I have taken ALL precautions to prevent anyone other than myself to have access to my account. THANK YOU WELLS FARGO.
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.
Lending Club Company Information
- Company Name:
- Lending Club
- Year Founded:
- 71 Stevenson Street, Suite 300
- San Francisco
- Postal Code:
- United States
- (888) 596-3157