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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.
I invested $5,000 about 5 years ago. Two years ago I told them to close my account, liquidate my loan investments, and pay out my account balance. To date, although my statement says they are holding cash that is not invested, at zero interest rate, to their obvious benefit by using the money without cost. Now, I cannot get any response from them regardless of the medium used, whether by phone (indefinite hold) or by email to their service email. Frankly, as an investor I believe this company is scamming investors by failing to respond to contact or pay out any of the funds they hold in my account. DO NOT INVEST WITH LENDING CLUB.
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Lendingclub.com, terrible loan company! I tried to get a $5,000 loan with them. I told them upfront I had poor credit! They said it is ok, I already am approved for the loan. I talk to a supervisor name Walker. He is a good talker and liar! He said to me, "Don't you worry. You have been approved already for this loan. I need you to get a Google card for $250.00 dollars for the loan. That is all you have to do I promise you!" Then about a half an hour later on when the Google card went through he now said to me, "You will have to pay a out of state fee to get your loan." I had to buy another Google card for $450.00 dollars! He said that, "Don't you worry now you will get the loan." He lied to me twice now, I told him I never did this with no other loan company! I said, "What are you doing? Why are you taking my money?" I was naive to buy Google cards and put money on them! I was thinking about the loan.
Then two days later on he called me back and said I had to do one more thing in order to get the loan. He said my credit was poor. I already told him that up front! He said that he would send it to their attorneys to clean up my credit. In order for him to do that he wanted another fee for the attorney! That was $580.00 dollars. I said, "No. I do not want the loan no more!" Walker said, "I promise you that is all you have to do!" He lied to me. I said, "I want my money back." He said he can not give it back to me unless I pay $580.00 dollars. I said no. I told him that money was for my mortgage! He said I would get it all back. I said no again, I want my money back to forget about the loan! He said, "Ok then I can not give you your money back!"
I was upset and I was disturbed and crying all day and night. I want something done with their company and him! I want my $700.00 dollars back. I have to suffer because of him! I needed that money, I only get so much a month from the V.A. and Social Security! Please email me back if you can not help me! Where should I go to get my money back! Please help me! I am a mentally ill veteran! I am Manic Depressive bipolar, I am being treated at the V.A. Walker does not care! They have been doing it to other people too! Thank you, this company needs to change the people that work for them. Shut it down! They take people money. They are scammers!??
Opened credit with without consent and ignored credit freeze. I thought I was just researching options. Never received all my medical services but there was nothing I could do because this unethical lender had already paid over $7k to provider. I would not recommend.
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.
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.
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!
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.
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.
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 **.
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.
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.
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.
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.
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.
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!!!
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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!
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