LendingClub

LendingClub reviews

 3.8/5 (89 ratings)
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Written by Jessica Render
Edited by Vincent Landino

About LendingClub reviews

With LendingClub, 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.

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    Overall Satisfaction Rating

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    Pros

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

    Cons

    • Somewhat high minimum APR

    Bottom Line

    LendingClub is a lending marketplace that helps consumers get loans for various purposes. LendingClub also offers online banking. You can apply for one of its loan options or sign up for a bank account online.

    Top LendingClub Reviews

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    Rated with 5 stars
    Verified

    I have borrowed from this lender twice and each time, it has been picture perfect. While no one wants to borrow to pay off debts, the fact that this company was willing to give me...

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    Rated with 5 stars
    Verified

    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...

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    What is LendingClub?

    LendingClub 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 within two days on average.

    LendingClub offers multiple borrowing options, including personal loans, small business loans, auto refinancing loans and medical loans. LendingClub offers fixed interest rates and a single monthly payment. There’s also no penalty for paying off your loan early.

    LendingClub loans

    LendingClub has multiple types of loans available with different maximum loan amounts and terms. The right loan for you may vary based on how you intend to use the funds.

    LendingClub personal loans

    You can take out a personal loan of 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 LendingClub account. Once approved, your loan is usually deposited directly into your bank account within two days.

    available personal loan options from lendingclub

    LendingClub business loans

    With a small business loan from LendingClub, U.S.-based 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 no prepayment penalties.

    LendingClub auto refinancing

    The auto refinancing options are excellent for borrowers who owe $4,000 to $55,000 on their auto loan and want to lower their monthly car payments. Once you choose a refinancing offer, LendingClub pays off your previous lender. All payments go through a LendingClub account.

    LendingClub Patient Solutions

    LendingClub offers medical financing to help patients receive the care they need that may not be covered by insurance. LendingClub Patient Solutions include installment loans from $1,000 to $65,000 or revolving lines of credit from $499 to $32,000. Installment loans can be repaid in two to eight years with fixed rates ranging from 3.99% to 30.99%. Line of credit borrowers can secure rates as low as 0% APR.

    available patient solutions options from lendingclub

    LendingClub personal loan terms

    Loan terms vary among lenders, and it's important to note the differences to find the best loan for you. We've highlighted some of the most important information about LendingClub's personal loans.

    LendingClub personal loan terms at a glance

    Loan amounts$1,000 to $40,000
    Term lengths36 or 60 months
    APR range7.04% to 35.89%
    Origination fee3% to 6%
    Prepayment feeNone
    Minimum credit scoreVaries

    LendingClub rates

    LendingClub charges an annual percentage rate (APR) between 7.04% and 35.89% on personal loans. Costs and fees for borrowing with LendingClub include an interest fee, and the company charges a one-time origination fee that's 3% to 6% of the entire amount you're borrowing.

    LendingClub FAQ

    How does LendingClub affect your credit?
    Checking the rate you qualify for from LendingClub will not impact your credit score.

    If you choose to move forward with the loan, LendingClub does a hard credit check to evaluate your creditworthiness, which may cause your credit score to drop temporarily.

    How long does it take to get a loan from LendingClub?
    You can get approved for a loan from LendingClub within 24 hours and receive funds within two days.
    Does LendingClub verify income?
    LendingClub verifies the incomes of most loan applicants. When applicants apply for loans, 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 LendingClub loan early?
    LendingClub does not charge any penalties for paying off your loan early.

    Is LendingClub legit?

    LendingClub 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. Just be sure you’re getting a rate and loan term you can manage.

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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 LendingClub?
    • 4,010,719 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: Sept. 14, 2022

    I applied for this loan to do some debt consolidation at a good rate and to get the last of some credit card debts on a lower interest loan to get it finished off. Well it was a good rate, the application went quick and I was thinking this is easy. Unfortunately, the application process is flawed and the staff is under trained or doesn't care. All the 24 hour processing times are a joke. I submitted a 4506-C form since I'm self employed and they give directions during the application process to submit it by printing it out and filling it out and scanning and uploading.

    Well after a week of radio silence I find out that a separate company called "Veri-Tax" sends an e-form you "have to use" and thats the problem. So I have to go into my spam folder and find it and do that and email the company to make sure they got it. Another week passes and I reach out again and find out there is a special code that I have to provide to Veri-Tax to make sure the form comes back to my account which was never said anywhere until I called to complain. Well I finally get that to Veri-Tax myself because Lending Club can't be bothered to. Well that finally gets the loan approved.

    Now after a week of the loan being "Approved" I'm waiting on funding because apparently this company doesn't have the capital to fund loans they approve. So now I'm over 3 weeks in, a week after "approval" and no word on if or when I'll get my funding. Not to mention that half the time I've called and tried to get answers along the way agents have no idea about what's going on or just give me information that was later proven inaccurate. Definitely get your loan somewhere else.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 14, 2022

    I was applying for a joint loan. The other person on my loan was never contacted about the loan or asked for any verification of pay information etc. I did not complete the loan information I did not send in proof of income etc. I began the loan process but did not finish it. One day later after applying, it indicates that I was turned down for the loan because of a number of adverse factors and none were listed. How can I be turned down for a loan when I didn’t finish the application my joint applicant was never contacted? As added information, I have no adverse information on my credit report, never late for a payment on anything. I have to wonder about the legitimacy of this organization. Contacting this organization is a joke; good luck finding someone.

    7 people found this review helpful

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      Rated with 1 star
      Verified Reviewer
      Original review: Aug. 10, 2022

      I applied for a loan on 7/26/2022 and the funds were deposited on 7/27/2022 into my Saving account as directed by me. I called on 7/26/2022 to cancel my loan since my plans changed and I did not need the loan. They told me not to touch the money and that they would cancel the loan and pull the money back from my account.

      I assumed they would pull the money from exactly where they sent it. In fact, they did not, they tried pulling it from my checking account and my bank rejected the transaction since the funds were in my Savings and not my Checking. I left the money exactly where they deposited to and since they were unable to pull the money, they are now charging me $1,396.00. The representative failed to confirm any details with me and did not explain anything other than to not touch the money and that they would pull it back. I have proof from my bank showing that the funds were deposited into my savings and the transaction showing they tried to pull the funds from my checking. I am also being charged $25 for NSF fees from my bank. I tried calling yesterday to speak to a manager and never heard back.

      I spoke to another manager today "Katie" which explained to me that since they only had 1 bank account on file, that is the information that they used and that I would be responsible for the outrageous fees applied for their internal mistake not pulling the money from the same place they sent it to. The reason they have my checking account which is the same account number is because over a year ago I borrowed money from them and had autopay set up. BEWARE and do not use them EVER!

      They even agreed with me that there was a mistake and instead of losing a customer for a mistake on there end, they could have just cancelled the loan and we could have moved but no, they way their money and they are trying to blame me and say well I setup the autopay and I should have checked the settings. Excuse me, why would the representative tell me they were going to pull back the money and not specify anything else. That's why I thought since I gave them instructions when I applied to have the funds deposited into my savings.

      3 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: July 26, 2022

      After returning from abroad I reported fraud/Identity theft to the fraud dept at LendingClub on the 5th of July 2022 and spoke with Dillion. He gave me a email to send in police/FTC report and additional info. On the 21st of July I received a one paragraph letter dated the 7/5, stating funds were deposited into acct ** and you benefited and nothing else. I’ve been researching this co., and their loan practices, and found from conception to date LendingClub uses a third party and algorithm to determine the validity of a potential customers identify and doc upload.

      In all their annual reports they clearly state this method is a problem/concerns because of the substantial risk of identity theft/fraud. In every annual report they reiterate the same concern/risk and vow to make changes to protect consumers. They haven’t to date, even though there are plenty of apps available. The bottom line is LendingClub has been aware of this for years and has not done anything to fix it.

      5 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: July 7, 2022

      I ALWAYS pay more than the amount due, often early and NEVER late. When I noticed that my amount due had changed, I was informed that my account was listed as in hardship. Their error with my credit!

      5 people found this review helpful
      Rated with 5 stars
      Verified Reviewer
      Original review: July 2, 2022

      Origination fees and a bit higher interest rates are not ideal... However, as a disabled veteran on a fixed income who has been trying to fix their credit, in part, resulting from several years worth of bad financial advice and a failed legal/advocacy system - LendingClub has been a godsend. They give folks who are reasonable with their money a chance to recover and get ahead when other institutions wouldn't - over trivial things that negatively impacted their credit score years ago, when it necessarily shouldn't have. The process is transparent, simple, and quick. So much so, I had to call to make sure I was approved because it seemed too good to be true, and too easy.

      LendingClub is definitely getting something out of it for themselves, make no mistake. They have a financial interest in it for sure; however, my overall impression and experience with both loans and my bank accounts has been nothing but overwhelmingly positive. From what I understand, things may have been different a few years ago with them when it came to loans, but I definitely believe (origination fee aside) they have more to offer than their competition. Interest rates seem industry standard for their type of financial institution.

      Be the first one to find this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: June 4, 2022

      Lending Club approved a loan for a dental procedure. The dentist office overstated the amount that would be authorized by insurance, Lending Club paid it in full before the work was done. Upon receipt of the EOB from Insurance that clearly shows the amount was considerably less I file a dispute within days of when the payment was made. It's been 9 months now and they still have not provide help to resolve the dispute despite me contacting them monthly asking for help.

      6 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: May 17, 2022

      For the last at least a month, I’ve been trying to help my dad refinance his car. And they kept spelling our last name wrong adding the N as ** . Come to find out, that’s how his original title had it spelled. Just this last week, we got the corrected title and sent it to them, and the last two times he gets an email stating that his paperwork is ready to sign and finalize his loan, the name is still spelled incorrectly. And we made sure this time the title was actually spelled correct.

      So this time, we talked with a supervisor, withdrew the application, but no one knows where the title is and they suggested that we go back to the post office and see if they can pull up our tracking number. What a crock!!!! I called the customer service number for USPS and I cannot even get past the automated service without a tracking number. This much I already figured, but I went ahead and gave it a try.

      3 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: April 6, 2022

      They take their sweet time paying off your original loan by mailing the pay off check regular postal service instead of using an overnight service., then you end up paying 2 or 3 car notes to your original finance company, and then turn right back around and have to pay the new lender. I work for a refinance company (RateGenius) and we use UPS overnight to send payoff checks so that we can track the payment. They quote me more money. The overall experience has been a nightmare. You call and get the run around as to who you have to talk to.

      Do yourself a favor and do not do business with this company. I AM VERY DISSATISFIED!!! IT HAS BEEN A COMPLETE NIGHTMARE. CUSTOMER SERVICE ACTS LIKE THEY HAVE NO IDEA WHAT YOU ARE TALKING About, when you call there is all sorts of noise in the background, the phone is choppy, you have to continue to repeat yourself. It is horrible.

      9 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Feb. 18, 2022

      Spent way too much time gathering forms and filling out papers for them after being "approved" for a loan. After finally getting everything done they said they don't have a product that matches what we are looking for. What!? Why in the world would you require so much information from someone when you don't have a product that will work for them. Absolutely ridiculous.

      18 people found this review helpful

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        LendingClub Company Information

        Company Name:
        LendingClub
        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