LendingClub

LendingClub reviews

 3.9/5 (247 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

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

    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.

    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 LendingClub?
    • 3,771,570 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: 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.

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    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.

    5 people found this review helpful

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      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.

      10 people found this review helpful
      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.

      9 people found this review helpful
      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.

      8 people found this review helpful
      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.

      11 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.

      11 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.

      18 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.

      17 people found this review helpful
      Rated with 5 stars
      profile pic of the author
      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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        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