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LendingClub

LendingClub

 3.9/5 (470 ratings)
  • 5 stars
  • 4 stars
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  • 1 stars
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About LendingClub

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.

You deserve a great loan.

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LendingClub Reviews

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Page 2 Reviews 10 - 40
Rated with 1 star
Verified Reviewer
Original review: Nov. 23, 2020

My late husband took out a loan with them shortly before his sudden death. I was not a party to the loan, but when I contacted them they said my name was on the loan. Myself and my attorney have been trying to get them to send me proof that I was on the loan. They have not provided proof yet and it has been 18 months. They have ruined my credit so I cannot refinance my house or do anything. I am very upset???? with them. This is no way for a business to do business. If they had proof that I was a party to the loan I would think that I would have gotten a response from them. But nothing, instead I think they sold the loan to another company under my name. They stopped (the new company) bothering me after I told them what happened. I have called and called with no luck, no proof. How hard could it be to find?

15 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Nov. 22, 2020

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 a chance proved to me that despite the hardship, they supported me even during this Pandemic. Of course the trick is not to get into debt, but when illness, job loss and decrease in salaries and IRS taxes for both middle and lower class people impacts, decisions have to be made in order to survive.

5 people found this review helpful
Rated with 2 stars
Verified Reviewer
Original review: Nov. 21, 2020

Wow, talk about very high rates. I have a score of 760 and the rates given to me were completely way too high. This is not a place where you can go with good credit and get great rates and fast funding. Also, they nail ya with TONS of emails from EVERYONE. So if you have to go down the rabbit hole, create a separate email only for this stuff. Me, I will never ever do it again.

11 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Nov. 20, 2020

I have used Lending Club to fund/pay down medical bills twice. I have found that their process to apply very easy to understand, apply & get funded, approved. Their customer service is top notch, funds are directly deposited into your account, I find the whole process seamless & in my experience. I would highly recommend Lending Club.

Be the first one to find this review helpful
Rated with 3 stars
Verified Reviewer
Original review: Oct. 22, 2020

I received an offer from the LendingClub to refinance my car at a competitive rate. I filled out the application and received a determination. At no point did any of the paperwork mention that the loan would be actually be serviced by another company altogether, and the Truth in Lending didn't specify it either. It also stated I would have 60 days to make my first payment. After signing the loan docs, the next thing that happens is I receive paperwork from my actual loan company, First Services. Their paperwork doesn't mention anything about the 60 day grace period, and when I call them on it, they said they won't honor it. I had to go back and forth between Lending Club and First Services, each blaming each other. I finally got Lending Club to send the Truth in Lending over to their client, and then (and only then) they honored it.

4 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Oct. 16, 2020

I have had two loans through this company and was completely satisfied with both of my loans UNTIL we needed some help during the unforeseen pandemic that lead to income issues. They charged me $3500.00 for two months of deferments. This company is taking advantage and profiting during unforeseen difficult times that their clients are facing! Absolutely a disgrace!

18 people found this review helpful
Rated with 4 stars
Verified Reviewer
Original review: Oct. 1, 2020

The loan process was easy, but it took a while to get an answer. I'm rebuilding my credit so I needed a loan. This one was a good one. Only drawback was the loan fee was a little high, but otherwise I would recommend.

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Rated with 5 stars
Verified Reviewer
Original review: Sept. 27, 2020

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 actual APR was fully disclosed and in my case fairly reasonable (6.9% with 3% of that being pre-paid) for my credit score for an unsecured loan. Other companies were quoting up to 19%. No way I would ever take such a loan. I also liked that the loan rate was not all prepaid (although 3% was) as I needed the loan only short-term (less than one year), so I paid it off very early, and ended up paying far less than if I had paid it back over the full term. The 3% of the APR which amounted to prepaid interest, for me was worth it at the time I needed the funds.

4 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Sept. 26, 2020

I was in need of some money, and the Lending Club came to my rescue! Though I didn't get approved for the amount I initially applied for, I DID qualify for enough to get me through a difficult time... Application was simple, quick, and thorough, and I received the Loan quicker than expected! THEN, when I got a "Windfall", I was able to payoff my Loan early. They even sent me a check for the unpaid/unearned interest!!

4 people found this review helpful
Rated with 2 stars
Verified Reviewer
Original review: Sept. 25, 2020

I once had a personal loan with this company, and it was a horrible ordeal. The process was tedious and time consuming. Once I finally got the loan and began to repay, it got even worse. The customer service was anything but service. The representatives were not very cooperative and were somewhat combative. I will never do business with them again under any circumstances.

14 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Sept. 24, 2020

Application process for the loan was quick and simple, my experience with customer service was friendly all my questions were answered. There was not a long wait to speak with someone. Repaying the loan is convenient as they pull directly from my checking account. Plus I'm usually advised before payment comes out. Taking this loan really helped me in the time I needed it most.

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Rated with 4 stars
Verified Reviewer
Original review: Sept. 23, 2020

Easy and quick to file an application with them. I was approved within minutes. Their member's only website is easy to use including setting up autopay. They were the only ones that accepted me after a few attempts at consolidating my credit card debt.

2 people found this review helpful
Rated with 3 stars
Verified Reviewer
Original review: Sept. 22, 2020

They do not allow you to include your spouse and their income as part of the process. If you are having issues with credit score they will help you but you have to get your score way up and quickly if you want to continue doing business with them. Really nice customer service.

Be the first one to find this review helpful
Rated with 4 stars
Verified Reviewer
Original review: Sept. 21, 2020

I am in the process of looking for financial help and from what I have seen so far about this company they look quite trustworthy. I am looking for a personal loan to get some things taken care of and they offer a lot of different options which I am checking into for my needs.

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Rated with 3 stars
Verified Reviewer
Original review: Sept. 20, 2020

Customer Service needs improvement. Too many robotic phone options required before getting to a live representative. Not willing to lower interest if your credit score improved and loan has no late payments and records shows paying more than minimum monthly payment.

Be the first one to find this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Sept. 19, 2020

I am happy with LendingClub because it was the only company that really helped me when I needed it. They offered me good interest rate and I could pay off credit cards that were killing my credit score and my financial situation. Thank you LendingClub.

Be the first one to find this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Sept. 18, 2020

When covid hit my job was put on hold. I called this company to defer my payments twice & was even ok'd but yet they still didn't defer it. They overcharged me interest as well bc my credit score wasn't that bad. Then I offered to pay it off if they'd negotiate the APR. No deal. How is it I've been paying on a loan since Dec and it's only paid down 500.00?? That's asinine! These people overcharged me interest. Told me they'd defer my payments. Lied to me when they said it was deferred and then wouldn't even negotiate for an early pay off. I DO NOT recommend this company simply because they're a loan company to try to help people but yet they're only helping themselves. My credit score was not bad enough to warrant that high of interest. In fact I took another loan out to get rid of this one and the interest I'm paying is over half of what they were charging me. Terrible company!

10 people found this review helpful
Rated with 4 stars
Verified Reviewer
Original review: Sept. 18, 2020

When I originally considered applying for a loan I was skeptical after seeing other companies and their rates. I was surprised when it came to this site. I found that one lender that fit my criteria and was able achieve a loan that fit my terms.

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Rated with 4 stars
Verified Reviewer
Original review: Sept. 17, 2020

I thought the whole process was about average. Hopefully they will offer more repayment options. I think a better grace period would be better. The customer service was good as well. And like I said the overall process was great.

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Rated with 5 stars
Verified Reviewer
Original review: Sept. 16, 2020

Simply put - - Doing business with The Lending Club was a Pleasure!!! From start to finish, Application to Money in the Bank, was Smooth as glass!!!

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Rated with 1 star
Verified Reviewer
Original review: Sept. 14, 2020

I mailed a cashiers check to pay off my loan and they received it on August 31st, 2020 at 9:30 am. I am still waiting on for the over-payment due back to me and keep getting the run around. It should not take 2 weeks to get your money back. I have made several calls still no refund. This is horrible business practice. I will never do business with them again.

7 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Sept. 8, 2020

WORST CUSTOMER SERVICE. I called to cancel my loan application and was advised that it was cancelled. A week later, the funds were in my account. I called again and was told there weren't any notes on my account and the call would be reviewed. I was told to call back a week later. I did so and was put on hold 3 times and hung up on 3 times. On the 4th attempt, I was transferred to someone who said they would escalate the issue and review the call. I was told this was done 3 weeks ago. I never agreed to this loan that is on my credit report and would very much like to return the money.

12 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 5, 2020

Lending Club is HORRIBLE. At the beginning of 2020 I stopped allowing them automatic withdrawals from my bank. I called them and made a deal to pay things off on my fourth loan with them. I'd never had a problem. I was told it was all set up and the new withdrawals would be made and I gave them permission. It's been a dog's breakfast ever since. They have satellite operators who usually don't know what the hell anyone else has done. In the last loan I have with them, I have set things up FIVE TIMES with different operators and been told everything is good. But for a couple of months I thought things were being taken out and forget about it. They didn't.

I called to find out what was going on and they said, "Oh, you were sent to collections." So I got that straightened out and paid. I wrote the CEO about it - NO REPLY, NOTHING. I called August 2020 and an operator in Houston told me it's all straightened out now. But guess what? IT WASN'T. I got a letter today 9/3/20 saying, "Oh, you didn't make your payment." STAY VERY FAR AWAY FROM LENDING CLUB, they're horrible.

12 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Aug. 25, 2020

I’ve applied and they ask same docs needed if you’re applying for a mortgage. After verifying 2 years of tax return, 2 past pay stubs and checking account. They said they could not verify employment verification through my HR phone number. After about 3 weeks I gave up and cancelled my application. I’ve gotten loans with other companies with much faster process and lower rates. I highly recommend to stay away from this company.

12 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Aug. 21, 2020

My experience with this company has been an absolute nightmare. They took my money, then claimed they could not verify me. They locked me out of my account for 2 weeks. I submitted all of the documents requested and still they revoked access to my own money. I requested them to refund my money back to the original source. They have not done so. They are ignoring repeated emails and phone calls. They have stolen my money. Beware.

13 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Aug. 20, 2020

If I could give negative stars I would. Where do I start? I signed up with this company thinking it would help but it didn't. When I filled out the application the phone calls started to roll, cool in which I'm thinking. When I spoke to the individual I asked before I took the loan if I could split the payments up, and was told yes, as long as it's paid before the due date. So I accepted because I had all of my finances lined up the way I wanted them. This was the whole reason why I signed up to get a hold of finances. When it was time to make the first payment I wasn't to break it up like I was told and I had to pay the whole amount.

I immediately called Lending Club and was told that I can't break up the payment, I can make an extra payment if I want to but it can't be broken up even if the amount is paid before the due date. Talk about a blow to the face, you get these emails saying take a loan to help pay off your debt and yes it all sounds good but nope that's not the case. So after making months of payments I applied for SCRA the Soldiers and Sailor's Act to try to lower the payments because these payments are killing me.

This company has said no every time I have applied. So last year I deployed to Iraq and even provided a copy of my orders to see if me being out the country works because that is how the benefits works. After sending the emails and not hearing anything for a while, I finally got my hands on a calling card and called this company. Again they denied this benefit, and I told them, "I'm not trying to get out of paying this, but lower the interest rate." She informed me that you can't refinance, nor can the interest rate be lowered. "We are not obligated to order the SCRA because you were already in the service when you took this loan."

So I'm finally back because I was overseas when COVID-19 took off, and again they are no help. I keep explaining to them now the money isn't coming right now and I need to lower these interest rates because I need to make up payments that my spouse can't make. I have other bills that are coming in and I need to pay those as well. I even asked if I could break the payments up instead of the payments being taken out all at once, and guess what. I was told no again. I have called and they said I could make payments late with no penalties but I don't want to be late, nor do I want to miss any payment, I would like the rates to be lower, or let me break the payments up.

Finally being home I was able to call to and asked how can I write a review and was told to send an email if I want to write a review. Any of my friends who are going through hardships due to COVID-19 I would not recommend this company, they are no better than payday loan stores if you ask me. I have so much to say but I doubt anything would be done. If you are Military do not work with this company. They are not military friendly at all. If I was trying to get out of making these payments then I would understand your company saying no, but I'm trying to do the right thing by making these payments. I took this loan to get out of debt, but now it's like what's the point since you don't have the money to pay your other bills.

7 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Aug. 20, 2020

I have a much higher Fico now than when I took the loans out. Tried to consolidate them one at 14.87% and one at 12%. They refused me due to high credit on my credit cards which is 20% and I already have 2 loans. I am trying to combine them. The customer service rep was out of country and didn't understand.

5 people found this review helpful
Rated with 2 stars
Verified Reviewer
Original review: Aug. 12, 2020

I took out a loan through LendingClub to launch a business in 2018; the interest rate was quite high considering my credit, but I agreed to it, and they were upfront about everything. Once I attempted to pay my loan off, however, I was met with total incompetence and a complete lack of responsiveness. I decided to aggressively pay off the loan in its entirety a couple of months ago, and I made a large payment in late June a couple of days BEFORE my official pay date to pay off the loan.

A few weeks later, I get an email notice that my June payment is late, despite showing the large payment I made. I contacted LendingClub through the web site to find out why this was the case, and they let me know that I still had some deferred interest to cover. "Sure," I said, "but why am I showing that I'm late on a payment AND why does the site say I owe $0?" Before forking over more money, all I asked was for a statement so that I could have an official document showing that I owed what they said considering my account on the website showed no balance; they simply responded back with a dollar amount in the body of the email and no explanation.

I called directly, and stated that I was willing to pay whatever was legitimately owed, but I wanted to see some breakdown, and the online portal for my account had nothing on it, showing that I owed $0. I was told, "I'm sorry that's how our system works, I know it's a problem; our website kinda sucks." I could tell the customer service person was genuinely sorry but couldn't really help.

I also inquired about why I was showing a late payment when I paid a larger-than-required amount TWO DAYS BEFORE THE DUE DATE, as I take my excellent credit very seriously. The service rep said not to worry about it. Within two weeks, I got a threatening email stating I would be reported to the credit agency for being late on my loan payment. I called and again spoke to a customer service rep who was trying to help, but couldn't. She said I needed to speak to a manager, but unfortunately, there was no manager there that day! Please keep in mind, I was talking to her mid-afternoon on a Friday, not in the middle of the night! She said it did appear I was about to be reported to the credit bureau.

I decided to simply make the payment that I was told I owed without substantial documentation rather than fight with the credit bureau for months on end since no one at this organization could either explain why I was showing a late payment or provide even a remotely helpful financial statement showing what I still owed. This is without a doubt the most backward, useless lending organization I have ever interacted with, and throughout both my personal and professional life, I have interacted with quite a few. Marcus by Goldman Sachs, My Best Egg, Chase, SoFi, and many others are much more responsive, knowledgeable and helpful, and their sites actually work as advertised.

4 people found this review helpful
Rated with 2 stars
Verified Reviewer
Original review: Aug. 7, 2020

I have had 4 loans with these guys in the past and they were all paid on time and paid off. The other day I applied for another loan with them and was turned down. 785 credit score with 2% debt ratio with no collections or late/missing payments on my report. What gives?

3 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Aug. 3, 2020

I tried to set up an investor account but they already had my e-mail on file from when I explored rates on personal loans a few years ago. They designed the system so that you have to have separate investor and borrowing accounts so I cannot create an investor account. My e-mail is locked into a borrower account. You would think that perhaps you could close the borrowing account or change the e-mail to free it up for an investor account, but unless you have a loan you cannot control anything on the borrowing account. It just forces you to apply for a loan.

The customer support is slow and hard to access--I would make it hard to access to if the most basic elements of the website as dysfunction--so I haven't heard back. Needless to say, I never made any investments and I didn't want a loan so forcing the loan application down my throat didn't achieve anything. I don't understand how a company based in SF could have such incompetent people in control of the user experience and design--it is the front door of the business.

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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