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LendingClub

LendingClub Reviews

LendingClub Reviews
4.2(373)
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Overall Rating
4.2 out of 5
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About LendingClub

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.

Pros & Cons

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.

LendingClub Reviews

ConsumerAffairs has collected 373 reviews and 1,174 ratings.

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Page 2 Reviews 5 - 35
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Online & AppLoan Process

Reviewed Sept. 21, 2023

The application at LendingClub was a very super easy process. They didn't make anything difficult. Everything was online. It took about 10 minutes.

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Punctuality & SpeedOnline & AppLoan ProcessRates

Reviewed Sept. 20, 2023

The application process was pretty quick. It was all online and I did it all from my phone. Their website was pretty user-friendly. I took a little bit longer in going through the loan application or which loan interest payment that I wanted to go through. The only thing that I found questionable is that the loan that I had taken out was about a $5,000 and they said something about the amount that got deposited in my account was 4,700. I don't know where the 300 went or what it went for.

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Customer ServicePunctuality & SpeedLoan ProcessRatesTransparency

Reviewed Sept. 14, 2023

The entire process was very quick and seamless. Responses to queries were timely and responsive. Requests for needed documents was clear and even when I sent the wrong document I received an immediate response pointing out the error so as not to delay the process. The rates was clearly spelled out with no bait and switch. Would recommend them.

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Customer ServicePunctuality & SpeedLoan Process

Reviewed Sept. 14, 2023

Service was quick and easy. Deposit of money and sent to creditors was timely as promised. Could have used a bit more money and better rate. Still happy with the end result. I would recommend Lending Club to friends and family.

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Online & AppLoan Process

Reviewed Aug. 30, 2023

The application process was fine and pretty normal. The approval process took a while. But it wasn't a terrible experience overall.

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Customer Service

Reviewed Aug. 25, 2023

Finally answering their call I was told approved filled out paperwork with him on phone then at bottom of paperwork it asks for my bank username and password! Ain't no way that's normal, I hung up on him

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Loan ProcessRates

Reviewed Aug. 10, 2023

LendingClub was able to give us the best rate in consolidating several accounts into one payment. The process was simple.

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Loan Process

Reviewed Aug. 8, 2023

This was a very easy process! Once approved, the funds were deposited in my account within a week. Between applying and being approved was a little weird limbo, like I wasn't sure what the next step was but overall great experience. Very easy step by step process. Would defiantly recommend using LendingClub.

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Loan ProcessRates

Reviewed Aug. 5, 2023

I’m happy with how easily you processed my home improvement loan. I’m looking forward to renovating my small kitchen. I chose this lender because I needed five years to pay off my loan and your rates are competitive. I used LightStream to help renovate my bathroom so I’m a returning customer.

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Customer ServicePunctuality & SpeedLoan ProcessRatesTransparency

Reviewed Aug. 4, 2023

A very simple and fast process. Thorough communication and information. No issues with the LendingClub documentation or requests. Time between the initial request and then the payout was less than 7 days. The rate and final information were quickly completed. Never was forced to complete and or add additional information. Much better than using an accredited banking system.

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Online & AppStaffLoan Process

Reviewed July 27, 2023

The gentleman that I spoke with was very helpful and I appreciated the level of support that I got on the front side of things. The application process was very easy and smooth. LendingClub was great to work with.

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Staff

Reviewed July 25, 2023

LendingClub had a lower payment than anybody else. I went online and put in how much I needed. They quoted me the price and within 24 hours, I got approved. Also, I enjoyed my interactions with their reps. They were nice people and they answered my questions. I would recommend them.

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Punctuality & SpeedLoan Process

Reviewed July 22, 2023

I have had 5 loans through LendingClub in the past and have paid them all on time and paid off way ahead of schedule. I had a situation come up where I needed a quick small loan in the amount of $3600. I make a great income and provided my pay stubs and 2 years of tax returns to validate. On top of this documentation they were requesting for me to fill out ANOTHER document giving them permission to receive tax transcripts from the IRS! Not only is this a big inconvenience to print, fill out form, send back etc... it is, in my opinion, WAY over the top for such a small loan and for a very good existing customer of theirs. I decided to withdraw my application and go with a lender who is MUCH easier to do business with.

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Customer ServicePunctuality & SpeedStaffLoan ProcessRates

Reviewed July 18, 2023

I have (had) impeccable credit. I've had not one late payment, collection or unsatisfied loan on any of my credit reports. That was, until I made this mistake of entering into a loan agreement with LendingClub. Sure the application process was easy, albeit the interest rate a but high. However, it is not worth the damage that they have done to my credit through their unscrupulous reporting practices.

In August of 2022 I was involved in a motorcycle accident, which led to my missing just nearly three weeks from work. The missed paycheck put me in a bit of a tight spot, and I reached out to several of my creditors for assistance. LendingClub was kind enough to offer me a hardship program that would allow me to miss my August payment, followed by three discounted payments. Very kind of them, or so I thought. I accepted and submitted my next two payments right around the due date, with no problem. Unfortunately, in early November, I myself went down with covid, and another two weeks of work were missed. I ended up making November’s payment about two weeks late. Cue malicious account reporting.

Later in the month I log into my account to find that my account is showing more than 90 days past due, and I am floored. A conversation with a LendingClub representative reveals that my hardship program had been negated, and that my September and October payments had been reversed and instead attributed to past payments, that were all now due in FULL! I am told that my account will be reported as delinquent. In order to bring my account current, I must somehow come up with around $1350. Obviously, I did not have this money. To save my credit rating, I then proceeded to take out a high interest loan and brought my LendingClub account current before the next reporting cycle. Apparently all was for naught.

Mind you that at this point, my account had not yet been reported as delinquent to any credit bureau. In fact, all payments through November were reported as current. Later in January, my “current” status for August, September, October, and November are all backed out and CHANGED with all three credit bureaus and instead reported as 30, 60, 90, and 90 days late respectively. Please tell me LendingClub, how can you be accurately reporting my account as current for months and then suddenly change all reported payments as late? Very unscrupulous reporting practices. How is it advantageous to cripple your clients via credit reporting? As someone who very regularly utilizes my credit through lending, I can assure you that I will never come to Lending Club for any loan in the future.

I understand that the hardship contract I signed allowed LendingClub to cancel my hardship program in the event of a late payment but backing out my previous months reporting to reflect my account as 90 days past due was an unnecessary and unfair consequence. Also, from my understanding, not justifiable. At no point, no matter what, did I allow my account to reach 30 days past due.

I have attempted to reach out to Lending Club many times for assistance in this matter. Their customer services reps don't have any real authority to help me with reporting, and unfortunately, assistance from anyone in a supervisory or decision making roll is nonexistent. On several occasions I have requested that my call be escalated so that I might speak with someone who could better help me. I have never been successful in speaking with anyone up the food chain. I am either given the option of email, which goes unanswered, or a return phone call. On three occasions I have scheduled a phone call that was never returned.

I did speak with one customer service representative who actually took the time to dig into my account. She agreed that their were inaccuracies in reporting and that these inaccuracies should be corrected with all three credit bureaus. Although she did not have any authority to assist me, she did make detailed notes to my account and forwarded them to their dispute department. She then instructed me to fill out their dispute form and mail it in. I mailed in the dispute form, along with a copy of my credit report and additional information requested. Three weeks later, I received an email stating that the reporting is accurate and no changes will be made.

I have never gone anywhere near 30 days late on any payment to LendingClub. Run, run far away from this company. Their automated system will punish your credit without cause, and management will do nothing to rectify their mistakes. The borrower is at their whim. Heed my warning. Do not enter into a contract with this company. It seems that there is no recourse for inaccurate reporting. As of today I am posting this review, opening a case with the Office of the Controller of the Currency, and reporting them LendingClub to the BBB. Beyond that, I am hopeless that anything can be done to rectify these very shady credit reporting practices.

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StaffLoan Process

Reviewed July 15, 2023

I needed a loan and LendingClub made it really easy. They helped a lot and it was a real wonderful experience.

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Customer ServiceLoan ProcessRatesTransparency

Reviewed July 15, 2023

The application process with LendingClub was easy but they could have communicated better with email. It was simple because everything was done online. The loan was just approved and I never talked to anybody. The interest rate is a little higher than what I thought. But still, it's not horrible.

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John increased rating by 2 stars.
Customer ServiceStaff
After a positive interaction with LendingClub, John increased their star rating on July 11, 2023.

Updated review: July 11, 2023

After a second call with a much shorter wait time the issue was resolved.

Original Review: July 11, 2023

By my neglect I did not update the phone number associated with my account so I could not log on with a security check after returning from volunteering overseas and some time away from my account. I recognize that was my fault. The system did recognize my user ID and password. The only security check was a phone number, no longer active. No other option is available, such as email or providing identifying information. There is no apparent way to automatically submit a trouble ticket for this issue. Other financial websites have such features that would have resolved the issue. My account is a legacy investor account, so I was one of the people that helped them start years ago. I remain happy with my Prosper account, a similar service that I started around the same time and was able to continue without problem after my time away.

I called Lending Club multiple times and after an hold time of almost an hour with their automated response very frequently saying that the call was very important I finally spoke with a representative. I was told that the problem was fixed. I also emailed multiple times and did not received a reply after days and days. This is not my fault. Because of the excessive hold times and their inability to effectively resolve my simple log on problem I am unsatisfied with this company's ability to provide simple support and unfortunately would not recommend them to others who might need more complex support. A brick and mortar business or an online business with a better staffed call center and better customer support appears to be a better option. As for me, it looks like I'm stuck with another long hold time until I can resolved my problem and work to close my account as soon as possible.

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Reviewed July 10, 2023

I contacted customer service to double-check on one of the financial documents I needed to provide, and I was so impressed by how helpful and efficient the customer service agent I talked to was. She made sure I had everything entered correctly and answered questions I didn't even know I needed answered. I like the website and loan management as well; it's super user friendly. Plus my interest rate and APR is better than anything else I was able to find. Very happy with my choice!

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Customer ServiceLoan Process

Reviewed June 27, 2023

Everything was done online and straightforward with their application process. It was fairly easy all the way around. I was given the loan schedule and the payment schedule. I had a good experience. If I need something again, I'd use them again.

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Customer ServicePunctuality & SpeedRates

Reviewed June 27, 2023

LendingClub approved my credit and they have the lowest interest. The process took less than a week from the moment I applied to the moment I got the money on my account. It was fairly quick.

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Punctuality & SpeedLoan Process

Reviewed June 11, 2023

The process was easy and the distribution was quick. Was able to complete application from my Cell Phone. I would definitely recommend Lending Club to friends and family members. Lastly, I would use Lending Club again in the future. Cheers!

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Staff

Reviewed June 11, 2023

Everything went well. Thank you Lending Club. Progress of the loan time was acceptable and all the agents were very courteous. I may need another loan after I get this one paid off. I know 3 yrs is a few months down the road but I appreciate how everything processed out. Thank you all.

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Customer ServicePunctuality & SpeedLoan ProcessRates

Reviewed June 10, 2023

LendingClub has a better offer. Their process is very easy. You just fill out the application online, sign it and send it to them. I got my funds within 48 hours. It was fast. The loan was perfectly timed.

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Customer ServicePunctuality & SpeedRates

Reviewed June 9, 2023

The application process was real quick. It was within 24 hours. Then within four days, the fund was activated and approved. Within a week to 10 days, it was paid out. It was very time-sensitive that it really made it easy and just confirmed that the LendingClub was on top of things. It was really seamless and simple.

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Customer ServiceOnline & AppStaffLoan ProcessRates

Reviewed June 9, 2023

I got a personal loan. Applying was straightforward and I was funded in 10 business days. I feel good about the terms I received.

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Loan ProcessRates

Reviewed June 8, 2023

I am as satisfied and happy with the "Personal Loan" that was granted to me by the LendingClub. It was a simple and uncomplicated process that took just a few minutes to verify and complete. The rate that I was offered was competitive and I accepted the amount and the terms almost immediately. I can highly recommend the LendingClub to anyone who wants the same experience as I had. Thank you.

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Staff

Reviewed June 8, 2023

Very helpful and so easy. I really liked that they paid my credit cards directly. Definitely world recommend and have! I also like the fact I didn't have to speak to anyone directly for them to try and sell me or confuse me.

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StaffLoan Process

Reviewed June 2, 2023

DO NOT use this place, the people in this edifice are LIARS and come-on artists. Lending Club invited me MORE than once to get a loan. l finally decided to get one, their email implying I would get the loan if I DID apply. I applied for $25,000 a SMALL amount for debt consolidation. I have an income in the SIX figures. I have ONE credit card debt of $4300 and that is IT--and I paid OFF $4500 on it in ONE month. My only other Debt is a mortgage payment and LOTS of people have that. I have another credit card but that is paid OFF every month. And what does this horrible office tell me??? I have to have a co SIGNER FOR MY SMALL $25K loan. That is absolute garbage and a LIE. I can WELL afford the loan. DON'T go to this site.

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Staff

Reviewed May 21, 2023

Integrity poor! My account went past due (roughly $17K - not accurate) and sought out help in negotiating a settlement. But successfully there was a reached upon agreement for a lesser amount for $8K (not accurate). I made consistent payments towards the agreement on the now established amount of $8K for over a year. Then also successfully I re-financed my home and tapped into my equity. Through the mortgage dealings, my debts were implemented to pay them off. The bank (mortgage) issued checks to deal with those accounts. However through policy I guess the company couldn't acknowledge the debt settlement as that agreement was between my agency and the account. So in other words, the bank (mortgage) issued checks in the original amount of my accounts. I sent out the checks to various companies with the understanding that overpayment funds would be sent to me.

In a nutshell, other companies that have a lesser amount debt settlement had in fact sent me the overpayment funds back to me. Yay!!! There are good people/companies. Now the problem, Lending Club will not honor the debt settlement agreement for a lesser amount. The case being that they should send me an overpayment of $10K but as of yet have not. They sent me a minor overpayment which is not even close. The bank (mortgage) sent the $17K, but Lending Club applied that amount to the original balance. Which in turn they sent me $500 in difference of overpayment. They should have applied the bank check to the debt settlement agreement of $8K which would've given me $10K refund. Again these numbers are reference.

Lending Club should honor my debt settlement agreement but have not. So in my experience they DO NOT HAVE INTEGRITY, other companies I've dealt with do. So Lending Club is not trustworthy. But through my complaints Lending Club still deliberates a solution. I strongly believe I am owed $10k. So until they resolve this matter my review this will stand as a 1 star for lack of integrity!

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Customer ServiceStaffLoan ProcessRates

Reviewed May 19, 2023

The process with LendingClub was so easy that I didn't even have to work with any of the representatives. It was seamless. Everything was done online and there were no hassles. The rate was competitive with the other rates that I got. I would recommend 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