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LendingClub

LendingClub
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Overall Satisfaction Rating 2.43/5
  • 5 stars
    32
  • 4 stars
    2
  • 3 stars
    2
  • 2 stars
    5
  • 1 stars
    43
Based on 84 ratings submitted in the last year
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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.

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LendingClub Reviews

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Page 2 Reviews 10 - 20
Rated with 1 star
Verified Reviewer
Original review: April 13, 2020

I called to have my payments deferred due to my job being affected by Covid-19. The only option was to defer for 2 months but interest would still be tacked on during the two months. I called to inquire about this situation and the person I spoke with told me they aren’t a financial advisor so they really shouldn’t be explaining this to me but if I pay off my loan on the original promise date I wouldn’t end up having to pay any additional interest.

The person was not explaining this to me in a way that made sense, still doesn’t. So I asked my partner to get on the phone with me because I don’t understand what they are talking about. The person on the phone then got a bad attitude and said get me off speakerphone. I informed the rep that my partner helps me pay bills we share all debt so we have a right to speak about this together. She refused to speak with both of us. I called back asked to speak to another rep who also said they can’t speak with my partner and myself together. I asked for a supervisor or manager. They put me on hold for a very long time and never got a manager on the phone. On top of all this the minimum payments are so high. I pay 396.00 a month and only 290.00 is put against the principal payment. They charge interest per day. There is no statements available to view how this interest accrues. It’s all so shady and I wish I never got this loan.

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2 people found this review helpful
Rated with 3 stars
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Verified Reviewer
Original review: April 9, 2020

I have been making loans on Lending Club for about two years now. I don't understand the logic behind this. Lending Club charges the borrower a fairly large "origination fee" and that fee goes only to the Company. So then I as the investor am given the right to take on $25 or $50 of that loan and at some point if enough "investors" sign up for this then the loan is finalized and the borrower (hopefully) starts making payments. Then as the payments come in, the Club takes a percentage of the payment in addition to the fee they already charged the borrower. Fairly often the borrower defaults.

I could go on and on about what I think about the vetting and grading process of the borrowers (which I think is severely lacking) but I don't see what the Club's incentive is to be cautions with their grading system. They benefit greatly if the loan goes through and they suffer nothing as far as I can tell if the loan defaults. I have found this experience to be a waste of time and while not a complete waste of money, not a particularly good investment. Let's face it, the only thing we know about the borrower is what LC decides to tell us and much of what they do tell us is just what the borrower puts on his/her loan application. The club does not seem to verify employment history or current income. I am assuming they give us an accurate credit score but we have no way of knowing that. This was kind of fun at first but now I just want the loans to be paid off so I can use the money for a more practical investment.

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3 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: March 19, 2020

I just explained to the operator that I've been hospitalized since the beginning of March with two viruses the doctors were trying to get to the bottom of. I was even intubated in ICU for 4 days, with the doctors themselves giving me a 50/50 shot at survival. I called Lending Club and explain that I don't even know when I'm going to be discharged and I need to sit down with all my bills when I get home. The operator offered a 15-day grace period. Isn't that generous? I still have tubes coming out my arms and unable to use the bathroom on my own, but they'll give me a 15-day grace period. Given what's going on in the world at the moment, I expected a little more compassion and humanity. Apparently that is not the Lending Club brand. Shocking and disgusting.

11 people found this review helpful
Rated with 2 stars
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Verified Reviewer
Original review: March 9, 2020

Getting approved was a nightmare. Took a lot of time. They needed everything under the sun. When they would get it, they needed more of the same thing. It took longer than usual from other lenders, to get anything done. It even takes a while to get the money. There is even a big fee (for what,) I have no idea, to even get the money. It comes out of the loan. If it was up to me, I would not have done this loan. My wife was the one who followed in with it. She didn't tell me any of the fees until after the fact. 750.00 just to get a loan, then, the big APR, and the interest rate was very high. Seems to me like sharks in the water.

6 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: March 5, 2020

I was impressed with Lending Club when I first took out a personal loan even though their rate was a bit higher than a local bank. It was easy to apply, easy funding and easy to change payment due date. Their online services became frustrating. Instead of helpful information it is full of marketing nonsense. Every other financial institution I do business with can provide an e-statement. To get a statement you have to call, wait 15 minutes on hold while hearing an annoying person tell you to go online for faster service, then you’ll have to explain why you need a statement. The representative told me it wasn’t necessary because the email reminders if you're late...

Finally a floor supervisor I confidently said they would go to the back office and have it processed. I think they were going to get the typewriter out... Getting an account statement should be simple with today’s technology especially for a company based In the tech center of the Universe. I wish I could say nice things. Maybe they will read this and realize their shortcomings. The floor supervisor got on the line and told they would process it. I asked when.

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7 people found this review helpful
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Rated with 1 star
Verified Reviewer
Original review: March 5, 2020

Decided to take the loan they offered by mail in order to build up my credit score. Was a bit suspicious, offer looked too good to be true. Suspicions confirmed. Interest calculated daily. No details statements provided to explain interest calculation. Online data hidden from view, customer must click around to find incomplete "payment history." Have made several very large "extra payments" to pay down balance.

In one instance, made an "extra payment" two days before regularly scheduled "automatic monthly payment" and accumulated $69.27 in interest in only 48 hours. "Balance" does not show daily interest calculations. Customer must click on "Pay off my Loan" to see true balance. Customer service phone number takes long time to speak to human. Customer service reps speak down to customers, have had some snicker/laugh, and all always state: "Well, that's how our system is, we are a paperless company" when I have asked for detailed statements that disclose interest accumulated, billing periods, etc. Am happy I will pay this loan off within 6 months of obtaining it. Strongly advise consumers to not take a loan with this company. Better to just borrow from your local loan shark than one in cyberspace.

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

I have received numerous loan offers from this company. I have e-mailed them and contacted them via USPS asking them to stop sending offers to me. They continue to do so. I have contacted the three main credit bureaus requesting that this company stop send me pre-screened offers. They continue to do so. They are also sending offers to a non existent person at my address. These people do not listen. I have advised them again, that if I continue to receive offers, I will file a lawsuit against them.

6 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Feb. 19, 2020

I got one loan for my business 3 years ago with them, my credit score was in 687 and I got a loan easy, now I get a new loan with my fico in 758 and easy too, so apply, very high recommend. Was in account in 4 business days.

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Rated with 5 stars
Verified Reviewer
Original review: Feb. 8, 2020

The ease in which filling forms online were extremely fast and easy. And with a brief follow up phone call to verify information, I was provided my loan within a very short time after. Doing business with LendingClub has been a pleasure!

3 people found this review helpful
Rated with 5 stars
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Verified Reviewer
Original review: Feb. 5, 2020

This is my 3rd loan with Lending Club and have never had an issue. They are great to work with and easy to apply. Money comes in about 3 days and they automatically take the payment out of my bank so I don't have to do a thing.

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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
Phone:
(888) 596-3157
Website:
www.lendingclub.com