LendingClub

LendingClub reviews

 3.3/5 (112 ratings)
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    Author picture
    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.

      LendingClub Reviews

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      Page 2 Reviews 10 - 40
      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.

      10 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.

      14 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.

      15 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.

      20 people found this review helpful
      Rated with 1 star
      profile pic of the author
      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.

      20 people found this review helpful
      Rated with 5 stars
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      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.

      Be the first one to find this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 17, 2020

      As long as you don't need to communicate with a person (phone or email) this company seems fine. The communication is rude and resistant to answering questions. They cannot answer questions about their program showing inaccurate information. If you have a hardship they will not talk about options unless you tell them your entire story only to be judged and receive their nasty attitude. I do not recommend working with this company.

      16 people found this review helpful
      Rated with 4 stars
      profile pic of the author
      Verified Reviewer
      Original review: Dec. 5, 2020

      Unfortunately most of your loan companies are not the best option as bank would be but the ones who PROVIDE DETAILED INFORMATION AND SEEM BE REALISTIC WITH QUALIFICATIONS. SO I'D SAY WORTH CONSIDERING however Interest rates can be high.

      6 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Nov. 30, 2020

      I opened a loan with them just before the Covid pandemic began. I was employed and had the salary to be able to pay the loan. The loan term was 3 years with a high interest rate. I lost my job and told them I would be glad to renegotiate the loan and extend the terms to 4 years with a lower rate and they said no. So they won't get paid anything. I was willing to extend the loan and more likely, make them more money than they would have made on the original loan by extending the terms of the loan a year for a smaller payment. They would not even entertain the notion. So, starting at the end of December, they won't get paid anything more from me and they'll write off the whole loan rather than re-negotiating something which probably be more favorable to them. If they're refusing to even entertain the option to assist during this time, then I refuse to continue to pay during this time. I'll take the charge-off. It didn't have to be this way.

      14 people found this review helpful
      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?

      16 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.

      7 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.

      12 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!

      21 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.

      Be the first one to find this review helpful
      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.

      8 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!!

      5 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.

      16 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.

      Be the first one to find this review helpful
      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.

      3 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.

      Be the first one to find this review helpful
      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!

      13 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.

      Be the first one to find this review helpful
      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.

      Be the first one to find this review helpful
      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!!!

      Be the first one to find this review helpful
      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.

      8 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