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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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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.
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.
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.
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.
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?
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.
I opened an account with LendingClub in April 2020. The application process was easy and interest rate was fair, so establishing the loan went well. Since the onset, I have made payment thru my bank billpayer and have no issues with payments arriving on the guaranteed date that billpayer provides (I make 20+ other payments to creditors per month and have never had an issue with payments arriving late). I have now made 4 payments to LendingClub and have always submitted them with a guaranteed receipt date prior to the due date on my loan and in EVERY case LendingClub has posted these payments 2 to 3 days late and charged me interest for those days.
I understand that it doesn't add up to a lot, but this is not acceptable to me. I am guessing that they do this to many clients and it does add up to a significant amount. When I spoke with customer service at Lending Tree they told me that they processed the payment when they got to them and they do not back date the payment to date received. They also wait for my payment to clear my bank account before posting the payment to my account. When I asked to speak to a supervisor I was told none were available and that they couldn't do anything to help me anyways. This is absolutely not the way to treat your customers. I will never use this company again.
I have attempted to obtain a loan multiple times through Lending Club. My credit score is around 710. No collections, charge-offs, 1 late payment to Kohls (30 days--I missed one minimum payment because I thought charge would be on the next months bill). I have been approved but the "low rates" they advertise are not factual. The APR on the loan offered was OVER 25%!!! I feel they are very dishonest to keep advertising themselves as a low rate option.
I have had 2 previous loans with Lending Club. Payments were always made on time and I paid both loans off early. I recently applied for a loan and was told several times that I had been approved. I would check every couple of days for an update and all they would tell me was that it was in process. This was told to me at least three times so I waited and was planning what I was going to pay off with this loan. Then after waiting for about a week and 1/2, I received an email that I was not getting the loan for some bogus reason. I feel that this was very shady and I should have never been told that I was approved and then told that I was not. This is a very unfair way to treat a long time customer.
I had a loan through Lending Club, I scheduled an early pay off and they took the pay off plus an additional payment. They tried to make it look like my fault, I still haven't received my refund 5 days.
LendingClub Company Information
- Company Name:
- Lending Club
- Year Founded:
- 71 Stevenson Street, Suite 300
- San Francisco
- Postal Code:
- United States
- (888) 596-3157
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