LendingClub
Reviews and Complaints

LendingClub is not a bank, but they are predatory lenders.

They are not clear about their rates, the ORIGINATION FEE (They definitely aren't a mortgage company)...and a little "bait and Switch or the interest and APR
5%-%15 then get a 24% APR (My credit scores run between 798-805 WTF
Not that fast...
I applied January 19 got funded February 2
Make you jump through hoops
Borrow $16, 000-$800 Origination FEE?!=$15, 200

Then in May (3 1/2 months later) it dawns on me that I could've just gone to my credit union and get a loan for this amount for only 9.9% so I apply and get approved that day, funds are transferred into my account overnight! NO $&%&# $800 ORIGINATION FEE!
Monthly payment $489.00 mo! $101.00 a month cheaper for a total savings of $1, 212.00 a year or $3, 636.00 over the 36 months...thats a car down payment, cruise, vacation, etc!

After making 3x payments of $590.39 ($1771.17 for three months) the payoff amount is $15, 207.00 ($7.00 more than they gave me!)

So to take possession of the original $15, 200.00 for 3 1/2 months is cost me ($1771.17 + $800.00=$2571.17 or $857.06 month)

Then when I schedule the payoff, I tell the girl to schedule the payoff payment for May 21st since my bank won't clear an amount that large overnight and to do it before would cause the transaction to bounce...she says since it is Saturday there is no clearing so it would have to be either Friday May 20th or Monday May 23rd... common sense would say lets go with the Monday May 23rd...which is what I instruct her to do.

What day does she schedule?...YEP! May 20th!

I only caught it by going out on the website to check it the same evening as my scheduling the 23rd.

If I didn't catch it...I would have been dinged by my bank for a $15, 207.00 NSF, my first NSF in over 25 years!

LendingClub is definitely "Caveat Emptor", expensive

Crowd Funding is a great concept, but it is supposed to be a better, less expensive, easier access way to fund.
Not a more expensive, jump through getting a mortgage type hoop loan.
I have heard even complain they get turned down by LendingClub then approved by their own cheaper bank or credit union for lower rates, no ORIGINATION FEES or prepayment penalties.

From an investor's position, I wonder if they see any part of that $800.00 origination fee?
You know they are only seeing a portion of the interest even though it is their money at risk.

Well, I'm not surprised the CEO has just resigned this week for "irregularities"

I think the Subject sums it up. Thought I'd give it a try. They should not be allowed to offer loans that they should know they are not going to honor. I have two Capital One Accounts that were offered to me. My credit is poor. But enough that Capital One and Best Buy had no problem, however LendingClub did not even take a minute to deny my inquiry for Debt Consolidation. I am seriously wondering if the scam is that they get you to authorize Terms of Use and other agreements. I did not read them directly. I wonder if they are merely Data Warehousing people's credit information and selling it.

I came here to check out the validity of Lending Club's offer. It suddenly dawned on me the sensitive information I would have to share with a relatively unknown company in order to get approved/disapproved. I guess they just haven't been around long enough for me to trust them, and I don't feel comfortable giving out my SSN and banking information. With all the hacking going on, no matter how they try to reassure me about their "encrypted" pages, it's just not enough. I'm throwing away my offer!

Hi i thought i was truly with lending club i am 61 my spouse is 63. We are both disabled, i have cancer in my esophagus, i have 12 c dells that have been burned, they are trying to stop them. We are on ssdisability i wanted to consolidate my bills and now i was ripped off by some vietnamese sounding men, they used 4 different names and 2 different addresses. Steve johnson, also victor martin, , , the keith walters and also rachael moor, one gave me an kansas address and the other one gave me a florida address to send the money grams, 300 and 200 dollars i had to borrow the money, is there anyway i could borrow just the 500 dollars to pay these people back, i know its not your fault but i wanted to consolidate the bills in case my cancer cells became active so my spouse would not have to worry too much. Please please i beg you can you please help me, i will pay it back. I don't know how to tell these people i was scammed i feel like such a fool. I am trying to not have a nervous breakdown over this. I have all the information and numbers i could give you of these scammers, , please let god see into your hearts to help me. I know it is a lot to ask for, i pray jesus christ our lord and savoir will give you the strength to help me. Bless you thanks for listening to me. Shirley kanter

these people offered me a loan if I would "only" pay 150.00 for the "insurance" on the loan. Against my better judgment, I purchased the Lock It card, transferred the $150 - at which time, "Daniel" advised that $3, 000 would be sent to my account via EFT. The next call I got was that they could not do an EFT, and I had to pay another $189.00 to them with another 'lock it" card, and they would have the funds transferred to Western Union - where they would give me the funds. In the beginning, I advised "Daniel" very strongly that all I had was $150 - and that I could not pay anymore, and that I was trusting this company with the $150 (my grocery and gas money). The very minute I paid this, they want more money. I am now without $150, without the loan, and they are telling me that to get the $150 back, even though there is no "loan" is "impossible". I will send proofs upon request.

Received a a pre approved letter in the mail from Lending club. I read the front and back page of the offer.The true creditor is Web Bank in Utah. So I figured this was a real deal. I applied, furnished all the verifications they needed. They approved me, but funding turns out not to be from Web Banks Vault. Like a regular lender would do. Just cut you a check or bank wire the money, nope! They list your info. on line for private investors to fund the loan you requested. This info. was not on the mailer I received from them. Web Bank, DBA as Lending Club is a loan auction house, not a real lender as described in their mailer. So in my opinion this is false and misleading info. in their mailer and should be looked into by somebody. They should tell the truth, be out front with people. Web Bank collects a loan origination fee out front when and if the auction is completed. That is how they make their money. So, my loan is sitting in a auction some place waiting for investors. To me now this whole process makes me think of a Russia or Nigerian Mob deal. So, this could be a movie. Am starting to write a script.

I too was taken in by Lending Clubs duplicitous tactics. Applied - recieved pre approval, then by a representitive requesting additional information, then three emails instructing me to respond by email. Then they debited my checking account, sent yet another email turning me down based on my credit score. Funny I received financing through my credit union in half the time it took just to respond to all their rediculous emails. However, this is a rather inventive way of duping the public at large. Think of the number of applications they receive, they charge you, then turn you down. Regretably I fell or their ploy and handed over my checking account information.. Needless to say my account is now closed.

Lesson learned - never do business with Lending Club and Ebay because of their association.

I tried to open a loan with these people they said they needed your bank account information to verify that it was you. Against my better judgement I gave that information and they proceeded to debit my account of a transaction under a dollar. They say they won't take the money it will just be pending. Instead it's been long gone from my account for two weeks now and they still haven't returned my money. I sent them an email and they never answered my question of when they would return my money instead they just said they turned me down due to lack of credit which is a lie I own my home. Then I told them I was going to report them and that's when they said to call them just to give me the run around telling me they would refund it in two business days which never happened and even though I told them by then it had already been a week.

When I tried to apply for a debt consolidation loan, Lending Club application did not include my husbands income or information. Their credit scoring said that Excellent credit score is 720. Mine is 742, and they still turned me down stating it was my credit score. How do people like myself get ahead when institutes like this disregard important loan information.

I have money market account, and can even invest some of it. But they did not ask me that. It turned me down so fast that the whole process took less than 5 minutes. This is not fair treatment.