Anonymous
map-marker Stamford, Connecticut

After origination fee, your actual APR becomes worse than credit cards

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Don't be scammed with LendingClub. When you apply to credit card, they provide 0% APR for 12 months or so, and points as you spend money. LendingClub? No 0% APR, and yet, actual APR goes up after fees! My situation: I had 705 credit score and APR was 14%. AFTER ORIGINATION FEE, APR JUMPS TO 18% when my chase credit card charges me 12.99% after 12 months with 0%. Also, once the loan is originated, there is no customer service from them, but once you miss one payment, they make sure to charge you with fees like late payment, non successful payment fees?!! Sooner or later, people will know about the truth of their operation that this is same as those payday loan scammer!
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1 comment
Guest

If you have a credit score of 705 and can get a better credit card, why in the world are you even looking at lending club? Places like lending club and personal loans are for people that can't get good credit.

Besides, if it's not what you were looking for, then go somewhere else. Shop around, don't just call them a scam.

They tell you all the details before you commit.

Chawn Lgn

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ

Verified Reviewer
| map-marker Pima, Arizona

Lending Club - No problem here

After reading all the reviews, we were very worried about using the Lending Club. After checking YouTube and other sources we decided to give it a try. What did we have to lose. It was the most easiest process I have ever done. Within 30 hours we were fully funded. By the next business day, the money was in our account. Thanks to those of you who wrote a good review. If it hadn't been for those, we may not have got all our high interest loans paid off. We are saving about $300 a month in monthly payments. Thanks to all the investors who helped us get fully funded. We won't let you down. Monica M.
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1 comment
Guest

I like them too

Anonymous

What gives with Lending Club? More than they are telling you...

Just by reading comments here I realize what is going on. Given there are many more negative than positive comments, one can assume that Lending Club has made the barriers to funding very high. My guess is that, after a substantial effort, 90%+ applicants are rejected. That is because the first priority of their business model is to assume as close to zero risk as possible. So they will be looking for ANYTHING that suggests even a remote possibility of a failure to pay the loan back. That means that a lot of people who obviously have the means and determination to pay everything LC wants, will be rejected, and will have wasted a lot of time applying. Or they will paying a high interest rate plus fees, and end up worse off than doing nothing! And LC isn't going to tell you this upfront, because that would hurt the quantity of applicants, including the small number that do qualify. The long and the short of it is, if you don't qualify for a credit card or other type of loan, you should skip LC. They pretend to be a consolidation lender, but they are not. They are in this business to make a lot of money and while incurring little or no risk. So are they scammers? That would be yes, because they are misrepresenting their objectives ("hidden agenda") and cloaking their policy and procedures. PS...LC seems to have a comeback for every negative comment--I would consider the source and disregard all of them. [Note: I warrant and represent that the information presented heretofore is truthful and accurate to the best of my knowledge, but it is solely my opinion.]
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6 comments
Guest

I don't think you have a clue as to what's going on genius. "their business model is to assume as close to zero risk as possible." I only wish this were true, but then nobody would be granted a loan.

I'm a small lender with Lending Club. I'm assuming the risk, not LC. So guess what? At least one out of every ten loans that I fund with LC goes bad.

LC does their best to screen out many of the high risk borrowers, such as the people who vent here. Unfortunately it's not an exact science. Some bad apples get loans, but thankfully many more are denied.

If they weren't the LC business model would fold. I don't make much money from LC, so if they relaxed their loan criteria I'd invest my money elsewhere.

Guest

The state in their investor section that they accept only 10% of loan applications. Obviously they market a lot to get a broad swath of potential borrowers and then pick the ones most likely to repay.

Keep in mind that they serve two markets - borrowers (like most of the posters on here) and investors (like me - I have about $5,000 in a Lending Club investment account.) As an investor, I definitely prefer that they reject iffy applications - the whole model falls apart if their default rate is so high that investors such as myself can't make money (we would take our cash elsewhere.) Sorry to those who can't get loans... but that's sort of how credit works.

Guest

Seriously? Does a business have to post that it is in business to make money in order for it to be allowed to make a profit?

A business by definition is in business to make money/profit or it will end up not in business.

Research the business model of LC and you will find the motive for them not taking large risks with the money belonging to their investors.

If there are no investors there is no business leading to no profit resulting in LC being out of business.

I suspect the business model of LC closely resembles the vetting process used by small banks in the past that were not underwritten by the government. Failure to properly *** out the bad loans would result in bank failure so better be careful with the funds entrusted to the bank by the depositors.

Guest

Sorry, but my experience was way different - it was good, and I don't have awesome credit. And why would anyone expect good reviews at a site called "pissedconsumer.com"???

Guest
reply icon Replying to comment of Guest-878656

so why you on here spanky

Guest
reply icon Replying to comment of Guest-878656

Yet you took the time to (1) visit the site and (2) provide a response. Hypocrisy at its finest??

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Anonymous
map-marker Miami Gardens, Florida

Lending Club - Aplication Charge Review from Miami Gardens, Florida

Be careful they charge $350 just for processing the aplication. That is stealing. That is to much.
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1 comment
Myonna Pmf

It appears you were the victim of a fraud scheme where others who are not affiliated with Lending Club use the Lending Club name. The people you spoke with were part of the fraud scheme, and the money you sent was not sent to Lending Club but likely was delivered directly to the fraudsters.

When we first became aware of this ongoing scheme we met with the United States Secret Service here in San Francisco, as well as filed complaints with the FBI and FTC (FBI Complaint Id: I1309251131004212, FTC Complaint Id: 48697737). We wrote this blog post to alert consumers and share tips for staying safe here: http://blog.lendingclub.com/protect-online-scams-swindles

We’re sorry this happened, and encourage you to report this to the authorities in hopes that it will help prevent this from happening to others in the future --Lending Club

Anonymous

This is scam after 10 days all the docs i was told no

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call me so i will tell you how bad was my time with those jokers Vic 503 547 **** is was so bad after my tax return and all paper works exactly what i was ask i delivered its a big scam stay away 24.5 interest plus $1000 fee to start. then when i call no one knows what is going on with my loan like i say stay far away from dose guys its a scam. i called them every day and no answer i needed yes or no answer. not a prefasenal place at all stay away stay away stay away stay away
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Reason of review:
Problem with delivery
Anonymous
map-marker Brooklyn, New York

Lending Club - Loan Review from Brooklyn, New York

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I applied and when they called to finalize the deal , he asked me for my pin to my bank account . I then told him I could not give him that info. He became angry and told me to suck his #%€£. I read that they were legit but they are not . It's a scam. . Please don't fall for it .
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Reason of review:
Poor customer service
2 comments
Guest

Don't get suckered into this company I'm about to sue this company for Fraud trying to get there customers to purchase gift cards so they can take you're money & scam you...Don't fall for it! The lady in CVS for warned me and I didn't listen to her still haven't received my refund yet..

Myonna Pmf

It appears you were the victim of a fraud scheme where others who are not affiliated with Lending Club use the Lending Club name. The people you spoke with were part of the fraud scheme, and the money you sent was not sent to Lending Club but likely was delivered directly to the fraudsters.

When we first became aware of this ongoing scheme we met with the United States Secret Service here in San Francisco, as well as filed complaints with the FBI and FTC (FBI Complaint Id: I1309251131004212, FTC Complaint Id: 48697737). We wrote this blog post to alert consumers and share tips for staying safe here: http://blog.lendingclub.com/protect-online-scams-swindles

We’re sorry this happened, and encourage you to report this to the authorities in hopes that it will help prevent this from happening to others in the future --Lending Club

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Anonymous

LC is honest and upfront

LC says on their website (read the investor part) that they accept only 10% of loan applications so they are completely upfront about it.

They cater to a very specific segment of the population that is credit safe but pays high interest on credit cards. This segment is offered a lower rate and the ability to refinance which is both a brilliant financial play as well as a good social service.

I agree that it would be great if credit could be extended to higher risk segments of the population but accusing LC of scamming because that's not part of their business model is ridiculous.

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Anonymous
map-marker Millville, New Jersey

Review from Millville, New Jersey

I recently applied for a personal loan through the lending club and need help with some questions on whether or not I was scammed. The guy called and told me I was approved for a loan of 1500. In order to receive my money I had to pay a fee of 150. After I paid the 150 like he suggested they claimed there was a problem wiring the money to my account. He the told me I could have it sent Western Union but they charge a fee of 234. I then paid that. He then had me wait 20min to receive the tracking number gave me 6 numbers out of 10 and told me I have to pay the irs 380 in taxes on a loan of 2500. Moral of the story im out of 400 I paid to them to get nuthn at all untill I pay another 380. Did anyone else go through this
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4 comments
Guest

c'mon man, paying money to get a loan? only blame yourself for getting scammed by nigerians.

Myonna Pmf

It appears you were the victim of a fraud scheme where others who are not affiliated with Lending Club use the Lending Club name. The people you spoke with were part of the fraud scheme, and the money you sent was not sent to Lending Club but likely was delivered directly to the fraudsters.

When we first became aware of this ongoing scheme we met with the United States Secret Service here in San Francisco, as well as filed complaints with the FBI and FTC (FBI Complaint Id: I1309251131004212, FTC Complaint Id: 48697737).

We wrote this blog post to alert consumers and share tips for staying safe here: http://blog.lendingclub.com/protect-online-scams-swindles/.

We’re sorry this happened, and encourage you to report this to the authorities in hopes that it will help prevent this from happening to others in the future --Lending Club

Guest

Sorry fella, that was a false representation of Lending Club, I belong to the "real lending club", they donot speak with an accent, and know that the accent is a dead give-away, its a scammmmmmmm. Rule of thumb, never give money to someone when applying for a loan.

If you have money, you can flip it to make more money, not give it away. Good Luck the next time!!

Myonna Pmf

Unfortunately, it seems you were the victim of an ongoing scheme where the Lending Club name is used by fraudsters. We have been aware of this ongoing fraud scheme and have met with the United States Secret Service here in San Francisco, as well as filed complaints with the FBI and FTC (FBI Complaint Id: I1309251131004212, FTC Complaint Id: 48697737).

We encourage you to add your voice to these complaints. We also posted a blog post to alert consumers and share tips for staying safe here: http://blog.lendingclub.com/protect-online-scams-swindles/. We don't know how the fraudsters became aware of you but what we have seen in the past is that they contact the victim using the Lending Club name or a variation of Lending Club. They promise the victim that they can obtain a loan through Lending Club by paying an application fee.

In some instances, the fraudsters return to the same victim multiple times requesting additional funds in exchange for securing a loan. Funds are usually transferred to the fraudsters through the use of a Green Dot or Vanilla Visa card (or similar device), companies with whom Lending Club has no relationship.

The people you spoke with were part of the fraud scheme, and were not affiliated with Lending Club, and the money you sent was not sent to Lending Club but likely was delivered directly to the fraudsters.

We're sorry this happened to you and encourage you to report this to the authorities. If you have encountered fraud involving an offer of a Lending Club loan, please let us know at support@lendingclub.com.

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Anonymous
map-marker Tampa, Florida

Do not ever use LENDING CLUB big rip off

I applied for a loan with Lending Club they told me that they could put the funds in to my account. Since my account was not a personal account they told me that it was a problem. They then told me that if can load 175.00 on to a reload card that they would send the funds to a western union. After I did that they told Me I had to pay another 396.89 for the charges for sending the funds to a western union. After I did that he told me that he would give me the tracking number so western union could release the funds,after being on hold for over 40 mins he gave me six numbers and then said the computer would not release the next six numbers because I have to pay taxes which was another 480.00. We'll after talking with western union they told me that they only have a ten digit tracking system, And that this is a Scam. Also they had no record of a Lending Club sending any funds.Please stay away from Lending Club because you will be out 571.89 like I am.
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Loss:
$572
3 comments
Guest

Yeah I was just dealing with cash advance USA they put $ 1,640 in my account my bank put the funds on hold and they are now closing my bank account.

Guest

This happened to me as well, But I became skeptical when the Indian guy asked me to load money on a prepaid cad, I KNOW banks or lending companies do not require you to pay upfront for a loan. I googled the # for the lending club and called them directly, and they explained that this has been happening.

Myonna Pmf

It appears you were the victim of a fraud scheme where others who are not affiliated with Lending Club use the Lending Club name. The people you spoke with were part of the fraud scheme, and the money you sent was not sent to Lending Club but likely was delivered directly to the fraudsters.

When we first became aware of this ongoing scheme we met with the United States Secret Service here in San Francisco, as well as filed complaints with the FBI and FTC (FBI Complaint Id: I1309251131004212, FTC Complaint Id: 48697737). We wrote this blog post to alert consumers and share tips for staying safe here: http://blog.lendingclub.com/protect-online-scams-swindles/.

. We’re sorry this happened, and encourage you to report this to the authorities in hopes that it will help prevent this from happening to others in the future --Lending Club

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Anonymous

UNBELIEVBLE

This number keeps coming up on my caller id, 917-503-**** I finally answer the call and this indian guy is telling me that I qualify for a loan through their service....I ask him to please remove me from his call list and that I wish not be called again. He then asks me if he can ask me one question, I said sure......HE ASKED ME IF HE COULD F_CK ME............I YELLED AT HIM AND ASKED HIM IF HE WAS SERIOUS? THEN I TOLD HIM THAT I THOUGHT HE WAS A SORRY MOTHERF_CKER AND HUNG UP.....I AM SERIOUSLY PISSED OFF. HOW CAN COMPANIES LIKE THIS SURVIVE? WHERE DO THEY FIND THEIR EMPLOYEES AND WHO DOES THE HIRING???? I tried to cool down and decided to call the number back to speak to a manger HAHAHAHA YEAH RIGHT!!!! Silly me should have known that there would be no manager to speak to......but the recording told me the company's name and asked to leave a message......that's how I found this site, wanting to see the reviews on this company.
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Reason of review:
Poor customer service
3 comments
Guest

My God this Indian guy calls me every morning between 7am and 7:20. Such a little ***. I hope he dies.

Guest

They are based out of San Francisco and adhere to all compliance and customer service requirements, with all conversations recorded. This is obviously a fake review, as there is not one aspect of this that is correct.

Or possibly you were a victim of fraud. Lending Club has exemplary client service, follow through and would never allow for this behavior.

Friends have successfully worked with them, and have the utmost regard for the company and each employee they worked with.

Myonna Pmf

It appears you were the victim of a fraud scheme where others who are not affiliated with Lending Club use the Lending Club name. The people you spoke with were part of the fraud scheme, and the money you sent was not sent to Lending Club but likely was delivered directly to the fraudsters.

When we first became aware of this ongoing scheme we met with the United States Secret Service here in San Francisco, as well as filed complaints with the FBI and FTC (FBI Complaint Id: I1309251131004212, FTC Complaint Id: 48697737). We wrote this blog post to alert consumers and share tips for staying safe here: http://blog.lendingclub.com/protect-online-scams-swindles

We’re sorry this happened, and encourage you to report this to the authorities in hopes that it will help prevent this from happening to others in the future --Lending Club

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Anonymous

Lending Club Loan Review

I recently received the pre-approved offer from Lending Club. I applied for a debt consolidation loan on a Friday and had the funds in my account the following Wednesday. Very smooth and easy application process. I highly recommend them.
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Anonymous

Online Review Review

I just wanted to say thank you to the people who posted their experience with Lending Club on here. I just received a pre-approval letter from them and decided to check their reviews before making a huge mistake. I'm sorry about your experience with them but thank you so much for helping others to not make the same mistake.
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Anonymous
map-marker Orlando, Florida

GREAT Experience

I provided the documents and my $20K loan was fully funded by one investor right away. I didn't feel like the documentation requirements were difficult or more than they should be asking for. It is a risk for the investors so the company has a duty to do their homework on the applicants. From initial application to funds in my account it was approximately a week. Consolidation of my revolving credit cards into this account has allowed me to boost my credit scores by about 50 points which is a bonus. The payments are automatically deducted from your account monthly and they begin 30 days from the day you were originally funded.
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3 comments
Myonna Pmf

Thanks for your feedback and your business. Please contact Lending Club Member Support if you ever need assistance with your account.

You can email us at support@lendingclub.com or call (888) 596-3157. We're here 6:00am–5:00pm PST, Monday – Saturday.

Guest

I've got more than $300,000 invested in LendingClub loans, and from the side of the lender, I think it's great. Never had a problem.

Myonna Pmf
reply icon Replying to comment of Guest-815983

Thanks for your feedback and your business!

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Anonymous
map-marker New York, New York

Lending Club - Account Review from New York, New York

Dumbest company in America. They require you to verify bank accounts. So they make a deposit and you confirm it. They take the money back. However they never took the payment. I was contacted by their collection agency and told them I prefer to deal with you in court. I have filled complaints with the NY state AG office. They haven't contacted me or attempted to take the money from my account. They do this to try and add in fees. Fees that will be removed in court if not thrown out all together
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2 comments
Myonna Pmf

Hi, we're sorry to hear that you had this experience. We want to connect but don't have a way to reach you.

Could you please call our Member Support line at 888-596-3157 or send an email to support@lendingclub.com with a number or email address where we can reach you?

We're staffed 6 AM to 5 PM PST, Monday through Saturday. Thanks, Lending Club

Guest
reply icon Replying to comment of Myonna Pmf

I received a some mail It had a loan amount of $35,000.00 along with a loan code. I pulled it up on the internet and it said I was pre-approved.

I put in the necessary information requested from my pre-approval then I was told the loan was denied. My credit score was good. So I left a message on the answering service. The following day I was called by a representative and told why I had not received the loan.

It was because of my debt ratio which I explained would not be that way if I were to get the loan. The representative told me that without actually

saying it was that they could not trust me to pay off my bills. And when I offered to give them the information so they could pay them. I was told that they didn't do that.

What they don't know is that the pre-approval notice did not have any kind of disclosure, it said that I was pre-approved. Well lets see if that will hold up in court. So to anyone that reads this don't bother with this company, they are useless and need to be shut down, they are part of the economical problem this country of ours is suffering from. I have spent 20 years in the military served my country and this is what I get.

Vietnam goes on to those of you that did not serve in this war and other's but yet you have the distinct ability as Lending Club has to show cowardace to serve your country and take care of it's citizen's that have. I spit on those that did not serve as I was spat on when I returned.

Enjoy the hightened office of turning down the people of this country Lending Club for one day your company will fall for lack of support and bad decision's. I'm not angry just very disappointed.

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Ulyssa Ers

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ

Verified Reviewer
| map-marker Milwaukee, Wisconsin

Lending Club - Customer Service Review from Milwaukee, Wisconsin

Applied for loans, great credit, stable income, etc. got an email to check offers and after I gave out my personal information I cannot access the website. My password doesn't work and won't let me reset it. Now I'm just worried my identity has been stolen. I'm going to have to monitor my accounts because what I though was a legitimate website seems to be a total scam. Very unhappy. The customer service number is also not available every time I called. Don't bother with this site.
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