Lending Club - Slow confusing process with absolutely no communication
I am currently around two weeks since our application.We decided to give Lending Club a try, pre-qualified for a loan, submitted all requested documentation immediately upon request.
After a full week of zero communication and only a confusing "account screen" to repeatedly check for updates, my first call was placed to customer service, and received typical canned answers like "the process should take about another week". When asked for clarification of the process itself, only received variations of the same script. I called back the next day to speak with someone else and received the same script, verbatim. My loan application is apparently in some sort of limbo between passing the "Final Review" and funding.
I didn't apply for a loan because I wanted to do something in a few months, I am seeking a loan due to an immediate need. This company could solve an absolute multitude of problems by clarifying their process for borrowers, and making a more intuitive and informational user interface that explains where your application is in the process. It's the lack of communication that's infuriating. The void of information flow to borrowers is in stark contrast to information provided to investors.
Every piece of data you could possibly need is presented to investors in graphs, lists, and dashboards. The only thing you get as a borrower is some text that says FUNDING with a huge green check mark, but it is faded at 50% opacity. So...does this mean its funded? According to customer service my loan has not yet entered funding.
So why the green check mark?? The other two data points are UNDER FINAL REVIEW which is bold, but does not necessarily mean that you are under final review according to the service rep, and finally CONGRATULATIONS your loan will be deposited which is also at 50% opacity. That's it. I'm not joking.
That's what you have to go off of.Who designed that user interface?
Review about: Lending Club Loan.
Reason of review: Order processing issue.