Lending Club - Steer Clear!

153 of 238 Lending Club reviews

They approached us via marketing materials for business capital.We submitted all our documents to find out that they really have to idea on how to evaluate a business and the financials.

Stay away, huge waste of time. I would advise a company to go the traditional way and go to the bank. They asked for many documents to only find out they they have no clue as to what a balance sheet is. They solely judge the company on tax returns.

The worse thing about them is they contact you several times saying you are eligible.Make me sick I wasted my time.

This review is a subjective opinion of a user.
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More Review Details

Product or Service Quality
Customer service

  • What I liked
      No items
  • What I disliked
    • Useless service
    • Deceptive advertising
    • Ridiculous paperwork required
    • Five percent origination fee
    • Mistakes made in processing

Reason of review:
Poor customer service
Preferred solution:
Let the company propose a solution
Monetary loss:
$1000
Product or service
Loan Application
Review category
Loans and Mortgages
review #636435 by

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153 of 238 Lending Club reviews
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LendingClub

May 20, 2015 #986597

Sorry we couldn't help you at this time. We use publicly available information to identify businesses we feel have a strong chance of being approved. When you apply, you tell us more information in your application and we factor new information into our loan decision. In order to provide you a loan offer instantly, we base your offer in part on information you tell us about the business’s financial health. Your tax returns and bank statements help us make sure this information is accurate before we issue your loan. As a result, sometimes we decline businesses we thought we would probably approve.The specific reasons why your loan application was declined are provided in your Adverse Action notice. You can review it by logging into your Account Summary. The pre-screening process and loan application will not affect your credit score, because neither action is reported to credit bureaus as a "hard" credit inquiry. Please feel free to check back with us as your situation and our marketplace evolve. We may have more success together down the road.

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