Lending Club - They Charge Fees to get loans!
Before you use The Lending Club
The Lending Club also LendingClub.com is popular in searches for personal, signature and all purpose loans. They are on other sites as well touting 10 best personal loan companies. It is from these sites The Lending Club will obtain your information.
Once contacted, The Lending Club’s Brandon Mark (707) 237-8968, will reference their Better Business Bureau Report which even on their site shows an Excellence rating. Mr. Mark tells you that you have secured a loan with Lending Club and asks if you wish to proceed, then assures potential customers that there are no hidden fees.
If you do not have good credit, you are now informed that you will have to secure insurance from The Lending Club in case of death or loss of job. Once you send them this money through MONEYGRAM, then your loan should arrive within hours.
If you take that leap of faith with Mr. Mark and send this money to Tammy Buchanan in GA, you are asked to wait a few hours to confirm the transaction.
By this time, you will have to call Mr. Mark who claims to have been trying to contact you because the transfer will not go through because the Federal Trade Commission has blocked your Social Security Number. You now must pay Mr. Mark, through MONEYGRAM upwards of $500 to unblock your Social Security Number so you can get the money transferred to your account. If you decide to back out of this transaction, you lose any money you have already given to The Lending Club. You are also told that you cannot contact The Federal Trade Commission. “It’s a big place and you will never find Mr. John Fleming, their site liaison.
I spoke to “ Nick“ of the Federal Trade Commission and they had this to say:
“We have nothing to do with blocking anyone’s social security numbers or bank accounts for any business for a fee.”
So they do not block personal Social Security Numbers
I suspect this:
The Lending Club is utilizing Google Analytics and SEO tactics to promote a positive image of this company. This is causing a de-indexing of negative reports on this company’s practices, tricking the consumer into believing they are a good, reputable company that doesn’t charge fees for their lending practices.
Nothing could be further from the truth.
So if you are planning on utilizing The Lending Club, and you do not have good credit, please do more research than the first page of Google Searches. This is a predatory lending company.
If you have had unfavorable dealings with The Lending Club, please leave your experience here. More people need to see them.
Thanks for watching and be safe out there!
Reason of review: More than one fee to get loan.
Monetary Loss: $250.
Preferred solution: Let the company propose a solution.
I liked: Concept of peer to peer lending.
I didn't like: Implied second fee to ftc verifed as false.