Lending Club - They Charge Fees to get loans!

93 of 230 Lending Club reviews

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.

However

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!

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

Customer service

  • What I liked
    • Concept of peer to peer lending
  • What I disliked
    • Implied second fee to ftc verifed as false

Reason of review:
More than one fee to get loan
Preferred solution:
Let the company propose a solution
Monetary loss:
$250
Product or service
Lending Club Loan
Review category
Loans and Mortgages
review #776262 by
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Had the same issue 0 Yes 0
93 of 230 Lending Club reviews
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Anonymous

Feb 24 #1117088

I have been a member of lending club as a borrower for three years now. I recently paid off my first loan and obtain a second loan with no hassles. As the lending club representative already stated you got taken for a ride. The only fee lending club has charge me was the origination fee for the loan. The first was $350 because my credit was poor. The second loan I only had to pay $60 because my credit had improved over the past three years.
You have to go through the lending club website directly and avoid fraudulent phishing sites.

0 0 Reply
LendingClub

Jan 26 #1101217

Unfortunately, it seems you were the victim of an ongoing scheme where the Lending Club name is used by fraudsters. When we first became aware of this several months ago 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 encourage you to add your voice to these complaints.
We don't know how the fraudsters became aware of you but what we've 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. Similar to what you are describing, we’ve heard that 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, Vanilla Visa card, or based on your case, a MoneyPac -- companies with whom Lending Club has no relationship. The people you spoke with were part of the fraud scheme, and weren't affiliated with Lending Club, and the money you sent wasn't 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. Additionally, you can read more about tips for staying safe in our blog post here: http://blog.lendingclub.com/protect-online-scams-swindles/

0 0 Reply
LendingClub

Jan 25 #1100685 Anaheim, California, United States

Unfortunately, it seems you were the victim of an ongoing scheme where the Lending Club name is used by fraudsters. When we first became aware of this several months ago 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 encourage you to add your voice to these complaints.
We don't know how the fraudsters became aware of you but what we've 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. Similar to what you are describing, we’ve heard that 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, Vanilla Visa card, or based on your case, a MoneyPac -- companies with whom Lending Club has no relationship. The people you spoke with were part of the fraud scheme, and weren't affiliated with Lending Club, and the money you sent wasn't 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. Additionally, you can read more about tips for staying safe in our blog post here: http://blog.lendingclub.com/protect-online-scams-swindles/
--Lending
... Show more

3 0 Reply
LendingClub

Jan 25 #1100576

Unfortunately, it seems you were the victim of an ongoing scheme where the Lending Club name is used by fraudsters. When we first became aware of this several months ago 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 encourage you to add your voice to these complaints.
We don't know how the fraudsters became aware of you but what we've 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. Similar to what you are describing, we’ve heard that 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, Vanilla Visa card, or based on your case, a MoneyPac -- companies with whom Lending Club has no relationship. The people you spoke with were part of the fraud scheme, and weren't affiliated with Lending Club, and the money you sent wasn't 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. Additionally, you can read more about tips for staying safe in our blog post here: http://blog.lendingclub.com/protect-online-scams-swindles/
--Lending
... Show more

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