LendingClub’s earns a 1.4-star rating from 0 reviews and 31 complaints, showing that the majority of borrowers are dissatisfied with loan services.
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Personal Loans
LendingClub is not a bank, but they are predatory lenders.
They are not clear about their rates, the ORIGINATION FEE (They definitely aren't a mortgage company)...and a little "bait and Switch or the interest and APR
5%-%15 then get a 24% APR (My credit scores run between 798-805 WTF
Not that fast...
I applied January 19 got funded February 2
Make you jump through hoops
Borrow $16, 000-$800 Origination FEE?!=$15, 200
Then in May (3 1/2 months later) it dawns on me that I could've just gone to my credit union and get a loan for this amount for only 9.9% so I apply and get approved that day, funds are transferred into my account overnight! NO $&% $800 ORIGINATION FEE!
Monthly payment $489.00 mo! $101.00 a month cheaper for a total savings of $1, 212.00 a year or $3, 636.00 over the 36 months...thats a car down payment, cruise, vacation, etc!
After making 3x payments of $590.39 ($1771.17 for three months) the payoff amount is $15, 207.00 ($7.00 more than they gave me!)
So to take possession of the original $15, 200.00 for 3 1/2 months is cost me ($1771.17 + $800.00=$2571.17 or $857.06 month)
Then when I schedule the payoff, I tell the girl to schedule the payoff payment for May 21st since my bank won't clear an amount that large overnight and to do it before would cause the transaction to bounce...she says since it is Saturday there is no clearing so it would have to be either Friday May 20th or Monday May 23rd... common sense would say lets go with the Monday May 23rd...which is what I instruct her to do.
What day does she schedule?...YEP! May 20th!
I only caught it by going out on the website to check it the same evening as my scheduling the 23rd.
If I didn't catch it...I would have been dinged by my bank for a $15, 207.00 NSF, my first NSF in over 25 years!
LendingClub is definitely "Caveat Emptor", expensive
Crowd Funding is a great concept, but it is supposed to be a better, less expensive, easier access way to fund.
Not a more expensive, jump through getting a mortgage type hoop loan.
I have heard even complain they get turned down by LendingClub then approved by their own cheaper bank or credit union for lower rates, no ORIGINATION FEES or prepayment penalties.
From an investor's position, I wonder if they see any part of that $800.00 origination fee?
You know they are only seeing a portion of the interest even though it is their money at risk.
Well, I'm not surprised the CEO has just resigned this week for "irregularities"
Denied in 5 Seconds After Pre Approval
I think the Subject sums it up. Thought I'd give it a try. They should not be allowed to offer loans that they should know they are not going to honor. I have two Capital One Accounts that were offered to me. My credit is poor. But enough that Capital One and Best Buy had no problem, however LendingClub did not even take a minute to deny my inquiry for Debt Consolidation. I am seriously wondering if the scam is that they get you to authorize Terms of Use and other agreements. I did not read them directly. I wonder if they are merely Data Warehousing people's credit information and selling it.
Giving bank information
I came here to check out the validity of Lending Club's offer. It suddenly dawned on me the sensitive information I would have to share with a relatively unknown company in order to get approved/disapproved. I guess they just haven't been around long enough for me to trust them, and I don't feel comfortable giving out my SSN and banking information. With all the hacking going on, no matter how they try to reassure me about their "encrypted" pages, it's just not enough. I'm throwing away my offer!
Scammed out of money
Hi i thought i was truly with lending club i am 61 my spouse is 63. We are both disabled, i have cancer in my esophagus, i have 12 c dells that have been burned, they are trying to stop them. We are on ssdisability i wanted to consolidate my bills and now i was ripped off by some vietnamese sounding men, they used 4 different names and 2 different addresses. Steve johnson, also victor martin, , , the keith walters and also rachael moor, one gave me an kansas address and the other one gave me a florida address to send the money grams, 300 and 200 dollars i had to borrow the money, is there anyway i could borrow just the 500 dollars to pay these people back, i know its not your fault but i wanted to consolidate the bills in case my cancer cells became active so my spouse would not have to worry too much. Please please i beg you can you please help me, i will pay it back. I don't know how to tell these people i was scammed i feel like such a fool. I am trying to not have a nervous breakdown over this. I have all the information and numbers i could give you of these scammers, , please let god see into your hearts to help me. I know it is a lot to ask for, i pray jesus christ our lord and savoir will give you the strength to help me. Bless you thanks for listening to me. Shirley kanter
Pre approved Loans
I got a letter that said the loan was pre approved up to 35000. I went on My Instant Offer with my pre approved code and guess what I wasn't approved . I only applied for 5000. I thought on pre approved applications they checked your whole credit report so knew everything about you. The reason was lack of recent installment loan information. DUH I paid my car off 3 years ago Length of time of accounts which are all over 6 years. Don't understand . IT IS A SCAM AND A CHEAT. Just throw it in the thrash when you get don't waste your precious time.
Sent the same thing and also wasn’t approved, I thought pre-approved meant just that. Silly me.
I absolutely agree.
They sent him a preapproval in the mail, then said he wasn't preapproved . waste of time.
They did my husband the same way. So I recommend if you receive one of their offers, throw it in the trash.
Took money, then asked for more
these people offered me a loan if I would "only" pay 150.00 for the "insurance" on the loan. Against my better judgment, I purchased the Lock It card, transferred the $150 - at which time, "Daniel" advised that $3, 000 would be sent to my account via EFT. The next call I got was that they could not do an EFT, and I had to pay another $189.00 to them with another 'lock it" card, and they would have the funds transferred to Western Union - where they would give me the funds. In the beginning, I advised "Daniel" very strongly that all I had was $150 - and that I could not pay anymore, and that I was trusting this company with the $150 (my grocery and gas money). The very minute I paid this, they want more money. I am now without $150, without the loan, and they are telling me that to get the $150 back, even though there is no "loan" is "impossible". I will send proofs upon request.
The complaint has been investigated and resolved to the customer’s satisfaction.
Lending club is fraud.they told me that i will be given a loan after paying #44, 000 for no collecteral charges and #28, 000 for account opening at ria money and then #16, 050 for tax levy but after paying all these fees, i haven't been given my loan till date and they don't reply my messages anymore.
False Advertising
Received a a pre approved letter in the mail from Lending club. I read the front and back page of the offer.The true creditor is Web Bank in Utah. So I figured this was a real deal. I applied, furnished all the verifications they needed. They approved me, but funding turns out not to be from Web Banks Vault. Like a regular lender would do. Just cut you a check or bank wire the money, nope! They list your info. on line for private investors to fund the loan you requested. This info. was not on the mailer I received from them. Web Bank, DBA as Lending Club is a loan auction house, not a real lender as described in their mailer. So in my opinion this is false and misleading info. in their mailer and should be looked into by somebody. They should tell the truth, be out front with people. Web Bank collects a loan origination fee out front when and if the auction is completed. That is how they make their money. So, my loan is sitting in a auction some place waiting for investors. To me now this whole process makes me think of a Russia or Nigerian Mob deal. So, this could be a movie. Am starting to write a script.
I've dealt with the Lending Club for years. I've applied for, and paid off four loans with them, and they've ALL been good, low interest loans that really helped me financially. I don't know why you people are always complaining. I guess you've been taken in by other companies. But Lending Club has always been good for me. So there!
If this is a true legal place of business than you should be able to tell people what the rate is and what the montly payment are on 20, 000.00 if no than this prove I a scam trying to get people account number or worse their id
Rip off
I too was taken in by Lending Clubs duplicitous tactics. Applied - recieved pre approval, then by a representitive requesting additional information, then three emails instructing me to respond by email. Then they debited my checking account, sent yet another email turning me down based on my credit score. Funny I received financing through my credit union in half the time it took just to respond to all their rediculous emails. However, this is a rather inventive way of duping the public at large. Think of the number of applications they receive, they charge you, then turn you down. Regretably I fell or their ploy and handed over my checking account information.. Needless to say my account is now closed.
Lesson learned - never do business with Lending Club and Ebay because of their association.
The complaint has been investigated and resolved to the customer’s satisfaction.
Thank you for all the comments. I was going to apply online and for my better judgment, checked on this company. Thanks again everyone, I knew something is fishy here.
I was glad to read about some of the experiences others had, it helped me make a decision, thank you everyone, I will try some other things.
Gratefully, Michelle B.
I applied, was approved and for way more than I was looking for. I declined the offer because my bank offered a better rate. I entertained the idea because I love Credit Karma, and it was a recommendation. After I declined the offer, they sent a denial to me stating the biggest joke I have ever heard. 3 calls to the credit bureaus and an email later I was able to remove them from my credit report. Strongly DO NOT recommend!
Lending club is a scam I can get better interest rate from a credit card company than from lending club. I have a 720 credit report and they still turn me down. Lending Club wanted to charge me 16.75 interest rate while my credit card only charge 7.9. What a joke. I can borrow a loan for up to a year without paying a interest with only 3% transaction fee with the credit card company.
Lending club is really a joke and a scam.
All you people whining and complaining, and falsely claiming that Lending Club is a scam need to just shut up. You didn't get your loan because you didn't qualify. Period. Doesn't mean that someone else won't take a chance on you. Doesn't mean you're a bad person. It just means you don't meet the stringent requirements of Lending Club. I applied for $30K for debt consolidation. Got through the process in two days. My money showed up in my checking account without any emails, conversations, etc. I just provided the information they asked for, they checked my credit, verified my account, and that was it. The never even asked for proof of what accounts I was going to consolidate; they just took me at my word that I would use the money as I said I would.
So please stop it with the talk of a "scam". Not every avenue is right for everyone. Doesn't mean it's a scam, just that it's not right for you.
I totally agree. I got the offer in the mail and apr started at 6.78% of course depending on your credit score. I was going to use it to consolidate my credit cards to one payment. They came back with an offer of 29.75%. That is totally ridiculous ! My interest rates are currently 1/3 of that. Why would I accept this kind of offer? It is totally a hoax. Just another way to scam hard working people!
They took money
I tried to open a loan with these people they said they needed your bank account information to verify that it was you. Against my better judgement I gave that information and they proceeded to debit my account of a transaction under a dollar. They say they won't take the money it will just be pending. Instead it's been long gone from my account for two weeks now and they still haven't returned my money. I sent them an email and they never answered my question of when they would return my money instead they just said they turned me down due to lack of credit which is a lie I own my home. Then I told them I was going to report them and that's when they said to call them just to give me the run around telling me they would refund it in two business days which never happened and even though I told them by then it had already been a week.
I was approved for a $10, 000 Loan, but I needed to be a returning customer. They deposited a check in my account for $998.00 and asked me to return it via Western Union. I did and guess what ? That's right. They flat out stole my $998.00 and now I am about to lose it all. I am retired and on a limited monthly allowance. Not sure what to do now. No food, no rent for April. Thank You Lending Club. I hope you and your investors can but your head on the pillow at night.
Terry Mc
###-333-7989
I just received an pre approval letter this morning. From what I am reading here it is just a ploy to lull you in and then get a big piece of change out of you and still require more information for the application . Sounds like one big runaround and not returning someone's money even a dollar is theft! Do that to a million people that's a $1milllion dollars!
Thank you for the reviews. In the trash it went.
I to keep getting letters from Lending Club and they say they will give me fiv 5, 000 10, 000 20, 000 for a fixed rate of about 6% for 36 months about 10% for 60 months and then you apply and it turns out to be 24% -26% not 6% so I too am NOT getting a loan from Lending Club
I too continue accepting the pre-appoved letters however they never help me! All I need to do is result my obligation and join into 1 installment. I don't have the best FICO assessment on account of my obligation however isn't that what obligation combination is? I will continue hunting down help and avoid the Lending Club.. www.techriation.com
I was googling LendingClub because I got pre-approved for 20 grand. Glad I came across this page. I understand these companies need to make money, but I will just skip the head ache of turning this and turning that when I can just go to my own personal bank and take out a loan.
Thanks for your reviews. I just filed their pre-approval in the circular file.
Lending club is a total scam. I am beginning to think this is one huge ponzi scheme. I have invested in more than 80 loan with lending club. My criteria was credit scores over 700, job history of at least two years, minimal derogatory marks on their credit report, income levels over $4, 000 a month, and strictly debt consolidation. For each positive loan that was fully paid, another one was charged off, creating more losses
As of right now, I have more loans that are in default and charged off than I have in a paid position. There is no reason that 13 out of 80 loans should be charged off
I just received the pre-approval letter in the mail and I was going to apply. I am happy I clicked on your link.
My application is going in the trash!
My husband received a letter from LendingClub and after doing all the paperwork was denied. Then other lending companies started calling which of course in the the term of the contract. But if a Lending Company is going to deal with other companies then they should investigate the other companies that they are giving information to. Another company who said they gt their info from Lending Company tried to scam my husband. Told him he was approved for $10, 000 but he had to go buy an itunes card to prove it was a real account and wanted us to send them funds from our account so that they could send us funds back, which would basically give them a running jump into our account to withdraw cash. If you need a loan I suggest a bank, interest rate may be higher but at least you know they aren't going to scam you out of your hard earned cash.
Unbelieveable treatment
Lending Club treated me with no respect. The people that answered the phone were rude and curt. They offered me a loan and then shut me out of my account with no notification and after calling sent me an explanation that they couldn't "verify my identity" after they had already looked at my credit report earlier and verified who I was. I am warning everyone not to have anything to do with them because they are devious, uncourteous and who knows what else. Their treatment of me was unconscionable, at best.
Round after round of calls from them to verify identity. This after sending them 3 years tax returns and last 3 months of the corporate bank statements. Their staff are flippant and argumentative and appear to be the same calibre normally reserved for selling used cars. I don't trust them and I am insulted with their constant questioning of my identity. Now they want me to send them my social security card! What I am sending them instead is a note that they can shove their "pre approved" loan up their bum
Yes just applied to get 7200 to pay off car at a better intrest rate. Was turned down in 5 min.Said my score was 670 i just checked and my score is over 710. Was preapproved
They sent me a "pre-approved" offer, as well. I applied and was rejected, so "pre-approved" was just a figure of speech and not to be taken seriously.
This is a very bad business model
I recieved a pre-approved letter from Lending Club to be turned down in less than 5 minutes. They should not be able to send a letter and then renege in a promise. I was trying to consolidate my debt which I am paying down and they didn't even consider my spouses income. I am so disappointed in their process.
They send you a "Pre-Approved" loan offer. One is led to believe that PRE APPROVED means you are "Pre approved" Silly me... So, then they turn you down but then tell you that you may qualify for yet another lender who will SURELY sock it to you on interest rates and fees. STAY AWAY from these PREDATORS! That is exactly what they are. Go to your bank or credit union
Lending Club is unethical in the manner in which they lend money. Their website is confusing and contradicts their normal business practice. I received a loan that was deposited in my bank on a Monday and was given notice only from the previous Thurday at around 1030 pm through an email. Therefore, I did not read the email until Friday and was never given an opportunity to say that I did not want the bank transfer or an opportunity to cancel the loan since by the time I read the email, it was too late to do anything on a Friday nothing could be done on the weeken. On Monday I offically decided to cancel the loan and if you read their website, you have something like 10 days in order to do so without penalty. As such, I waited until Wednesday to contact the company in order to cancel my loan. I was finally contacted on Thursday the next day and was told by 3 very rude and unprofessional individuals that I had to pay all the interest that was due on the loan including processing since the loan had already been deposited. Although I argued that this policy was not clear or contradicted the information on the website, it fell on deaf ears. Apparently, you have 10 days to cancel the loan without all of these fees and interest if the money has not been deposited. However, I did not even know the load was funded until Friday or was going to be deposited so rapidly. In my opinion this was purposely done in order to make money knowing that I might change my mine. Anyway, the website it pretty clear that once the loan is approved there is time to back out before the money is deposited. Unfortunately, I was not given that opportunity. It was deposited immediately and therefore giving me no option based on the employees I spoke with and in contradiction to the website. So, I am writing them a check for what they deposited, had my bank stop any electronic transfers to the company, and they can either turn me other to a bill collector or whatever. However, I do plan on reporting the company to the better business bureau and to the appropriate federal authorities and prehaps take legal action. This is my story and I hope that you will consider me to be credible. Allyn Byars, PhD
We regret that you did not have a positive experience with Lending Club. Please know that your experience is not typical and we would be happy to research your issue. Please send us an email or call us (http://www.lendingclub.com/public/contact-us.action ) and ask for the member support manager.
They don't seem to read their emails timely. when I called to cancel my loan request got very rude guy. Argued about me sending emails. It seems if you are not totally funded they get angry with you! Make sure you cancel plenty of time ahead of the time limit of 14 days if you need too. Call so-called customer support to make sure it is done.
Service is a joke
When I tried to apply for a debt consolidation loan, Lending Club application did not include my husbands income or information. Their credit scoring said that Excellent credit score is 720. Mine is 742, and they still turned me down stating it was my credit score. How do people like myself get ahead when institutes like this disregard important loan information.
I have money market account, and can even invest some of it. But they did not ask me that. It turned me down so fast that the whole process took less than 5 minutes. This is not fair treatment.
The complaint has been investigated and resolved to the customer’s satisfaction.
I applied for a loan July 5 2023 but decided not to accept it yet they said they were disbursing the funds to me. I called them several times on 2 days, July 10 and 12, 2023 to cancel it.
They did not act on it. And then I found that the account number they were going to disburse funds to is NOT my account!
LOAN SHARKS!
LENDER refuses to provide access to account balance information for auto refinance. They insist I call them and will not send me any statements.
they deter the ability to pay the loan down.
They send out "pre-approved " credit lines that are not pre-approved. They are a joke. You can not get a hold of a human no mater how hard you try.
I hate this company. I applied for a loan and they turned me down, despite the fact that I had a 786 credit score. I contacted them to get an explanation and they gave me some watered down, lame excuse why I didn't qualify. I believe there were other factors involved that may have nothing to do with my ability to repay. I even contacted the CEO of the company and he had the nerve to ignore my complaint. I was able to obtain my loan through Prosper, another person to person lending club.
Don't bother dealing with these bogus jerks.
Lending Club is a joke and don't waste your time. I submitted numerous loan applications and each time the loan gets 100% funded and then all of a sudden it is like I never applied. When I try to get into my account it states my email address is not valid. When I contact them they state it was the credit department that I have to speak to. I have left at least a dozen messages with the credit department and never received a response. My credit score is in the high 700's (excellent) with a low debt to income ratio.
DON'T WASTE YOUR TIME.
Overview of LendingClub complaint handling
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LendingClub Contacts
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LendingClub phone numbers+1 (888) 596-3157+1 (888) 596-3157Click up if you have successfully reached LendingClub by calling +1 (888) 596-3157 phone number 0 0 users reported that they have successfully reached LendingClub by calling +1 (888) 596-3157 phone number Click down if you have unsuccessfully reached LendingClub by calling +1 (888) 596-3157 phone number 0 0 users reported that they have UNsuccessfully reached LendingClub by calling +1 (888) 596-3157 phone number
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LendingClub emailssupport@lendingclub.com100%Confidence score: 100%Supportpress@lendingclub.com91%Confidence score: 91%communicationinvesting@lendingclub.com91%Confidence score: 91%financesolutions@lendingclub.com90%Confidence score: 90%marketing
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LendingClub address71 Stevenson Street, Suite 300, San Francisco, California, 94105, United States
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LendingClub social media
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Checked and verified by Maria This contact information is personally checked and verified by the ComplaintsBoard representative. Learn moreJun 30, 2025 - View all LendingClub contacts
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