MyInstantOffer.com / Lending Club — 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.
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