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Lending Club Personal Loans

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Most Helpful Positive Review

Mar 04, 2014
I am beyond impressed!
bergermedecin Borrower

I rarely write reviews but I really feel like I will be doing many people who are "in my shoes" a disservice if I don't.  I have only been on Credit Karma for a few weeks but I have been helped a lot by various reviews of credit services. I was looking for a loan to pay down my credit cards and raise my credit score (plus have a single payment at lower interest rate) prior to shopping for a car. Whenever I came across a lender, I would log on to Credit Karma to find reviews or comments made by members about them, and so after being prequalified by Lending Club I did the same thing and found a great deal of negative reviews. To say the least I was discouraged almost to the point of not taking the loan but then I decided since they were not likely to do a hard pull (learned that also thanks to this forum), I don't have much to lose, I might as well try. I am glad I made that decision. My loan request was for 4000, I got an interest rate of 10.99 and an APR of 13.84% (36-month term, score 680 according to LC). My loan got fully funded in about 30 hours, and it was so much fun watching that process. The most impressive part of the deal is that verification of my email and bank account were the only requirements and those happened within 24 hours. Soon after the loan was fully funded, loan status changed to "approved" and a few minutes after that to "issued". I received an email from Lending Club informing me that the money had been electronically transferred to my account and that was it! No phone calls to or from Lending Club, no faxes, no paperwork. Total time from application to issuing of the loan was only 36 hours and it was so effortless! Probably some of those who wrote negative reviews might have had genuine reasons to do so but my experience makes me conclude things may have changed for the better or borrower related factors may be partly responsible for at least some of the negative cases (like false information on application, etc), or both. 

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Most Helpful Negative Review

Apr 11, 2013
Should be illegal

I applied for a loan with LC and was approved, fully funded and according to my account summary loan was issued.  The final Truth in Lending notice was issued.  According to the email I received stating "this is your official notice that your loan was approved and funds will be deposited into your account within 2 to 4 days.  All looked GREAT!!  My LC account summary still showed funds issued with a transaction code, payment amount and due date.  Great I thought, just waiting on funds to show up in my checking account. 

Five days later still no funds deposited into my account, so I called LC to check on funds.  I was told loan is complete and funds should be in account.  We verified my account information and all was correct.  She put me on hold to speak to her supervisor.  LC rep came back and said she did not know why but the loan was rescended!?!  She stated there was a note for me to call the credit department.  I asked what was going on???  I never received an email stating any problems with the loan.  But I called the credit department and I spoke to Bernard.  He stated he was sorry but my loan was rescended due to too many credit inquiries.  (I only have 3 inquiries on my TransUnion credit report).  I assure you nothing outragous on my credit report was later revealed.   I was in SHOCK!!!

Over the next week I spoke to several and the end result was still no loan!!!!  Over the last several weeks I have kept an eye on my LC account summary, all still reflects an issued loan with a payment due in mid April.  Now almost 30 days later I received an email from LC reminding me that my payment was scheduled to come out of my checking account.  CRAZY!!!  I called LC and they apologized and told me some line, but that it would be corrected and not report as a missed payment on my credit report.  I must say I am not so confident that this will not be a later battle!!!

I know this sounds incredible and must not be true, but it is!!!  I have all the emails printed out, all documents from my LC account summary.  I even kept printing out all info from my account summary over the last couple of weeks.

I just wonder how the investors that funded my loan feel about having their money invested/held and not receiving any interest on their investment!?!

This kind of business should be illegal!!!  If any knows a good lawyer, I have all the proof!!!!

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Reviews (4265)

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Aug 26, 2016
Awesome experience!

I've had some credit problems in the past and just wanted a fresh start.  I signed up for Credit Karma and have received some great tips for strenghtening my credit score. I applied for a loan through Lending Club as a means of consolidating credit cards into one payment.  It was great to be able to check for interest rates and the probability of approval prior to having a "hard inquiry" appear on my credit report.  I applied for a $5000 loan and was told immediately that I was approved.  I finished my TO DO list and waited to receive notification of funding.  It took about 2 days for me to receive the confirmation e-mail, which caused me a little anxiety as I had received "approval".  My funds were deposited into my account the following day.  All in all, it was a really good experience.  I look forward to a long and happy relationship with  Lending Club. 

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Aug 26, 2016
macattack66 Borrower

Very easy process and no pushy sales person to deal with. Awesome rates very very satisfied

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Aug 26, 2016

Hi, macattack66, glad you were happy with your experience!

Aug 26, 2016
evergreentony Borrower

Easy to apply for, rates are fair for this type of loan. 

I am happy with the results

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Aug 26, 2016

Hi, evergreentony, glad we were able to assist!

Aug 26, 2016
Lots of fees apparently
Jerome2916 Borrower

My loan was approved for $35k, the funds deposited were only $32,900. That means they took $2,100 right off the top!! WTF

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Aug 26, 2016

Hi, Jerome2916, we're sorry you were unhappy with your experience. As a marketplace, Lending Club generates revenue from fees including transaction fees from our platform’s role in matching borrowers with investors to facilitate loan originations. As a borrower, you'll pay a one-time origination fee that ranges from 1.11% to 6.00% of the loan amount, depending on your loan grade (A-G) and term. Since it's based on your loan amount, it's calculated after you're approved, but all our rates and fees are clearly disclosed on our website at:, and in your truth in lending statement.

Aug 26, 2016
Application was easy and quick.

Quick approval, great rates and terms, quick funding, no hassel.

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Aug 26, 2016

I applied for a debt consolidation loan with Lending Club and was approved immediately. I received my funds in less than a week. If you have good credit and need extra cash, this is the go to bank. The whole application was quick and painless

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Aug 26, 2016
Quick and easy
Laina619 Borrower

I was just randomly looking at consolidating my debt and read the reviews on a few of the options offered by Credit Karma. I selected Lending Club because it seems that they are true to the no prepayment penalty and you are able to pay your loan off early without any consequence. The process was quick and easy. I applied on a Wednesday morning and had my funds the following Tuesday morning. My fixed monthly payment is less than what I put on my credit cards monthly so I will over pay on the loan to clear the loan sooner. My goal is to improve my credit score and be eligle for a lower APR if I decide to take out another loan. My APR is lower than two of my credit cards so it made since to accept it.

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Aug 26, 2016

Hi, Laina619, glad we were able to assist!

Aug 26, 2016
Simplicity and satisfaction
justinhann Borrower

Credit karma said that I had a great chance to be approved so I gave it a shot and voila $10,000 deposited in my account within the next week. Well actually it was $9,500. $500 was paid in fees  

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Aug 26, 2016

Hi, justinhann, glad you were happy with your experience! As a marketplace, Lending Club generates revenue from fees including transaction fees from our platform’s role in matching borrowers with investors to facilitate loan originations. As a borrower, you'll pay a one-time origination fee that ranges from 1.11% to 6.00% of the loan amount, depending on your loan grade (A-G) and term. Since it's based on your loan amount, it's calculated after you're approved, but all our rates and fees are clearly disclosed on our website at:, and in your truth in lending statement.

Aug 25, 2016

I am extremely satisfied with LendingClub. I applied in 2015 and needed to clean-up my credit. In August 2016 I was approved for $5,000 dollars. The best experience was being able to apply online, get an approval quickly, and the money was deposited into my account sooner than I expected. Thanks LendingClub. Has a great online experience.

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Aug 25, 2016
Fast and Painless!
kcred75 Borrower

At the suggestion of CreditKarma, I decided to apply for a $10K loan to consolidate my credit card debt. I was approved within two days and received my funds the very next day after my approval. Thank you, Lending Club, for granting me this loan. It's a major help. I'm saving big considering the interest rates on my credit cards!

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Aug 26, 2016

Hi, kcred75, glad we were able to assist!

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**Annual Percentage Rates, terms of loan, and monthly payments presented are estimated and were created based on analysis of information provided by the consumer and available rate information from lenders. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender’s range might be 2% to 12%) and only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, vehicle information, credit usage and history. All loans are subject to credit review and approval. Additionally, model year, loan-to-value, minimum loan balance mileage, income, debt, etc. restrictions may apply. When evaluating offers, please review the lender’s Terms and Conditions for additional details.