LendingClub

Reviews: LendingClub

Reviews: LendingClub

LendingClub

Overall lender rating

4.5
out of 5
6382 reviews
from Credit Karma members

Most helpful positive review

Mar 04, 2014
I am beyond impressed!
Credit Karma member

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.

1846
197

Most helpful negative review

Apr 06, 2017
24% interest on 670 credit score
Credit Karma member

Thank goodness I just paid off my loan with them and let me tell you, this was a bad deal to even get a loan. I had a credit score of 670 and applied for and was approved for a $12,600 loan through lending club. I wanted to consolidate my credit card dept and lower my monthly payments. BIG MISTAKE. When I clicked to get this loan it say APR of 5.6% I thought that is what I got. NOPE it was $12,600 at 24.49% interest rate and a 29.19% APR for 36 months. This was higher than my credit card payments. I didn't see that small print until after I already paid the credit card companies with this loan. My payments to Lending Club were $495 a month only $240 went to principal. So, in that first month, I immediately tried to think of a way out of this fiasco so I went to my Captial One Credit card and asked them about a interest free period and they increased my credit limit to 11,400 with 0% interest for 18 months. Well I owed Capital one money so I didn't have that full amount available, but I did transfer $10,997.59 to Lending Club and they put $10,755.47 toward principal and $242.12 toward interest. If you make additional payments, like I did you still owe for the next month you cannot skip a month. This left me with a $1,108.37 principal balance. Well I wanted to get rid of this rip off company and finally get my finaces under control. So I got a home equity line of credit through Neiborhs Credit Union (I SHOULD HAVE DONE THIS FIRST). I went to Lending Club and got the amount of my payoff, well the payoff date was supose to be good through the 13th of April but nope it wasn't, I sent them what I "thought" was the payoff according to them online, but nope I still owed another $57.00 I called Lending Club and they told me, in order to get a "accurage" pay off you have to call them. So finally as of today April 6th, 2017. I am no longer a slave to Lending Club and their out ragous interest rate. If you need a loan, and you have a 660 score or higher go to a credit union or even a bank. Neighbors Credit Union gave me $15,000 credit line with 5% and its a 15 year loan which means, the $98 I am paying Neighbors can be paid off in the same time frame as Lending Club and it would be less interest and less money over all but..I can also take out from the line of credit if I need to, rather than putting it back on my credit cards.

3686
250

Member ratings

All member reviews (6382)

5076
603
120
114
469
Jun 24, 2022
Great Experience All Around
Credit Karma member

I wanted to payoff some CCs and this was the perfect resource. Although I was approved for a much larger amount, I only accepted what I needed. The interest is a little high (not higher than the existing rates!) but I plan to pay more than the minimum (when I can) to pay it off sooner. I would definitely use Lending Club again AND recommend them to my friends!

0
0

Jun 23, 2022
Thanks LendingClub
Credit Karma member

Thankful to LendingClub cause they took a chance on me. Took longer than expected but when i talked to customer service they moved me right up the ladder. I was approved and have a low payment. My car situation done.

0
0

Jun 21, 2022
Quick response
Credit Karma member

Fast , helpful

0
0

Jun 21, 2022
Excellent
Credit Karma member

I'm so grateful and appreciative for the Lending Club. My application took about 10-15 minutes, and the money was in my account the next day. They made it very easy for me, everything is explained in detail, there are no hidden agendas. I would use them again.

0
0

Jun 20, 2022
Great
Credit Karma member

What a huge difference from One Main Financial. Lending club is fast and simple . One Main Financial is suck, unfriendly, rude and no knowledge.

0
0

Jun 20, 2022
Personal loan
Credit Karma member

Credit Karma said outstanding chance to be approved

0
0

Jun 16, 2022
Can’t Go Wrong with the Lending Club!
Credit Karma member

Absolute rating as a 10 in the Personal Loan business. No surprises, to the point and provide the service and dollars needed.

0
0

Jun 16, 2022
Excellent would recommend highly!
Credit Karma member

Easy and fast. Help I needed faster than I thought I could get!

0
0

Jun 16, 2022
The application process was a little annoying but
Credit Karma member

Great

0
0

Jun 16, 2022
Easy process
Credit Karma member

Application process very easy. Creditors paid and funds in my account within two business days.

0
0

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