Personal Loan Reviews

Lending Club Personal Loans

4.25 832 Cardholder Reviews Write a Review

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60

9.98%

$212

 

Current Loan

This Loan

 

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Balance

$10,000

$10,000

$0

Term (Months)

60

60

0

 

Estimated Interest & Fees

$14,000

$2,749

Down

$11,251

Interest Cost

$14,000

$2,749

Down

$11,251

Fees (and Closing Costs)

N/A

$0

$0

 

Total Monthly Payment

$400

$212

Down

$188

 
Savings:
Monthly Payment Savings over 1 Year

$2,256

Interest & Fee Savings over 5 Years

$11,251

All Reviews

Results 1-10 of 832Results per page: 5 | 10 | 25Page 1 of 84   Previous | Next
Should be illegal Helpful to 208 out of 220 people

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!!!!

Apr 11, 2013 Reply
Helpful to 30 out of 32 people

If I was you I would file a complaint with the (BBB) Better Business Bureau.  The Company I work with files compalints for a small fee. But You can do it yourself for free.  Just log on to the Beeter Business Bureau web site and you can file your complain for free dso this will be on that company's file.

If you need more information on how to file the BBB complaint what happened.  Feel free to email me at: legal-help@cic777.net and I will help you get started with your BBB complaint.

In anticipation of your prompt attention, thank you for your cooperation.

Sincerely,

George,

Authorized Field Agent

CIC & Investigative Services

gdaw's reply was:    

  Jan 15, 2014

gdaw(11, 90)

Top Contributor

Review by gdaw

11 Contributions 90 People Helped

Top Contributor

Helpful to 5 out of 5 people

If I was you I would definatally contact the Better Business Bureau and also write to all three credit reporting agency's and tell them that you was turned down by Lending club because you have two hard enquiries on your credit yet they are showing that you was given the loan.

 I am glad I read your review as I was about to apply for a loan to pay of all my credit cards and I know I have more hard enqiries bon my credit because I recently bought a used truck from a dealership and there was two hard enquiries by the dealership and several others related to the purchase of the truck as they went down their list of companies that give credit starting with the most difficult to get loans from going down untill they got the credit. Buying that truck ruined my credit.

charlejedwards's reply was:    

  Mar 29, 2014

charlejedwards(1, 5)

Review by charlejedwards

1 Contributions 5 People Helped

Helpful to 1 out of 2 people

Hello

Evergreen Home Loans is a premier local mortgage lender. We originate, fund, and service loans for our direct mortgage customers and provide mortgage solutions for our business partners, banks and credit unions.

At Evergreen Home Loans, we focus our entire family of associates around creating a “WOW” home financing experience for our customers.

We’re inspired to change the world one relationship at a time.

What can be more life changing than returning to the place you call home each day? The family of associates at Evergreen is inspired by fulfilling the desires of customers throughout the year. Whether you plant your first garden, host your child’s wedding in the backyard, or gather the family at your house for the holidays, your world becomes forever changed.

Most short-sale and foreclosed homes lenders require a pre-approval first before any offers are taken. Our pre-approval process is quick and best of all, its FREE AND NO UPFRONT FEES! So why wait any longer? Don`t let your dream home pass you by.

We still recognize the importance of real estate fundamentals and strong business plans and are actively providing real estate investors the capital needed to execute on their business strategies.

* Personal Loans (Secure and Unsecured)

* Business Loans (Secure and Unsecured)

* Consolidation Loan

You are at liberty to engage our leased facilities into trade programs as well as in signature project(s) such as Aviation, Agriculture, Petroleum, Real Estate, Telecommunication, Construction of Dams, Bridges and any other turnkey project(s) etc.

Our terms and conditions are reasonable and we would like to hear from you if you are interested for more information about our procedures.

Email: scottreynold1971@gmail.com         for PROOF OF FUNDS

NMLS # 245013

Home Office: 915 118th AVE SE, Suite 300 Bellevue WA 98005

Website: http://www.evergreenhomeloans.com

NMLS ID: 3182

Tel/Fax: +1206-600-5655

usey's reply was:    

  Apr 09, 2014

usey(1, 1)

Review by usey

1 Contributions 1 People Helped

These guy's are a joke! Helpful to 169 out of 178 people

My credit is 690; no late payments; pretty decent.  I was pre-approved for a $5,000 loan then subsequently received a denial letter.  These guy's are a total joke and a waste of your time.  I ended up going to my credit union and got the same loan at half the interest rate The Lending Club pre-approved me for.  Be warned, stay away from these guys.  

pickleman773's review was:    

  May 04, 2013 Reply

pickleman773(1, 169)

Review by pickleman773

1 Contributions 169 People Helped

Helpful to 85 out of 90 people

There's a lot of things that seem to be backwards.   Rushing to get your documents in and approved and then waiting for weeks to get the loans issued seems kind of ridiculous.   There are numerous notes from the first week of June fully approved and still not issued.   Investors are making nothing and borrowers are probably cancelling.  These are FULLY approved loans. 

When the convenience of using Lending Club is equal to or less than using your local bank their going to be in trouble.  The fees they charge are astronomical for the speed of service.

WaywardWanderer's reply was:    

  Jun 28, 2013

WaywardWanderer(3, 85)

Review by WaywardWanderer

3 Contributions 85 People Helped

Helpful to 166 out of 175 people

 Loan was FULLY funded and after all personal information was submitted, LC decided that my Debt on my credit cards were too high. Hello?? Is this not what the personal debt consolidate loan was for in the first place. Just a waste of time, effort, and energy.

Aug 15, 2012 Reply
FULLY FUNDED THEN DENIED Helpful to 141 out of 149 people

My credit score is 670...i applied for 15k to consolidate...got fully funded...kept getting emails saying everything is all good...then bam - dropped.  I have a full time job...decent credit...and just wasted a whole bunch of time. 

Feb 18, 2013 Reply
Helpful to 25 out of 27 people

I went through an identical scenario.  What a waste of time, and it added another inquiry to my credit history.  What was the point?

Siren323's reply was:    

  Feb 20, 2014

Siren323(1, 25)

Review by Siren323

1 Contributions 25 People Helped

Get ready to jump through hoops Helpful to 50 out of 52 people

Application process is endless. If you've jumped through one hoop, be assured you'll jump through the same one again and again. They indicated the loan was fully funded then asked for another form, then 2 days later re-asked for the same form. Happened 2 to 3 times. They indicated after emailing them 3 times the process takes 10 days. 12 days later no indication of the loan being finally approved or not. Enough was enough, once I was approved, I declined the offer.

mrami0004's review was:    

  Jun 17, 2013 Reply

mrami0004(1, 50)

Review by mrami0004

1 Contributions 50 People Helped

Helpful to 4 out of 5 people

go to magnumcreditservices.com

tmsuzuki09's reply was:    

  Mar 09, 2014

tmsuzuki09(2, 4)

Review by tmsuzuki09

2 Contributions 4 People Helped

Offered the product but was denied. Helpful to 63 out of 67 people

I was offered a personal loan through Credit Karma and applied but was denied!?!  I make $78K/year, have virtually zero debt 5 open credit cards with just a couple hundred dollars on them total, and 708, 722, and 785 credit scores.  I have never been late on a house payment in my life and the only blemish at all were a few student loan payments being late over TWO YEARS ago when I was temporarily unemployed.  Overall I have great credit, solid income, and I don't see any reason why I would not have been approved.

What's wrong with this picture??

Strange,

Joe

joekarns's review was:    

  May 03, 2013 Reply

joekarns(2, 65)

Review by joekarns

2 Contributions 65 People Helped

Helpful to 11 out of 12 people

I know what is wrong, they can not make money out of you.

noginai7's reply was:    

  Dec 20, 2013

noginai7(1, 11)

Review by noginai7

1 Contributions 11 People Helped

Helpful to 5 out of 5 people

The late payments on the Federal Student loan will stay on your credit file for 7 years.

gdaw's reply was:    

  Jan 15, 2014

gdaw(11, 90)

Top Contributor

Review by gdaw

11 Contributions 90 People Helped

Top Contributor

All defaults are on your credit history for 7 years, and will play into credit decisions. Since that is now 3 years behind you, it will have affects for 4 more years. Additionally, defaulting on student loans (government loans) and medical bills seem to carry more weight, and could potentially have significant implications up the the 7 years, possibly longer, regardless of your employment situation. Good luck to you.

Douggers's reply was:    

  Apr 19, 2014

Douggers(2, 0)

Review by Douggers

2 Contributions 0 People Helped

I am beyond impressed! Helpful to 23 out of 25 people

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. 

bergermedecin's review was:    

  Mar 04, 2014 Reply

bergermedecin(1, 23)

Review by bergermedecin

1 Contributions 23 People Helped

I am in your shoes only about double the debt right now.  The multiple payments are hig on what I owe and I am considdering he loan to consolidate all the cards and, hopefull, co-ordinate my cards.  I will take into consideration what you have written.  I honestly have no way to determine if any of the reviews whether positive or negative are real.  But you seemed much clearer.  The loan I'm considring is well within my budget and it would be a huge boon to have the cards paid off and my monthly payments consolidated and less per month wit a definate end in sight.

Bearfist's reply was:    

  Mar 25, 2014

Bearfist(1, 0)

Review by Bearfist

1 Contributions 0 People Helped

Helpful to 3 out of 6 people

Hi, Glad you were happy with your experience! Thanks for the feedback.

LendingClubRep's reply was:    

  Mar 07, 2014

LendingClubRep(51, 19)

Top Contributor

Review by LendingClubRep

51 Contributions 19 People Helped

Top Contributor

Confusing Helpful to 42 out of 48 people

Let me say that I took out a previous loan with Lending Club and everything was fine. I received the funds and am paying it off. No problem there.

However, when I tried to take out a second loan, problems quickly began to arise. The website will simply NOT allow you to take out a second loan if you have one already. There is no clear cut direction as to what to do or what to click on.

I emailed Lending Club and asked if I could take out a second loan and explained the technical issues I was having. Someone responded with "you can only take out a second loan if you had the first loan for 6 months and paid everything on time". That was all the email said. But I have had the other loan for a YEAR and always paid on time. They didn't address my real question or even look up my account. I emailed them again and finally they told me how to get a second loan. You have to actually sign up using a different email address to do this. It was confusing and irritating to have to do that.

I have had other questions and have gotten one line generic responses via email. You can call them with questions too, but phone lines are only open during the day and early evenings.

My loan has been 100% funded as of a week ago, but I never received an email stating this. I found out myself when I logged in to my account. I have not received any funds in my bank account either. I don't understand what the hold up is or why there was no communication. I just emailed them yet again with another question.

It has been two weeks since I posted my loan and I am confused about the status. 

Bottom line: the loan request process may be time consuming and possibly a waste of time if you never end up getting a loan somehow down the road. Customer service is below average. The website is easy to use for simple tasks but there is limited information available for account holders and not easy to figure out how to take out multiple loans. Overall, not as easy of a process as I once thought it was. Don't know if I would recommend Lending Club to anyone.

Nov 01, 2012 Reply
Helpful to 14 out of 19 people

The "one loan only" policy is written very clearly in the user agreement.

vbpickeral2782's reply was:    

  Jun 15, 2013

vbpickeral2782(2, 14)

Review by vbpickeral2782

2 Contributions 14 People Helped

Worked great for me! Helpful to 29 out of 33 people

My credit score at the time was 671 and the site indicates they take nothing less than 660. Anyway, I applied, submitted all the requested paperwork and was fully funded within the same week. The money made it into my bank account the next week. This all happened for me after I was thoroughly convinced that there was no chance I was ever going to get my debt under control. Now I'm on a 5 year plan to be debt free! Clearly I'm happy sinced it all worked out for me but it's a bummer to hear so many people have had trouble with them.

JaktUp's review was:    

  Jun 05, 2013 Reply

JaktUp(1, 29)

Review by JaktUp

1 Contributions 29 People Helped

Helpful to 2 out of 2 people

Thank your JaktUp, I can't believe how many negative reviews there are for LC.  I just got a loan and was completely satisfied with their effors to give me a loan.  I got a 5K loan within a few days of applying.  My credit score is at 687 and not too many negative marks.  I would definitely recommend them to another person looking into consolidating debt since their APR is much lower than the average credit card.

760Marco's reply was:    

  Apr 01, 2014

760Marco(1, 2)

Review by 760Marco

1 Contributions 2 People Helped

BIG WASTE OF TIME! Helpful to 13 out of 14 people

They just reel you in to get all your information with promises then BAM! DENY YOU!  After wasting time going through their process, I've recieved a bunch of other solicitations for shady companies like Lending Club.  Such a cess pool of crappy companies.

Chaiwat1's review was:    

  Mar 05, 2014 Reply

Chaiwat1(1, 13)

Review by Chaiwat1

1 Contributions 13 People Helped

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Company Overview

Lending Club is an online peer to peer financial community that works to match approved borrowers with investors. The online application process makes applying for a personal loan quick and convenient. Available loan types vary from debt consolidation to special events loans. Loan amounts range from $1,000 to $35,000 with fixed monthly rates. Borrower and investor support is available online or by phone.

Founded in 2007, LendingClub has helped facilitate more than $3 billion in loans. All loans featured on Lending Club are funded by WebBank, a Utah-chartered Industrial bank headquartered in Salt Lake City.

Company Details

Lending Club

  • Established: 2007
  • Headquarters: San Francisco, California
  • Website: www.lendingclub.com
  • Products: Personal Loans
  • Assets: N/A
  • Available: Online; select states

Rating Distribution (832)

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If you receive a $5,000 36-month loan at an interest rate of 6.03% with a 1.11% origination fee of $55.50, you will receive a loan amount of $4,944.50 and will make 36 monthly payments of approximately $152.18 at a 6.78% APR. In the case of a $15,000 60-month loan at an interest rate of 7.90% with a 3.00% origination fee of $450.00, you will receive a loan amount of $14,550.00 and will make 60 monthly payments of approximately $303.43 at a 9.20% APR. Annual Percentage Rates presented are estimated and were created based upon information entered by the consumer and through analysis of information publicly available at lendingclub.com. The estimated APR presented does not bind Lending Club or any lender originating loans through the Lending Club platform. The range of APR available through Lending Club is 6.78% to 29.99%. Only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR depends upon credit score, loan amount, loan term, credit usage and history. All loans are subject to credit review and approval.