a great way to consolidate
We were so hesitant to apply with Lending Club. We knew nothing about peer to peer lending and there’s so many scams these days. After researching them we applied. We put in some information and it came back with an offer. All we had to do was a phone verification. We didn’t submit any documents. We are so grateful they approved us. We ended up getting the amount we requested. We tried Prosper and BestEgg as well and they denied us so we were so excited that Lending Club approved us. We were paying $1300 a month in credit card/loan debt and now we only pay $550 a month with this new loan. We were paycheck to paycheck and now we have some room to save. The only downside is we have a higher interest rate at 22% but our bank told us once we were above 700 with less than 10% credit card utilization they would refinance us at 9%. But 22% is still lower than our credit cards and loans so we are still saving money. Here’s a breakdown:
Monday morning 4am: applied, 663 credit score, 125k annual income, 76% credit card utilization, requested 20k loan
Monday morning 11am- phone verification
Wednesday 10am- approval email, and then funds hit right after midnight
i would highly recommend them! They were a life saver.
They steal money from you
In August in took out a loan with Lending Club to pay off 2 credit cards. They sent payment to one card and the funds where applied to my credit card. The other card was never paid, I called the credit card company and they say payment was never sent to them. I called customer service at Lending Club in September and they said to me that id credit card payment was not accepted by card company the money would be sent back to Lending Club and they would apply money to my bank account. It is now November. NO money has been applied to my bank account and I still owe full amount to Lending Club less the 2 payments I have made. As far as I am concered is Lending Clud stole $1355 from me. Never Ever do business with these people. They are crooks.
They steal money from you
I took out a loan in August to pay off two credit cards. They paid one credit card but not the other. I called customer service in September and they said that if the credit card company didnt accept my payment it would be sent back to Lending Club and they would deposit it in my bank account. Its not November. I still owe the credit card company and I still owe the fucll amount of the loan. So Lending Club where is my $1355? As far as I am concered you stole $1355 from me.
Easy & smooth transaction
Being self employed alot of places give you a hard time gettig loans NOT them they helped us and the whole process was not bad at all. Took 3 weeks because of beibg self employed but patience was a virtue! We would use again
Fast, convenient and professional
I thought the application process was a little long (very detailed), but there was always knowlegeable customer service people ready and will to walk you though the steps. I finished the process on Friday and the cash was in my account on Monday. I can't say anything other than great things about this company. Awesome experience!
Easy to work with!
Great for self-employed, small business owners. As an independent contractor with a business account, it's difficult navigating the whole proof of income scenario. All of my income goes through my business account. This was not an issue with them. I was able to get a loan quickly with little documentation, just connect my bank account. A year later I was offered another loan.
It was for double the amount, half the interest.
same monthly payment. I took the loan and consolidated the first one into it. Second time around I had to submit tac info... but I didn't get any hassle at all.
This has been one of my best loan experiences. Also, you can go through the entire loan process and nothing hits your credit report until funds are dispersed to you! So you don't risk not getting approved and taking a hard hit. This is a place that rewards your business.
Very easy to apply, and no issues.
I've had my loan for a year, receive email reminders of my automatic payment, and continue to get pre aproved offers. Very happy with them.
Simple application process
The loan was simple and easy to apply for. Money was deposited in my bank account quickly. Great customer service, very professional. As said interest rate is high but competitive, and is certainly lower than credit card interest rates. A good way to consolidate.
Smooth and efficient loan process
I am on my second loan with Lending Club. I like the peer to peer aspect. First loan was at very reasonable rates. Second was higher as expected but I am very successful at repay schedule. Should have loan paid off early. I am very thankful Lending Club was there, otherwise I would be drowning in medical debt.
Keep fee upfront.
I just paid this off & they want me to borrow more—at double the interest I paid on the one I just paid off. Give me a break! I thought sure I’d get part if not all of the initial fee back since I never missed a payment, but no, of course not! Never again!
What fee?
no more from here
The loan process was pretty simple but it took longer than any other loan i have ever gotten. The are not very efficient at giving you all the imformation you need as far as when bills are going to be payed. You have to have them pay a certain amout of the loan to your bills, but they won't tell you how long it takes for them to pay your bills, so plan way ahead and allow plenty of time or you might have to pay your bills before they do and end up with a credit that will take awhie to get back from your creditor. Overall the loan was simple but only will go with them again if I am desperate.