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.  

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!!!!

 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.

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. 

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.

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

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. 

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.

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.

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.