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Lending Club Personal Loans

Product Holder (1514 Reviews)
Application Process
Customer Service
4.7456998825073 5

Get Your Personal Loan Rate from Lending Club Personal Loans

What are you looking to do with your loan?

60

11.39%

estimated

$219

estimated
 

Current Loan

This Loan

 

Change

Balance

$10,000

$10,000

$0

Term (Months)

60

60

0

 

Estimated Interest & Fees

$14,000

$3,170

Down

$10,830

Interest Cost

$14,000

$3,170

Down

$10,830

Lender Fees

N/A

$0

$0

 

Total Monthly Payment

$400

$219

Down

$181

 
Savings:
Monthly Payment Savings over 1 Year

$2,172

Interest & Fee Savings over 5 Years

$10,830

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  • Most Helpful Positive Review

    I am beyond impressed!
    Helpful to 345 out of 368 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. 

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    bergermedecin's review was:    

     

    Most Helpful Critical Review

    Confusing
    Helpful to 103 out of 126 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.

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    Reviews (1514)

    Wow! was getting Nervous but YAY!

    I happened to log onto CreditKarma and after being denied the Amex Everyday Card, I saw that a recommendation was to consolidate my high interest credit cards. I have a Paypal, Amazon store Cards and we all know how high in interest they get. I literally got away with them. My other Credit Cards had interst between 15-21% (discover, Capital 1, Citibank) and although my limits were recently increased, they didn't go up to what I wanted. CK has my Tu score at 672 but LendingClub did a soft pull at 663.  I applied on the 18th in the late night thinking this has to be some gimmick. Was quickly told that I was backed 100% an hour later. 8-19, I filled out the bank info and a deposit was made 8-20.. I also had to upload 3 months of bank statements. I did this but it was tricky for them to see where my deposits were coming in from. The problem is, my mortgage is paid out of 1 of 3 bank accounts.  I was stuck in the "Final Review" from 8-19- 8-28. Thinking I wasn't going to get it. I called them on Friday and explained my multple accts but would upload 3 months of an additional bank (the one with the least amount of $$) they could clearly see that I've made 100% on time payments for all of my cards. I received an Approval 9-1-2015 for $9800 which is what I had applied for. The Funds were deposited into my account today 9-2.. I'm Pleasantly Surprised. Although my Rate was 11% it surely beats the 25-29% I was paying. You'd best believe I paid those cards off today and I'm grateful for this program. I had never considered getting a loan like this. I didn't know they existed. I don't belong to a credit union and could never see myself at one of those "payday, title" Loans type of places. The other Recommendtion was Prosper Bank. With same information, my offer was 30% Interest,, Whomever takes an offer such as this will FOREVER be in debt. I would recommend Lendingclub.. Each Staff member I've spoken with was Incredibly Nice, Very Informative and Very helpful. I hope my review helps with anyone still stuck in the "Final Review" is self employed etc. I'm happy this is an option. Maybe next time I'll apply to do some home improvements and hopefully with an even lower rate 

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    Unethical in the review process.
    Helpful to 2 out of 2 people

    They tell people they are approved when they are still reviewing the application. I'm not sure why they do this as it is extremely unethical. My guess is that they want you to hold on rather than cancel your application. I'm guessing a lot of people apply and then go elsewhere or cancel last minute. L C telling you that you are approved immediately assures that you will hold on and wait for your funds. They then review your application. During this time they are slow to respond to emails, if at all. This is all very shady business. Banks, loans, etc are historically shady. It is usery. So no surprise. Its companies like L C though that push this reality right into your face. 

    I was told that my loan was approved while at the same time being told in a smaller font that I was being reviewed. Its meant to be confusing as are the percentages, etc. 

    All this said, I have had experiences n the past where I was able to take out a loan and pay it back with no issues. I do not understand why L C has to be shady and as do other cc companies. So a message to L C, please do not be shady like everyone else, and please do not tell people they are approved when they are not. Its lying. 

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    Easy option to consolidate debt.
    Helpful to 2 out of 3 people

    Well my score was 687 with my credit utilization at 95% from losing my Mother and Father-in-law to cancer within a few months of each other.  Went to my credit union and was told they would give my half of the $25,000 to pay off one card but had to close the account!  After a hard credit pull of course and this is my bank with whom my check goes straight to!!  Anyway my cards saved my family in a rough time and I have never been late on a big so I told them take a hike.  Enter Lending Club.  Soft credit pull, uploaded a few docs, short telephone verification, and funds in my account within a week start to finish.  APR higher than either credit card but one payment to pay and frees the safety net my cards give.  I have only good things to say at this point, thanks lending club

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    Glad you were happy with your experience!

    LendingClubRep's reply was:    

     
    Terrible for investors!

    Have any investors tried to pull their money out of lending club yet? I have a highly diversified portfolio of nearly ten thousand notes and have automated reinvesting paused going on six months now. My return has completely FLATLINED over that time period! My account value has held steady in a narrow $100 range for all of those six months, as defaults have cancelled out interest payments. My account still shows 7.9% return, despite my account value going nowhere! Anyone out there that invests with them, seriously try just letting your account build cash for 3-4 months and watch the account value stop appreciating whatsoever. It basically means you will get zero return for the 3-5 years it takes to get your money out!

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    Ease to use and the rate was great!
    Helpful to 2 out of 2 people

    The application was easy to fill out and I received an answer in a timely manner. I wanted to pay off my high interest credit card with a lower rate loan. I am very happy with the whole experience!

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    Thanks for the feedback!

    LendingClubRep's reply was:    

     
    great!

    it was exciting to watch as i got to see the people invest in me! i also would like to thank those that did invest in me, it not only helped financially but also lifted my own cofidence to see that others believed in me . the loan process was easy.i will have to say that people that are looking for a loan to pay attention to the loan process, because it does take a little bit of time. me i had time to wait and it was very exciting. thank you lending club and credit karma for the tip! james k.

    Read More
    Competitive Rates & Excellent Service
    Helpful to 1 out of 3 people

    I am both a Lender/Investor on Lending Tree and as of this week I am also a borrower. Wanted to refinance my existing home equity loan and the process was 1-2-3 easy with Lendng Club. No skeevy broker calling me, no endless hoops to jump through, no bait and switch on the APR. Just a service delivered as promised. A++ would use again. 

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    Glad you were happy with your experience!

    LendingClubRep's reply was:    

     
    This was a miracle for me.
    Helpful to 2 out of 2 people

    I have never used anything so easy and quick that has made such a difference in my life. It took only a few questions and in 3 hours I was approved and on my way to financial debt freedom. I had been wanting to do credit card debt consolidation for many years but was afraid to try. Lending Club made this a great experience for me.  I can not say enough the gratitude that I feel that Lending Club gave me the chance to see that rainbow at the end of the storm.

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    Hi, workingtobefree, glad we were able to assist!

    LendingClubRep's reply was:    

     
    So far, so good!
    Helpful to 3 out of 3 people

    I was a first time user of Credit Karma with no intention of getting any kind of loan.  The offer from Lending Club was suggested to consolidate some higher interest credit cards.  On an impulse, I clicked on the offer and began the process for the loan.  I thought it was a very easy process and only took a few minutes.  I thought it was very easy to read all the loan information and disclosures.  It was very easy to verify my email and bank account and only took a few days for the loan to be posted to my account.  I was able to pay off those higher interest credit cards within a week of coming across the offer.  I will save $470/month and have my total credit card debt paid in three years and be able to apply the extra money to higher interest student loans.  With the help of this small loan from Lending Club I will be debt free in three years.  The only minor issue I have found so far is I would like to be able manage my loan payments online.  It is much more budget friendly for me to make payments every two weeks (on paydays) than a monthly payment on a set date.  I saw how you can change the date of the payment, but did not see this payment option.

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    Thanks for the feedback!

    LendingClubRep's reply was:    

     
    Hassle free
    Helpful to 1 out of 1 people

    The process is easy and reliable

    Read More

    Thanks for the feedback!

    LendingClubRep's reply was:    

     

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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 $5 billion in loans. All loans featured on Lending Club are funded by WebBank, a Utah-chartered Industrial bank headquartered in Salt Lake City.

    **Annual Percentage Rates, terms of loan, and monthly payments presented are estimated and were created based upon information entered by the consumer and through analysis of information publicly available at lender websites. 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 7% to 30%) 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, credit usage and history. All loans are subject to credit review and approval. When evaluating offers, please review the lender’s Terms and Conditions for additional details.