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Lending Club Personal Loans

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Most Helpful Positive Review

Mar 04, 2014
I am beyond impressed!
bergermedecin Loan Holder

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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Most Helpful Negative Review

Apr 11, 2013
Should be illegal

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!!!!

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Reviews (3500)

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May 24, 2016
Not worth the time

Like others, I applied and was quickly "approved" but three weeks later I learned there had not been any funding of my loan.  I have my doubts there are many backers for these loans as mine should have been fairly simple.  With a credit score of 785+, I was offered a good rate.  Perhaps the lenders are looking for more risk/earning potential.  No biggie.  I was only looking for $15k and I can set that aside in just a few months.

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May 24, 2016

Good to know. I suspect this is about to become the norm. I too have noticed that the lower interest rate loans corresponding to higher fico scores seem to be unattractive to whatever investors remain on the platform.

May 22, 2016
Nash36 Loan Holder

This loan was very fast for me they ask two verification which was my checking account # and email address and my funds was there in 5 days

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May 23, 2016

Hi, Nash36, glad we were able to assist!

May 21, 2016
asweety85 Loan Holder

I'm just so frustrated. I've gotten two loans from them in the past and the process with quick, easy, and well communicated throughout. Now this time around they are taking forever, and I've received very little communication with no status updates at all. I was told initially 14 days and now it says 14-30. I can only assume it is bc of their president having to resign along with stock prices crashing and investors backing out. I only wish I had read about that before I put faith into them. 

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May 21, 2016

I am having the same issue. This is my first time applying. Do you mind if I asked when did you apply? I applied on the 7th of May and I haven't heard anything about funding. I read all the things about the changes with the president so I am assuming my loan will not fund.

May 23, 2016

I'm in the same situation. Whenever I call I get a stock answer, "Funding is taking longer than usual." Along with every representative repeating the same spiel about no loans going unfunded since 2014. That it's just a matter of when, not if. Well, their standing has changed now and I have a horrible feeling they are not being transparent with why our loans REALLY aren't being funded. So frustrating and stressful. 3 weeks with no updates unless I call them, and again- get the same canned answers no matter who answers.

May 23, 2016

Yes, I'm also in the same boat. Was told 14-30 days. I'm not feeling too optimistic and wish I read the about the CEO and funding issues before I applied. Funny thing is it was just a random article on MSN that I saw it. It makes me a little nervous to put faith in the company now. We'll see what happens. Also they seem to only respond to reviews that are positive. That's not being very transparent and good customer service. You should try and do your best to address all issues, not just great reviews for the ones who have gotten their loans super quick.

May 23, 2016

I'm sorry to hear you all are in the same boat. Let's hope that this issue gets solved, there was some positive info about them in the news today. I don't understand how some people are getting funded right away (per other recent reviews), unless those are fakes...

May 23, 2016

I have the same problem...I applied and was approved on April 29th and still waiting. Ugh.

May 24, 2016

Ditto. I applied May 9th and finally emailed and was told that it was being funded and could take 14-30 days. Browsing the loans, however, I don't see any that match my profile. So not sure what that means. I was under the impression that you can watch the loans as they are funded.

May 24, 2016

how do you browse the loans?

May 24, 2016

Used to be able to see the loan listings and your own loan. Now I don't see that we have that option easily anymore (as a borrower). They also used to email you throughout the process to let you know what % your loan had funded so far. When I called they told me they don't need that anymore because customers did not find it useful (although I think that is just their line they feed us). I applied on May 8. I am going to continue to have faith until June 8. I did see one person below that said it took about a month total for them to get the funding. It is just misleading to be told 14 days and then have to call and email to then be told it's actually now 14-30 days. It really is a shame that something that helped so many people and was so reliable before is no longer that way.

May 24, 2016

I spoke to someone and asked the same question- why can't I see my loan on the platform? I was told that it is because no one has invested in my loan yet, and that when there are investors, I would see a button on my account page that would take me to the platform/investor information. Of course the next person I spoke to told me the same thing that they told you, that they don't have that option anymore. So, they have no real answers. They are just reading a script and when you ask something outside their script, they get nervous and make stuff up. It's been 3 weeks for me and not once have they emailed or updated me, past the email verification page, telling me I'm in final review. I only talk to someone if I call them, and get the pat answer: In my time here I have never seen a loan go unfunded! Well, I fear times have changed and they have no investors anymore. Bad form on their part to drag us through the mud like this. But, of course, will still hold out hope. Good luck to us all- I hope it works out somehow.

May 20, 2016
It only took three days.
Mcatto Loan Holder

I applied for the loan Sunday evening and the funds were deposited in my bank account Tuesday morning. I was surprised at how smooth and quick everything was, absolutely no problems and very little to do on my end. The website is no frills but I was able to change my pay date with no issues and I can make additional payments and update payment accounts as well. I haven't had any problems since I got the loan but I did have a question about when it would be reported to the credit agencies, they responded to my email the next day.

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May 23, 2016

Hi, Mcatto, glad you were happy with your experience!

May 20, 2016
lucky71360 Loan Holder

No problems,quick and easy application process but it took 7 days to get the cash

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May 23, 2016

Hi, lucky71360, glad we were able to assist!

May 20, 2016
Quick & Easy !
donnie922 Loan Holder

Same as above !

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May 23, 2016

Hi, donnie922, glad we were able to assist!

May 20, 2016
Complete and my debts are consolidated
LanieLoo328 Loan Holder

I will admit that I was getting extremely frustrated with how long the process was taking.  It took, in total, about a month.  I would sign in as well as receive emails that I was approved and being funded and then nothing would happen.  I called and they would READ from the same script the email would say.  All in all, I got my loan last week and paid off my credit cards with it.  

I would definitely use them again if I am in need, however, I will go in with lower expectations on the time frame.  

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May 20, 2016

Yes, this is where I am right now. Saw all these reviews saying how fast the process was, but when you call they tell you 14-30 days. I'm happy with the rate and the customer service reps were cordial and as helpful as they can be, but it's slower than advertised.

May 19, 2016
Five Star Experience!
cjk1952 Loan Holder

Professional, easy, and fast.  

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May 24, 2016

Hi, cjk1952, glad we were able to assist!

May 19, 2016
They just want your info

I applied sent all of the required info for a loan two weeks ago and only recieved two emails one asking to confirm my account and another thanking me for sending the require documents, two weeks went by and I didn't hear anything. I also applied under a different email just to check the rate for a debt consolidation loan but never completed the application . During the same 2week span I received a total of six emails asking me to complete the application 

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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 $40,000 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 on analysis of information provided by the consumer and available rate information from lenders. 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 2% to 12%) 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, vehicle information, credit usage and history. All loans are subject to credit review and approval. Additionally, model year, loan-to-value, minimum loan balance mileage, income, debt, etc. restrictions may apply. When evaluating offers, please review the lender’s Terms and Conditions for additional details.