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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 (2525)

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Feb 05, 2016
joshsamd Loan Holder

I've had mixed experiences with lenders, but Lending Club has been great. They gave me a good rate (for my credit score) - beating out other offers. I was able to pay down some credit card debt and have extra cash for moving. The process was simple and fast, and the loan terms beat my expectations.

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Feb 05, 2016
very easy process
rjicce Loan Holder

easy to apply, questions were answered quickly

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Feb 05, 2016
Great opportunity
QueenB2002 Loan Holder

This has been one of the best lending experiences that I have encountered.  I became aware of Lending Club through my membership with Credit Karma.  I wasn't for sure if this was a legal company; howver, I did a lot of research and called the BBB myself.  I also called their company several times to make sure I was getting the same information and that it was real.  I sent it all of the required information and it didn't take long to hear from them.  I was approved and the money was in my account within the week.  I knew up front what was required, the fees, and how much the credit would cost me.  I knew I would have to pay a slightly higher interest rate because I am struggling to get my credit score back where I want it to be.  This money will be used to pay off my credit cards and allow be to get my fiances back under control.  Thank you Lending Club for helping me.

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Feb 05, 2016
Rates are awesome!!!
joeymal1 Loan Holder

I had my money in 3 days from applying. Quick, easy, and affordable!!! This is no gimmick!!! Its the real deal!!! 

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Feb 05, 2016
very easy and fast. great service
aogwudiegwu Loan Holder

Very great experience all the way around i would suggest anyone who needs a loan to apply.

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Feb 05, 2016
Debt Consolidation
Cbilste85 Loan Holder

Although I was advised years ago to never accept interest so high, after looking at what it would save me per month to consolidate, the interest was not so hard to take.  This loan has allowed me the freedom to save again and I'll be able to invest toward my future where before I was just spinning my wheeles with no real end to the madness.  I was able to close accounts I didn't need and can see the end of my debt problems only three short years away.  With dicipline and good management, when my loan is done I will be in a much better and safer place.

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Feb 05, 2016
Mamabear14 Loan Holder

My only complaint is that they don't disclose what the non-refundable origination fee will be so it was a shock to see how much it actually was. 

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Feb 05, 2016
Applied, Offered, Accepted
HC422 Loan Holder

Process was straight forward, options were plentiful, and I got a great rate to my surprise. Money was deposited very quickly. I did this all this week, so this process so far is what I am commenting on. Once the payments and customer service encounters begin I'd expect this to be just as smooth as a process. Thanks Lending Club for your easy and quick service thus far.

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Feb 05, 2016
Best experience EVER!!!
godprzr Loan Holder

We had tried to get a consolidation loan our bank and it was a nightmare and eventually didn't get approved.

The day we were declined from our bank I received an offer to apply for a Lending Club loan. I decided "what do I have to lose" and applied. The application was super short and simple, and we were approved almost instantly. Within a couple days, we received the final notice that our loan was fully approved and the funds were on the way to our account.

We used the loan to consolidate 4 of our credit cards and we had them paid off within 1 week of applying for our Lending Club loan.

We'd recommend their service to anyone and will hands down use them again in the future!

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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 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.