I am beyond impressed!
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.
bergermedecin's review was:
Mar 02, 2015
Deceptive application/lending practices.
Lending Club's (LC) web site says one can make payments at anytime which is not true. LC refused to accept extra payments on any date except standard payment date. They do not report payments accurately on website. I filed complaint with FDIC and FDIC aggreed that LC practices were deceptive. TLC charges large upfront fee to make loan. I have found LIGHTSTREAM/SUNTRUST BANK is far better loan, no upfront fees, lower interest, ability to make payments anytime. Prosper is a better leneder then LC and allows oine to make payments with ease. I would avoid LENDING CLUB. I found LC customer service rude and willing to lie. There is a statement about people tat some would rather climb a tree and tell a lie then stand on the ground and tell the truth, that statement applys to Lending Club. I am planning on filing with the CFPB concerning LC deceptive web site that can induce one to make loan with out truth being told by LC.
Bill714's review was:
Feb 26, 2015
Great service
What a great experience ! I needed 18,000 to consolidate my bills and with my busy schedule Lending Club approved me in minutes and my funds were in my checking account in 5 days without a phone call ! And a great rate also ! Thank you Lending Club a lot of pressure off my back now
Feb 26, 2015
A financial dream come true!
I received an email from lending club and decided to check the rates, just for the heck of it. I know my credit is just fair and figured it wouldn't work out. I couldn't have been more wrong! I was immediately approved for a $12,000 loan with an interest rate of 6.39% and an APR of 7.75%. The credit cards I wanted to pay off ranged from 18 - 30%. My "to-do" list included verifying my email and verifying my bank account with a small debit (immediately credited) that showed in my bank account the very next morning. Wednesday I received an email telling me I was 100% financed and the money was being deposited. This morning (Thursday), a deposit of $11,760.00 was in my account. Lending Club charges a small percentage for their service; for $12K the fee was $240. So, I just finished paying off $12,000 of high interest credit card and the loan I used to do it will be paid off in three years!! I am going to tell everyone about this.
Things to consider:
- My credit score was 680
- You can still go through with the loan even if you don't receive 100% investor backing (60% min)
- These are peer - to - peer loans, meaning that individuals, not banks, are giving you the money
Process:
Monday Checked rates, applied, 100% financed loan approved
Tuesday Verified bank account
Wednesday Notified that funds were being transferred
Thursday Funds in my bank account
funissa's review was:
Feb 25, 2015
A great experience.
I had an excellent experience so far. Did not take very long to get everything worked out.
Feb 24, 2015
I would highly recommend Lending Club
I have been looking for a loan to pay off high interest credit card balances. When the banks raised their rates and cut credit limits when I had ZERO late payments, it made things tough. I applied for a $35k loan and within 2 days my loan was 100% funded and a day later my funds were deposited into my account. I now have one monthly payment and a big weight has been lifted off my shoulders. Highly recommend them, fast and easy process. Thank you Lending Club.
Feb 23, 2015
Great people to work with
I'm sorry I didn't know about them sooner
ihaditall's review was:
Feb 22, 2015
I like this Personal Loan.
I aplied for this loan in late December to pay off my credit cards.The process was so easy and within 12 days i had a checked deposit in my bank account for $6000.I am credit card free and now i have only one bill to pay every month..If you want extra money i say to you apply now cause it is so easy to get approve..I wll do it again in two years.
seybrew's review was:
Feb 21, 2015
I would highly recommend Lending Club.
I've been looking, for quite some time, into getting a loan and paying off all my credit cards. Finally found Lending Club. Outstanding. I applied on a Wednesday and the funds were deposited two days later. What a weight lifted off my shoulders. Thank you, Lending Club, for the fantastic service.
Feb 20, 2015
The least stressful small loan ever!!
This was by far the easiest personal laon I have ever obtained. In 3 days, the money was in my account. No hard pull on my credit either. I would give only good feedback when asked.
kg4kdn's review was:
Feb 19, 2015
It was reasonably quick and easy!
Understandably, Lending Club wanted information from me to make a decision on the loan. They were very reasonable with the amount of time they took in the decision making process. I would certainly recommend them! Thanks, Lending Club!
Eyevan22's review was: