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Lending Club Personal Loans

Application Process
Customer Service
4.3 5
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60

13.25%

$229

 

Current Loan

This Loan

 

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Balance

$10,000

$10,000

$0

Term (Months)

60

60

0

 

Estimated Interest & Fees

$14,000

$3,724

Down

$10,276

Interest Cost

$14,000

$3,724

Down

$10,276

Lender Fees

N/A

$0

$0

 

Total Monthly Payment

$400

$229

Down

$171

 
Savings:
Monthly Payment Savings over 1 Year

$2,052

Interest & Fee Savings over 5 Years

$10,276

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  • Most Helpful Positive Review

    Mar 04, 2014

    I am beyond impressed!
    Helpful to 165 out of 176 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. 

    Read More

    bergermedecin's review was:    

     

    Most Helpful Critical Review

    Nov 01, 2012

    Confusing
    Helpful to 73 out of 85 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.

    Read More
     

    Reviews (1234)

    I am beyond impressed! Helpful to 165 out of 176 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. 

    bergermedecin's review was:    

     
    Mar 04, 2014 Reply

    bergermedecin(1, 165)

    Confusing Helpful to 73 out of 85 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.

    Nov 01, 2012 Reply

    Mar 26, 2015

    its good service.

    will recommend to anyone looking for a low apr loans.

    Read More

    saloogee84's review was:    

     
    Write A Reply |

    Mar 25, 2015

    It's grrrrrrrrrrrrrrrrrrreat!

    Try it.  Been with them two years now. Finally got a second loan to payoff those ridiculous Rise and Plain Green loans, will sav thousands in the long run!

    Read More

    nocarey's review was:    

     
    Write A Reply |

    Mar 25, 2015

    great product!
    Helpful to 1 out of 1 people

    My process with Lending Club was very smooth and painless despite my constant fears of being rejected at each step.  I qualified for a loan that fit my needs and now I am finally able to consolidate my debt and get my monthly payments down to a much more reasonable level.  Thank you Lending Club for taking a chance on me! It was exactly one full week (including a weekend) from application to funds deposited into my account.  Again thank you so much I feel a great weight lifted off my shoulders and finally the ability to move forward with my life!

    Read More

    Sleepyinsf's review was:    

     
    Write A Reply |

    Mar 16, 2015

    Lending Club was a life saver!
    Helpful to 4 out of 4 people

    I was skeptical like most people when I first started receiving the invites in the mail. I had racked up a lot of credit card debt when I was younger and I didn't know how I could pay them off since they had such a high APR. Now I have a great job that pays well, but as we all know, we don't get paid the full annual salary all at once. Paying my credit cards off would've taken me a long time and possibility prevented me from getting a mortgage. Having said that, I gave Lending Club a chance since I got rejected from a bank loan the same day. I needed about 20k and I was very pleased to see that Lending Club accepted me and at a great rate. I applied on a Tuesday, verified my bank account by Wednesday, and got the loan deposited in my bank account by Friday. I saw the amount on Monday and that was it. The process was very fast and very painless. Thank you Lending Club for giving me a chance to get back on my feet! I am telling everyone about it!!

    Read More
      View 1 Reply Write A Reply |

    Mar 17, 2015

    Glad you were happy with your experience!

    LendingClubRep's reply was:    

     

    Mar 16, 2015

    Credit card consolidation
    Helpful to 4 out of 5 people

    Easy and pleasant experience dealing with Lending Club.  Able to pay off credit cards and have the weight of the world off my shoulders. Would highly recommend them for a loan.

    Read More

    Hecoer's review was:    

     
    View 1 Reply Write A Reply |

    Mar 17, 2015

    Thanks for the feedback!

    LendingClubRep's reply was:    

     

    Mar 11, 2015

    So Happy!
    Helpful to 2 out of 2 people

    I had some medical bills plus some credit card debt that was driving me crazy! So i decided to apply for a loan to get rid of monthly payments and high interest rate.

    It literally took me days to get my loan and pay off those things! So quick and easy and also I saved money by paying lower interest on my loan. Thanks for giving me a chance, Lending Club=) And thanks to credit karma for letting me know about my options when it comes to personal loans=)

    Could not be happier=)

    Read More
      View 1 Reply Write A Reply |

    Mar 13, 2015

    Glad you were happy with your experience!

    LendingClubRep's reply was:    

     

    Mar 09, 2015

    Outstanding! Quick and easy!
    Helpful to 1 out of 1 people

    I can't say enough about how great my experience was with Lending Club!  The process was super simple and my interest rate is great!  My Lending Club loan got me out from under my high interest credit cards.  When I began the loan process I thought it was too good to be true, but it wasn't!  Next thing I know I got my full loan amount and payed off my credit card debt.  Love them!

    Read More
      View 1 Reply Write A Reply |

    Mar 12, 2015

    Glad you were happy with your experience!

    LendingClubRep's reply was:    

     

    Mar 06, 2015

    Helpful to 1 out of 3 people

    Totally Awesome! Quick, Easy, Smoothe Transaction. Thanks

    Read More

    Logansrunn's review was:    

     
    View 1 Reply Write A Reply |

    Mar 12, 2015

    Thanks for the feedback!

    LendingClubRep's reply was:    

     

    Mar 06, 2015

    SO FAR SO GOOD
    Helpful to 3 out of 3 people

    My adventure with the Lending Club just started so all i can say is so far so good. I received a letter by mail and i decided to give it a try because i wanted to consolidate my credit cards and pay for my next semester graduate school.

    My experience is for a: 708 Credit score, 31% credit card use and no installment Loan

    - Feb 27th 2015 at 9 PM: I applied for a loan of $10,000. They proposed a $330/ Month for 36 Months with 13% APR (I had other options but i choose that one).

    They asked me to verify my email address and bank account. I verified my email address right the way and waited for the 2 or 3 business days to come so i can verify my bank account

    -Feb 28th 2015 when i woke up: $10,000 was 100% funded by investors

    -March 3rd 2015 when i woke up: i saw the small amount on my account to verify my bank account so i did it.

    -March 4th 2015: The review process was moved to DONE and i was APPROVED

    -March 6th 2015 when i woke up at 7 AM: The amount requested was deposited on my Bank account (Loan - Fees) so ($10000-$400)=$9600

    WELL..... LET ME SAY AGAIN SO FAR SO GOOD

    Read More
      View 1 Reply Write A Reply |

    Mar 12, 2015

    Thanks for the feedback!

    LendingClubRep's reply was:    

     

    Mar 03, 2015

    Efficient and Helpful!
    Helpful to 2 out of 3 people

    I must say that I was impressed by Lending Club! I applied on a Wednesday evening, they verified my e-mail immediately and my bank account by Friday - and by Sunday my loan was approved and funds were deposited by Tuesday; so not even a week from start to finish.

    They do send e-mails to confirm each step, too.

    I have to say that I also contacted them by e-mail twice and never received any response, hence the "not 5-Star" rating for Customer Service. If you make e-mail available as a contact method you should respond to it. But, this is an issue with many businesses, unfortunately.

    Read More
      View 1 Reply Write A Reply |

    Mar 12, 2015

    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.


    If you receive a $5,000 36-month loan at an interest rate of 6.03% with a 1.11% origination fee of $55.50, you will receive a loan amount of $4,944.50 and will make 36 monthly payments of approximately $152.18 at a 6.78% APR. In the case of a $15,000 60-month loan at an interest rate of 7.90% with a 3.00% origination fee of $450.00, you will receive a loan amount of $14,550.00 and will make 60 monthly payments of approximately $303.43 at a 9.20% APR. Annual Percentage Rates presented are estimated and were created based upon information entered by the consumer and through analysis of information publicly available at lendingclub.com. The estimated APR presented does not bind Lending Club or any lender originating loans through the Lending Club platform. The range of APR available through Lending Club is 6.68% to 29.99%. Only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR depends upon credit score, loan amount, loan term, credit usage and history. All loans are subject to credit review and approval.