LendingClub Personal Loans Reviews

LendingClub Personal Loans Reviews
3.5 out of 5 stars
55 Reviews

From Borrowers in the last year

ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL

Application Process

4.5 out of 5 stars

Customer Service

4.5 out of 5 stars

3.5 5

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Most Helpful Positive Review

Aug 09, 2019
a great way to consolidate
FettMmy Borrower

We were so hesitant to apply with Lending Club.  We knew nothing about peer to peer lending and there’s so many scams these days.  After researching them we applied.  We put in some information and it came back with an offer.  All we had to do was a phone verification.  We didn’t submit any documents.  We are so grateful they approved us.  We ended up getting the amount we requested.  We tried Prosper and BestEgg as well and they denied us so we were so excited that Lending Club approved us.  We were paying $1300 a month in credit card/loan debt and now we only pay $550 a month with this new loan.  We were paycheck to paycheck and now we have some room to save.  The only downside is we have a higher interest rate at 22% but our bank told us once we were above 700 with less than 10% credit card utilization they would refinance us at 9%.  But 22% is still lower than our credit cards and loans so we are still saving money.  Here’s a breakdown:

Monday morning 4am:  applied, 663 credit score, 125k annual income, 76% credit card utilization, requested 20k loan

Monday morning 11am- phone verification

Wednesday 10am- approval email, and then funds hit right after midnight 

i would highly recommend them!  They were a life saver. 

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Most Helpful Negative Review

Feb 26, 2020
bad decision on my part
dregd2000 Borrower

I was approved for the loan without hesitation on Lending Clubs part.  However, I should have read the fine print more cleary.  It was my first personal loan and I have learned a valuable lession from taking this loan out.  On $10,000 the "Origination Fee" was $500, meaning in addition to the interest I am being charged, $500 came off the top.  I would not have paid $500 in interest on the few cards I paid off had I not taken the loan.  I had never heard of this fee and as I mentioned, in addition to the $500 fee, I am still paying lending club interest on the loan.  I would never do this again.

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These reviews were written by current and former borrowers in the last year.

Apr 07, 2020
Bad! Horrible! Thieves!
Angry19 Borrower

have a loan with lending club for several years now. Never had a late payment. I paid all of it off in March 2020..and the time between Feb-March I kept making payments thinking the loan was paid off in full. I called in.. well the rep said I still had a balance She took notes and said she sent it to the treasure dept. for them to take a look at it and it would take 24-48 hours for it to get fixed.  I told them that I had made all payments and that my account should be paid in full and that I was actually due money back for over payment and asked why in February I was charged an extra $200 Interest even though all other previous months the interest charges have been consistent.  Again the rep took notes and said she forwarded it to management and that I would hear back.  I check my account again.. of course, nothing has been fixed. So this has been my 4TH attempt in trying to get it fixed and telling them my loan should be paid in full and that I owe nothing else and I am due money back. I told the rep that this was my 4th time calling back and she told me that it was only my first time since talking to her. WTF!!!  I asked if I had a balance due why didn't they draft it out of my account if it was due, since that's how my payments have been made? She tells me that the automatic draft was closed. How the heck Is it closed if I didn't close it and that's how my payments were being made? I made a point and told her something was wrong if that happened. This time she tells me it will take 5-7 days to hear back from management and that I was misinformed about the 25-48 hrs!!! Told her I'd be leaving a review which I never do, good or bad! Lending club is great at taking your money, but TERRIBLE at resolving any issues!! They do not deserve a star at all!!!!o

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Mar 26, 2020
Worst loan practices
APaulC Borrower

This past week, I have waited on hold for a total of 13 hours...no, that is not a typo. THIRTEEN hours. The previous week I had arranged for a loan deferment with one of the operators due to the Coronavirus outbreak and losing both of my jobs. I was told to calll in Monday to get receipt of it. I called Monday, and tuesday, and wednesday... finally got a hold of someone today who then informed me that my account was charged off and sold! 

I am in utter disbelief. Had I known they weren't going to give me a deferment and were going to charge off my account I would have paid it. The worst loan practices I've ever dealt with. 

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Mar 14, 2020

Great experience all around. Easy process, easy payments, upfront no bs. I'm on my 3rd loan with them.

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Mar 10, 2020
Company Customer Service Is Very Poor!
JDee2 Borrower

I paid my payment for my loan with them on the 20th of the month, they marked me late because it was posted on the 21st.  This company doesn't care about their customers and are very condescending when you speak to a supervisor!  Stay away from them they looking out for the customers best interest.  I sat on the phone with Sabastian for 1/2 hr and was put on hold, the line was disconnected on their end and he didn't even attempt to call me back!  They waste so much of your time on the phone and then at the end hang up on you!

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Mar 06, 2020
There when you need it

My only point of contention is the interest rates; otherwise, I was overall satisfied with Lending Club as a company.  The monthly payments were affordable and the schedules were flexible.

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Mar 15, 2020

Is there a penalty for pay the loan sooner or making additional payments?

 
Mar 05, 2020
Excellent, Fast and secure!

 I am very grateful to the efficient Lending club service, the process of applying super easy and everything in due time.  To date I am very satisfied and I recommend it 100%.  The interest rate is low compared to other loans, everything in the closing is real, the only bad thing is the high deposit fee but they also explain it before applying. Thanks for the opportunity . 

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Mar 04, 2020
Life saving
dest567 Borrower

I was living pay check to paycheck and could only make the minimum payment on my credit cards. Which I was told would take me 30+ years to pay off by only making the minimum payment. So I thoroughly looked into Lending club, and now will only take me 3 years to pay off my 30 years worth of credit card debt. I've used them for 2 years now and have had no issues. It was easy to apply and only took a few days to be approved/receive the money.  My credit score jumped up by drastically as well. 

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Mar 07, 2020

Did you have to close your credit card accounts?

 
Feb 26, 2020
bad decision on my part
dregd2000 Borrower

I was approved for the loan without hesitation on Lending Clubs part.  However, I should have read the fine print more cleary.  It was my first personal loan and I have learned a valuable lession from taking this loan out.  On $10,000 the "Origination Fee" was $500, meaning in addition to the interest I am being charged, $500 came off the top.  I would not have paid $500 in interest on the few cards I paid off had I not taken the loan.  I had never heard of this fee and as I mentioned, in addition to the $500 fee, I am still paying lending club interest on the loan.  I would never do this again.

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Feb 25, 2020
A legal way to overcharge.
Stonerpete Borrower

You will be charged 30 to 40 percent interest.

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1 Reply
Mar 15, 2020

I asked myself the same question. Its higher than the apr pn my credit cards.

 
Feb 18, 2020
Lending Club is the best!
jm94015 Borrower

Great customer service. They treat you right.

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**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.