LendingClub

Reviews: LendingClub

Reviews: LendingClub

LendingClub

Overall lender rating

4.5
out of 5
6031 reviews
from Credit Karma members

Most helpful positive review

Mar 04, 2014
I am beyond impressed!
Credit Karma member

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.

1523
151

Most helpful negative review

Apr 06, 2017
24% interest on 670 credit score
Credit Karma member

Thank goodness I just paid off my loan with them and let me tell you, this was a bad deal to even get a loan. I had a credit score of 670 and applied for and was approved for a $12,600 loan through lending club. I wanted to consolidate my credit card dept and lower my monthly payments. BIG MISTAKE. When I clicked to get this loan it say APR of 5.6% I thought that is what I got. NOPE it was $12,600 at 24.49% interest rate and a 29.19% APR for 36 months. This was higher than my credit card payments. I didn't see that small print until after I already paid the credit card companies with this loan. My payments to Lending Club were $495 a month only $240 went to principal. So, in that first month, I immediately tried to think of a way out of this fiasco so I went to my Captial One Credit card and asked them about a interest free period and they increased my credit limit to 11,400 with 0% interest for 18 months. Well I owed Capital one money so I didn't have that full amount available, but I did transfer $10,997.59 to Lending Club and they put $10,755.47 toward principal and $242.12 toward interest. If you make additional payments, like I did you still owe for the next month you cannot skip a month. This left me with a $1,108.37 principal balance. Well I wanted to get rid of this rip off company and finally get my finaces under control. So I got a home equity line of credit through Neiborhs Credit Union (I SHOULD HAVE DONE THIS FIRST). I went to Lending Club and got the amount of my payoff, well the payoff date was supose to be good through the 13th of April but nope it wasn't, I sent them what I "thought" was the payoff according to them online, but nope I still owed another $57.00 I called Lending Club and they told me, in order to get a "accurage" pay off you have to call them. So finally as of today April 6th, 2017. I am no longer a slave to Lending Club and their out ragous interest rate. If you need a loan, and you have a 660 score or higher go to a credit union or even a bank. Neighbors Credit Union gave me $15,000 credit line with 5% and its a 15 year loan which means, the $98 I am paying Neighbors can be paid off in the same time frame as Lending Club and it would be less interest and less money over all but..I can also take out from the line of credit if I need to, rather than putting it back on my credit cards.

3191
200

Member ratings

All member reviews (6031)

4806
590
115
103
417
Dec 03, 2021
Lending Club is the only way to go
Credit Karma member

I've just received my 2nd loan from the Lending Club.. The process is easy and it's fast. Their website is uncomplicated and user friendly. I've also found that their lending rates are much lower than other lenders on Credit Karma.

0
0

Dec 01, 2021
easy, quick, pleasant.
Credit Karma member

Thank you for your quick, easy process! Very professional and polite staff.

0
0

Dec 01, 2021
It was a great experience had no issues whatsoever
Credit Karma member

I was pleasantly surprised and how easy this was to apply for the loan. I never expected to be get the loan no, but I did get it it helped pay off one of my credit cards and most of the other one. Thank you very much

0
0

Dec 01, 2021
Mr
Credit Karma member

Easy process. I had the agreed amount of loan the next day.

0
0

Nov 30, 2021
I will do it again
Credit Karma member

Good just paid off 3 loans with them

0
0

Nov 30, 2021
Excellent business
Credit Karma member

The entire process was an easy process. Customer service answered all questions in a speedy and friendly manner.

0
0

Nov 29, 2021
Super satisfied with process
Credit Karma member

So impressed how the process was fast and simple needed to bump up my credit as well and happy to see they gave me an opportunity that’s going to help me on my credit as well!!

0
0

Nov 29, 2021
Good
Credit Karma member

I was surprised because I didn't think they would lend me money because the others said no.

0
0

Nov 28, 2021
Great!
Credit Karma member

GREAT!! Fast and easy and has improved my credit

0
0

Nov 28, 2021
Easy, simple, quick
Credit Karma member

My wife and I borrowed monies to pay off our credit cards. It was simple, money was deposited quickly and there was no hassle. Thank you!

0
0

1-10 of 6031

These ratings and reviews are provided by our users. Banks, issuers and credit card companies do not endorse or guarantee this content, are not responsible for it, and may not even be aware of it.

†† The opinions you read here come from our editorial team. Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors' opinions. Our marketing partners don’t review, approve or endorse our editorial content. It’s accurate to the best of our knowledge when it’s posted.