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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 (2143)

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Nov 27, 2015
Very Easy!!!!!
mandys1987 Loan Holder

I just want to say this was a very easy process.  I applied for a loan from the comfort of my recliner, who knew it would be so easy. I would recommend this company to anyone that wants to consolidate their Credit Cards. I applied on a Sunday and by Tuesday the money was in my bank account. It has really made a difference in my monthly bills after paying off all my credit cards.  I have more money left over at the end of the month.  

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Nov 29, 2015

Very good service and quick response.

Nov 27, 2015
This loan was very Easy!!!!!
mandys1987 Loan Holder

I am on Credit Karma.  The Lending Club popped up on Credit Karma as a possible Loan, that I could get to pay off my Credit Cards.  I click on the site and read the terms.  I filled out the application and within three days the money was in my banking account. I was shocked, that I could apply for a loan sitting in my recliner.  It has been a very easy process and I would recommend anyone to give them a try.

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Nov 27, 2015
It was a wonderful experience
ric5937 Loan Holder

It was so easy and professionally handled by the LC that I really recomend it to anyone looking for s loan

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Nov 27, 2015
Disappointed in origination fee!!
creditkrx Loan Holder

I had a 5% origination fee, which was quite a large amount on a $20K loan ($1000).  I really needed the entire $20K to consolidate my other bills.  Now I don't have enough.

I would've been ok with this if 1)It had been stated more clearly and 2)The fee was ADDED TO the $20K, and not SUBTRACTED FROM my proceeds.

Very disappointed!!  Please advertise this more clearly!!  I will be posting this on every review site I can find until this is changed, and I will not be using LendingClub again nor  will I be referring anyone else to their site!!

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Nov 26, 2015
It was a positive experience with them.
CatPeopleWeR Loan Holder

The process took about 14 days from application to money in the bank with no hitches.  We were very pleased and happy with Lending Clubs quickness of handling the loan.

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Nov 24, 2015
debt consolidation.
Anonymous Loan Holder

this was a simple process.  received loan in a matter of a few days with little paper work and all done over the computer.  the direct deposit into my account worked like a charm.

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Nov 23, 2015
$12K Debt Consolidation - Fast & Easy!
Anonymous Loan Holder

I was skeptical & waited months before applying to Lending Club, despite receiving pre-approved offers in the mail.  I should have done it sooner!! 

I applied at 9AM on a Thurs; it took 20 minutes, including the preliminary approval & offer, and submitting documents, and verifying my email & work information.  By 6PM, I received an email stating I was approved & they had received all of my documents (the "to-do" list) and pending final review they would authorize the funds to be transferred to my bank account.  Around 9PM, I received final approval of my loan and was told funds arriving in my bank account could take 4 business days.  Imagine my surprise when I got an email from my bank regarding the transfer around 2AM Saturday morning.  The entire process took less than 48 hours!! 

As a little bit of background, my goal was to consolidate 6 credit cards into a single monthly payment.  I have a credit score of 695; Lending Club offered me the $12K I requested at 9.17% (11.99% APR) with a 4% origination fee (which can be up to 5%, FYI).  I chose a 36-month term, and I'm saving around $1K per month (not to mention years of high interest on the credit cards). 

An added bonus - my original payment date (auto deducted from my checking account) was the 20th of each month; Lending Club allows you to adjust your date to best suit your budget (I adjusted to the 30th of each month).  And they send reminders a few days prior to the payment date. 

So far, I have nothing but but good things to say about them!  It is such a weight off of my mind, to not have multiple accounts to pay on!! 

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Nov 24, 2015

Glad we were able to assist with your consolidation!

Nov 23, 2015
Good, but....
Peppa01 Loan Holder

I don't recall seeing or reading anywhere in my documents that the loan origination fee would be $500. I felt that was a bit steep!!! Anyway, since I am on a mission to reduce my debt, I accepted the loan. Even with a good credit history and excellent payment history the Lending Club was the only company to give me the loan in the amount I requested  painlessly. The process from start to finish was quick and now I have one bill. 

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Nov 23, 2015

Hi, Peppa01. Glad we could assist with your consolidation! As a marketplace, Lending Club generates revenue from fees including transaction fees from our platform’s role in matching borrowers with investors to facilitate loan originations. As a borrower, you'll pay a one-time origination fee that ranges from 1.11% to 5.00% of the loan amount, depending on your loan grade (A-G) and term. Since it's based on your loan amount, it's calculated after you're approved, but all our rates and fees are clearly disclosed on our website at:, and in your truth in lending statement. As an online company, borrowers can set up automatic ACH payments, and there's no fee for that. Handling the mail costs more, so for those borrowers who choose to pay by check instead, there's a $7 processing charge.

Nov 23, 2015
Great Support
Anonymous Loan Holder

The 15 day grace period on payments makes it incredibly easy to manage funds. Have the ability to make payments according to my own personal pay period schedule is great. The support team is always friendly and eager to address my needs and assist with getting them resolved.

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Nov 22, 2015
Anonymous Loan Holder

Approved, funded and issued in 3 days! I was sent a pre approval letter on Saturday11/7/15, decided to apply via..i phone on Saturday night, approved for 4, 100. Loan was funded 100 % and deposited in my checking account on 11/10/17. Only had to verify email and bank account information.  Thank you Lending Club.  I paid off a high interest loan.  I will be saving exactly $442.00 a month in interest.  I recommend Lending Club without any hesitation.

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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.