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!!!!

My credit is 690; no late payments; pretty decent.  I was pre-approved for a $5,000 loan then subsequently received a denial letter.  These guy's are a total joke and a waste of your time.  I ended up going to my credit union and got the same loan at half the interest rate The Lending Club pre-approved me for.  Be warned, stay away from these guys.  

 Loan was FULLY funded and after all personal information was submitted, LC decided that my Debt on my credit cards were too high. Hello?? Is this not what the personal debt consolidate loan was for in the first place. Just a waste of time, effort, and energy.

My credit score is 670...i applied for 15k to consolidate...got fully funded...kept getting emails saying everything is all good...then bam - dropped.  I have a full time job...decent credit...and just wasted a whole bunch of time. 

Beware of these online lending companies.  I applied through lending club with a credit score of 768, well above normal and a $58,000 income and about $18,000 in credit card debt.  My application was denied for income verification because they said they could not verify the income even after I provided w2s and paycheck stubs.  They use an online verification system that only includes 1/3 or less of the entire US workforce (theworknumber.com).  Now this will negativelly impact my credit and I will have less of a chance for getting approved somewhere else.  Thanks for nothing lendinclub.  Notice the rating of 30% of one star feedback to 50% five star, that normally shows that the positive ones are fake.  I'll just go to my local bank and I'll be fine but I will onlly get aproved for about $10-$12000 versus the $20-$25000 that lendind club promised me.

Application process is endless. If you've jumped through one hoop, be assured you'll jump through the same one again and again. They indicated the loan was fully funded then asked for another form, then 2 days later re-asked for the same form. Happened 2 to 3 times. They indicated after emailing them 3 times the process takes 10 days. 12 days later no indication of the loan being finally approved or not. Enough was enough, once I was approved, I declined the offer.

I was offered a personal loan through Credit Karma and applied but was denied!?!  I make $78K/year, have virtually zero debt 5 open credit cards with just a couple hundred dollars on them total, and 708, 722, and 785 credit scores.  I have never been late on a house payment in my life and the only blemish at all were a few student loan payments being late over TWO YEARS ago when I was temporarily unemployed.  Overall I have great credit, solid income, and I don't see any reason why I would not have been approved.

What's wrong with this picture??

Strange,

Joe

Applying for a loan is easy.  Getting people to fund your "cause" is even easier.  However, your loan can get denied from underwriting even if your 100% funded.  I am unemployed but have an income.  Their website states that they will contact you if they need ot verify your income.  I got no phone call, not even an email.  Just a denial.  If you ask me, they should approve your loan before they post it for funding.  It looks like everything is going along smoothly, you're 100% funded and then at the very last minute, DENIED.  Bottom line, just use a real bank.  At least you'll know where you stand.

My credit score at the time was 671 and the site indicates they take nothing less than 660. Anyway, I applied, submitted all the requested paperwork and was fully funded within the same week. The money made it into my bank account the next week. This all happened for me after I was thoroughly convinced that there was no chance I was ever going to get my debt under control. Now I'm on a 5 year plan to be debt free! Clearly I'm happy sinced it all worked out for me but it's a bummer to hear so many people have had trouble with them.

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.