Lending Club Personal Loans Reviews

4.8 out of 5 stars
753 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

5 5

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Most Helpful Positive Review

Aug 18, 2018
Quick-Improved credit score
Suzy39 Borrower

Very quick and painless process.  NO additional paperwork needed.  Had a 670 credit score and received approval up to $40,000.  I took out $18,000 to pay off credit cards and to give me a little extra to pay for car repairs. Received the loan at the end of June and my credit scores are now 746 Transunion 753 Equifax and 752 Experian.  I had the option of 3 years with a 10% interest rate of 5 years with a 14% rate.  There was a 6% origination fee but totally worth it in the grand scheme of things financially.  I took the 5 years with the plan to pay it off early since there are no prepayment penalties.  Wish I had gone this route earlier.  Would have saved me a lot in interest fees.  One thing to consider with the personal loan route is it shows diversity in loan types.  If you don't have a car loan or a mortgage but have multiple credit cards - this is definitely a GREAT way to boost your credit scores.  It allows you to keep your credit card utilization under that 10% mark that is the holy grail in FICO scores.  But this loan isn't calculated into that scheme.  

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Most Helpful Negative Review

Jun 07, 2018
Predatory
slpollock Borrower

Who is writing these review?  I'm guessing not people who actually use this loan service.  People really sould avoid this at all costs.  There is an origination fee, on top of the super high interest rate!!!  You really need to read the fine print so you know what you're getting into before gettting involved with this company.  My example - $5K loan, of which they take $300 for origination fee right off the top (you get $4700).  Interest rate of 30%, so monthly interest fee ~$125.  So, after one month, even if I pay it off immediately, it has cost $500.  So, you can see this is not a great way to get money short term - or even long term for that matter.  Look elsewhere if at all possible!

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

May 19, 2019
The best decision I have made.
Capicola Borrower

The application process is simple and straightforward.  You can track your progress through the approval stage and, once completed, your funds are in your bank promptly.  Lending Club is easy to do business with.  

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May 16, 2019
Upfront with costs; helps rebuild credit
HPR99 Borrower

Interest rates are high, but if you are serious about consodating credit card debt and need to rebuild your credit then I would recommend it. I only recommend this loan if you’re consolidating high interest debt. The cost of the loan is disclosed up front and there were no hidden fees. 

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May 16, 2019

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May 15, 2019
Easy
NoMoAmbien Borrower

Ok first off let me say I accidently applied for this while on Ambien - first day taking it and I did this?!  But the next morning I checked out the friendly email, saw I was approved, paid off what was left on my credit cards for less interest and boom 792 Credit Score now! The CS is alittle meh.. But hey this is a great company overall.

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May 06, 2019
Lending Club is the Best!
db1968 Borrower

This is my 3rd loan using Lending Club by going thru Credit Karma. They are the fastest and easiest way to get a loan and if you have good or great credit there is no paper work that you need to send them. I got a $19000 loan at like 13% not to bad and it took 3 days to arrive in my bank account! I consolidated debt and saved $500 a month now!

Thank you Lending Club and Credit Karma for having such great services!

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Apr 26, 2019
Par2072 Borrower

Lending club likes to make true offers (not pre-approved offers.) Then when you go to finalize the turn you down. Nothing changed on my credit reports from the initial offer and trying to close the deal.

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Apr 22, 2019
Interest rate was outrageous!
Africanman Borrower

Administrators ignore customers help to lower interest rates or lower monthly payments, if financial difficulties come about. I paid off this loan, but it was a struggle! I would never take out another loan from Lending Club.

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May 14, 2019

Why would anyone take out a loan for 10k with 20 to 25 interest rate that's crazy!!!!!!!! How do they e en get away with that.

 
Apr 17, 2019
Almost done with my third one
mstandley Borrower

This company is amazing. Your loan is funded my individuals that put money in a "pool" to invest in your loan. My first two loans were for about 5k-7k and I could see as they were funded. They were funded within minutes by one person in TX lol. I could SEE that. I think they saw my credit and could read my mind on what I was consolidating. I was zero risk for those. Then I needed a 20+k unsecured loan after an auto accident left me with tons of credit card debt. This last, bigger, loan took 36 hours, and about 40 investors - but I had the money in my acct in a day. It's easier to qualify because the individual investor may only put $50 towards your $20,000 loan - so they aren't out much.....but when 40 investors each kick in a little - you get your fully funded, low fixed interest rate. I couldn't ask for better customer service either. Maybe one of these days I'll do the funding instead of the borrowing! :-)

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Apr 17, 2019
Excellent!
HB2019 Borrower

I was approved for a loan within 48 hours. Within another 48 hours the funds were direct deposited in my checking account. I immediately paid off a credit card and had piece of mind that I had cut my APR in HALF!

My credit score improved drastically after this. 

I can't say enough good things about Lending Club. 

You can even move your payment date around if you'd like. You can achieve this easily online.

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May 04, 2019

Did it require proof of income when you applied or was it all based on credit?

 
Apr 13, 2019
Avoid like the plague!
976789 Borrower

I don’t have much left to pay on this loan and thank god! Horrible customer service. HORRIBLE! Lengthy approval process. Don’t even ask about paying this loan with money orders or checks. You’ll think the big one struck San Francisco while on the phone with them (where they’re located). After lots of haggling, they'll give you the address of where to send it but it's a hassle to get it from them. They’ll threaten you with fees and everything else. God have mercy on your soul if you're stupid enough to give them access to your bank account.

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Apr 12, 2019
Pay off credit cards
Bluntness38 Borrower

This loan took about a week to get approved. I started off with a small reasonable amount. They paid on all the accounts I requested and the remaining was deposit into my checking account. I am almost done paying off my loan, and would opt to take out another one in the near future. I love the fact that they included all of my income. If you are working on polishing your credit profile, Lending Club would be a good start. I wanted excellent credit and my profile stated I was lacking a personal loan. If you are serious about your credit worthiness go for it.

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Apr 07, 2019
easy

the application is a little bit long but worth it. im on my second loan and my credit score has gone up drastically. i found out about lending club through credit karma 

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Mar 31, 2019
EXPENSIVE !!!
euroboy65 Borrower

HIGH INTEREST RATES!! 30% !!!

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Apr 07, 2019

that depends on your credit score i have a 12 percent on my 12000 loan

 
Mar 31, 2019
Extremely HIGH INTEREST !!!
euroboy65 Borrower

30% interest....OMG !!!
EASY TO APPLY BUT EXPENSIVE MONEY

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Mar 21, 2019
personal loan-debt consolidation
a1223 Borrower

Lending Club's customer service is so great! I have 25 years of customer service experience, 12 years call center experience, and working with them is a breeze! so professional and great attitudes. I actually look forward to calling them if I need something. Today I needed to change my payment date and it took a whole 3 minutes and I left the call with a smile. You can't beat that! :) I will definitely be referring friends to them.

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Mar 09, 2019
Straigthforward, affordable, and easy.
SIMPLYSUZE Borrower

You can pay off in three years a credit card that would take many more with much more of your payment going to interest instead of principal.  

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Mar 09, 2019
I couldn't be more pleased AND relieved!
SIMPLYSUZE Borrower

Qualified for a  very low-interest rate to pay off a high-interest credit card (leftover expenses from my daughter's wedding).  Dropped interest by 12 points!

Thanks Lending Tree.

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Mar 08, 2019
Ok so far.
badinrams Borrower

The application process was easy. Took a bit of time because I had to track down some documents like pay stubs and my w2. But once I was able to send copies everything went smoothly and I had the money in about 3 business days. Only real problem I had was the amount I recieved. They shave a bit (almost 6% in my case) off the amount to pay their fees. So ask for a little more than you actually need or you won't have enough for whatever you need it for. In my case I was paying off credit cards so I ended up with two cards I couldn't pay all the way down. It wasn't really made clear how much they would take until after I was approved or I might have asked for more. It said something like "2-6% based on your credit worthiness" and since I had a good credit score (730) I thought it would be on the lower end and I would have enough since I didn't want to borrow more than I needed.

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Mar 08, 2019
Super Quick
Charlant Borrower

I applied for a loan of 15,000 and received it on my bank account in a matter of 4 days after all info was cleared. Didn’t have enough money to close on home and Lending Club helped us out! We were very pleased with process! 

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Mar 08, 2019
I applied was matched, and received loan
whatnow3 Borrower

If you qualify you'll receive your loan

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Mar 08, 2019
Awesome
CindyW2200 Borrower

They made it secure and quick. Money was deposited in my bank within 48 hrs. Awesome !

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Mar 08, 2019
Easy, quick, good phone assistance

Great experience. Only wish they didn't charge a fee for the loan. Great interest rates.

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Mar 05, 2019
Delivered as promised!
11BN11 Borrower

I've been looking for a loan but dreading the process. My experience has been outstanding with Lending Club. Not just a little better than the rest but in a totally different league. How can they be so much better than the rest?? Thank you!!

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Mar 05, 2019
Worse decision I could have made

I was approved for a small loan but received only 15% of what Lending Club said I was approved for, and they kept 25% of what I actually received.  Lending Club stated the 25% was an initial fee.  Even though they are keeping that 25%, I am still paying interest on it, the entire loan amount that includes the 25% I did not receive.  Lending Club checked my credit score so many times in one week that it dropped 15 points.

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Mar 03, 2019
This is the way lending should be!

I was fortunate to find this lender because of Credit Karma's recommendations on my account home page. I was interested in a balance transfer from a good, but high-interest no-frills credit card. I can't say I was looking for a specifically personal loan, but I'm glad I read through all the recommendations as The Lending Club's terms were excellent; the loan is closed-end with a 36 month term and will save us thousands of dollars over the cost of incrementally paying down the credit card. The application was smooth, trouble-free, and approval was received in under 2 business days. What's interesting to note is that our "credit score" varies a bit from bureau to bureau, and those scores range from 717 to 748. Another lender rejected us with a 717 score and Lending Club approved us with our 748 score; don't know if that's significant. However, the creditor that denied us poiinted to high usage of credit and too many installemnt loans...really? How can people re-organize their debt profile if "too many installemnt loans" is the go-to excuse? I'm thrilled that Lending Club (likely) took a closer look at our debt profile and has approval algorithms that are more realistic. Account setup has been a breeze with no technical difficulties whatsoever and we're set up for auto-payments; please know that paper check payments result in a $7 per check fee; not really a deal-brealer since most of our monthly bill payments are auto-drafts. I'd recommend Lending Club withourt hesitation to those with decent credit and sufficient income; thanks, Credit Karma and Lending Club!

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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.