Lending Club Congratulations Your Money Is On The Way

About LendingClub

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With Lending Club's peer-to-peer lending, you can get a personal loan, refinance your car payments or take out a small business loan. Its online marketplace connects borrowers with a network of lenders to help them select the best loan.

Overall Satisfaction Rating

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Pros

Quick, easy online application
Fast money delivery
No prepayment penalties
Fixed interest rates

Cons

High APRs
Short loan length

Bottom Line

Lending Club is a peer-to-peer lending website that helps consumers get personal loans, small business loans and auto refinancing. You can apply for one of its loan options online.

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R of Johnstown, CO

Verified

This is my 3rd loan with Lending Club and have never had an issue. They are great to work with and easy to apply. Money comes in about 3 days and they automatically take the payme...

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Liliana of Azusa, CA

Verified

The ease in which filling forms online were extremely fast and easy. And with a brief follow up phone call to verify information, I was provided my loan within a very short time a...

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What is Lending Club?

Lending Club is an online marketplace that connects you with lenders. Its application process for personal or small business loans is quick and easy.

Apply online by providing the amount you want to borrow and the purpose of the loan.
Select a loan offer.
Your money is deposited directly into your bank account in as little as four days.

Lending Club offers multiple borrowing options, including personal loans, small business loans and auto refinancing. Borrowers can take out a personal loan for up to $40,000 for almost any significant expense, including:

Paying off credit card debt
Transferring a balance
Consolidating debt
Improving a home

Personal loan terms are either 36 or 60 months, and all transactions take place through your Lending Club account. Once approved, your loan is deposited directly into your bank account in as few as four days.

With a small business loan from Lending Club, borrowers who have been in business for at least a year with $50,000 or more in annual sales can get up to $500,000 with a one- to five-year loan term. Small business loans have fixed monthly payments and interest rates as low as 4.99%.

The auto refinancing options are excellent for borrowers who owe $5,000 to $55,000 on their auto loan and want to lower their monthly car payment. Once a borrower chooses a refinancing offer, Lending Club pays off their previous lender. All payments go through a Lending Club account.

LendingClub Reviews

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How do I know I can trust these reviews about LendingClub?

How do I know I can trust these reviews about Lending Club?

3,447,543 reviews on ConsumerAffairs are verified.
We require contact information to ensure our reviewers are real.
We use intelligent software that helps us maintain the integrity of reviews.
Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 6

D of Sarasota, FL Verified Reviewer

Original review: Jan. 25, 2021

Fast service, easy application process, pleasant American, English speaking customer service! I've had two loans and look forward to doing business with these folks again. With their help I have increased my credit score considerably... thanks LendingClub.

nicole of Warrenville, SC Verified Reviewer

Original review: Dec. 5, 2020

Unfortunately most of your loan companies are not the best option as bank would be but the ones who PROVIDE DETAILED INFORMATION AND SEEM BE REALISTIC WITH QUALIFICATIONS. SO I'D SAY WORTH CONSIDERING however Interest rates can be high.

Laroi of Astoria, NY Verified Reviewer

Original review: Nov. 22, 2020

I have borrowed from this lender twice and each time, it has been picture perfect. While no one wants to borrow to pay off debts, the fact that this company was willing to give me a chance proved to me that despite the hardship, they supported me even during this Pandemic. Of course the trick is not to get into debt, but when illness, job loss and decrease in salaries and IRS taxes for both middle and lower class people impacts, decisions have to be made in order to survive.

Allison of West Long Branch, NJ Verified Reviewer

Original review: Nov. 20, 2020

I have used Lending Club to fund/pay down medical bills twice. I have found that their process to apply very easy to understand, apply & get funded, approved. Their customer service is top notch, funds are directly deposited into your account, I find the whole process seamless & in my experience. I would highly recommend Lending Club.

kim of Dallas, TX Verified Reviewer

Original review: Oct. 15, 2021

I got a loan with Lending Club about 6 months before the pandemic. I was paying payments on-time without any issues. Because of the pandemic, I was furloughed and then laid off. I decided to do the 2 month deferral. My payments are 486.16 monthly. When I started back with my payments, my next payment of $486.16 went completely to interest and the next payment after that an additional $100 went towards interest. In addition to that they added on 2 additional payments which will include interest and principal, so I am told.

When my loan was initiated, the amount going towards interest was $214.68. Because of 2 deferred payments, I am paying $1000+ in interest and nobody can explain to me why that is happening. I am not saying this is a bad company because I did have a loan with them before and it was ok and it was paid off early. However, after this second loan and with the deferral program, I will NOT do another loan with this company. I believe they are taking advantage of a situation.

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Gay of Carrollton, TX Verified Reviewer

Original review: Aug. 26, 2021

I just spoke with a lady from Lending Club who had an attitude, I'm currently going through a job transition and wanted to look into deferring my payment for either a month or two... I tried to explore my options by calling them and they didn't want to hear it, so NOW I'm going to go into a debt consolidation since they didn't want to help me out over one month. BEWARE: when you need to defer, they do not give you the option to stop auto pay, this company is NOT for the people, they don't listen, all they care about is MONEY, NOT CUSTOMERS. To be clear, I pay $480 for a 62 month term, I only have 22 more payments left and never asked for help (other than COVID) but I've proven myself that I am fully capable of making these payments monthly, but the one time I needed to explore my options they weren't trying to hear it.

Linda of Marshalls Creek, PA Verified Reviewer

Original review: May 28, 2021

Their COVID19 "hardship" program DESTROYED us financially. While they SAID payments were deferred they FAILED to mention that NO PAYMENTS would be applied to PRINCIPAL for OVER NINE payments. Our monthly payment is $700 p/month & I just found out that NINE payments and NONE was applied. We owe MORE than the loan amount. I just made a 10th payment today and AFTER I made it and questioned the principal I was told this $700 would NOT be applied to principal either! I asked them to restructure the loan. I was told the only way would be to apply for another loan with them for the amount we owe -- I did (like I have done in the past with no issues) and they denied my loan.

Now we have no idea how many payments we will need to make before ANY of it will go towards the principal! We paid $5,000 on this loan and NONE went toward the balance. This should be ILLEGAL!! I've placed complaints with the Better Business Bureau and will be seeking Federal Lending Regulatory Complaints as well. As far as I'm concerned they took advantage of a GLOBAL PANDEMIC and everyone's financial vulnerability which NONE of us could control or fix, and they have STOLEN, ROBBED AND RAPED people -- THEY have gotten RICH off of the PANDEMIC! Morally corrupt and financially fraudulent.

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Laurie of Columbus, OH Verified Reviewer

Original review: April 16, 2021

LendingClub was easy to work with in terms of getting a loan but when my bank issued an overpayment to pay off the loan as part of a refinance, I have gotten nothing but lies and the runaround in getting the 1500.00+ owed to me as a refund. To date, I still have received no refund for overpayment in spite of providing proof that no refund was issued. I do not trust them and neither should you.

Alex of Lake Oswego, OR Verified Reviewer

Original review: Feb. 10, 2021

I invested $5000 3 years ago with Lending club. They promised a high return, about 6% average. However, what they don't tell you is that when you count the defaults, you end up making no money. I'm near the end of the term and have not put any money back in and I've made maybe $150. What a joke! I could have made more money putting it in a high yield checking account! Would never invest money with them again.

M. C. of Graham, WA Verified Reviewer

Original review: Dec. 17, 2020

As long as you don't need to communicate with a person (phone or email) this company seems fine. The communication is rude and resistant to answering questions. They cannot answer questions about their program showing inaccurate information. If you have a hardship they will not talk about options unless you tell them your entire story only to be judged and receive their nasty attitude. I do not recommend working with this company.