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LendingClub has a rating of 1.9 stars from 12 reviews, indicating that most customers are generally dissatisfied with their purchases. LendingClub ranks 14th among Crowd Funding sites.
Have had several loans from LendingClub and great experiences with each one! Friendly, prompt, and easy with low interest rates enabled us to complete our financial plans successfully.
They have tied up my money for review and even when I sent documents they did not review. Made 6 calls to customer service and everyone gives me different answers, so having to resend all docs again. This has been going on for over 2 weeks so no access to my money. They want send it back to the original account or nothing. Getting run around, I would not recommend anyone deposit money here.
Lending Club is a better and more efficient way to reduce your debt. For example, say an individual has borrowed a $50,000 credit line and is paying 15% interest each month. Lending Club will lend the borrower $0 - $50,000 to honor the original debtor and instead, sign the borrower on a more affordable interest rate than 15%. The interest rate under Lending Club, on $50,000 loan, could be 10% less than banks and private lenders require.
Borrowers should be aware that Lending Club will pull your credit file from one of the 3 major credit bureaus. This helps them to determine your identity and credit worthiness.
Borrowers should be aware that Lending Club is qualified to use best debt collecting practices on default loans.
Borrowers should be aware that any default will lead to a negative credit rating and monthly reporting.
Gain trust and grow your business with customer reviews.
LendingClub is a marketplace for personal loans, also known as peer-to-peer lending. Individual borrowers can get loans at interest rates that are potentially lower than interest rates they would get at traditional banks and financial institutions. Individual lenders can potentially earn a better rate of return than they would get from bonds or other debt instruments of comparable risk.
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