193 of 245 Lending Club reviews

You all know the saying, buyer beware- well borrower be aware of Lending Club, what a joke, I had read all the comments and I thought Okay, I have good credit, good income I will try to consolidate my credit cards, I was approved, funded and loan was under review, after a week not hearing anything I log on and I see my loan status is removed.their "adverse" letter said to much owed to income- really?

yes, I know that's what I thought Lending Club was here for to help pay down debt!! I know my debt to income was a little high actual not bad 36% I was surprised I was denied, however it was a good thing in the long run. I can just keep paying my credit cards down, the highest APR is 19% with a balance of 700.00 poor Lending club was going to make $1400.00 right off the bat for "banking"fee , then 24%APR, sorry Lending Club- your loss!-Please look into other companies and don't give them a chance, I know have their useless credit report on my file for 2 years and thanks for bringing down my score for no good use.

this company needs reported to BBB, May be my next email.those of you have had a great experience I'm happy for you and best of luck!-just double check what the cost in the end is and how much you actually will be paying for you r cash.

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review #541856
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Had the same issue 15 Yes 15
193 of 245 Lending Club reviews
the guy

Oct 23, 2014 #889152 California, United States

if you dont fit the credit criteria you get denied. It aint a public service dude. its a business. And credit inquiries dont really affect your credit score much at all. pre 1996 they kinda did...but they changed how credit scores are generated in 1996.

3 3 Reply

Oct 14, 2014 #884597

it doesn't sound like you had a very good credit score with such high interest rates? can you explain that process in more detail? You DTI was too high but what was your credit score and how much did you apply for?

4 2 Reply

Oct 10, 2014 #883026

It's not LendingClub's duty to give loans to people who are too high of a credit risk. I'm a lender with LC, and it's their standards which protect the returns of myself and the thousands of other lenders. Your attitude is laughable. Why not apply for a personal loan from a traditional bank? I know the answer: Because your credit is so bad, they won't give it to you.
I've funded over 4000 loans with LC, so obviously, they're approving borrowers.

8 4 Reply

May 04, 2015 #979842

I completely agree with the above poster - they HAVE to be strict to protect their lenders. It's not their fault your profile doesn't fit with what they have deemed a worthwhile risk.....and the only person who influenced your profile is you, so now you have to deal with those consequences. No sympathy here.

0 1 Reply

Jun 04, 2015 #991785

You obviously aren't understanding how Lending Club works. This is happening to a lot of us. They fund the loan and tell you that you are approved, that they only need to verify your income. They say you are approved upon your workplace verification. But the truth of the matter is they have not really made their decision yet. It's deceptive. Meanwhile, you are sending them all your personal information. The phone reps won't answer questions about your pending loan. Lending Club needs a class action lawsuit filed against it.

3 0 Reply
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