Lending Club is a peer-to-peer (P2P) loan service that brings reputable investors and small businesses together under one safe and secure lending platform. We compiled Lending Club reviews from our own website plus user reviews from around the web to determine what Lending Club customers think about the company. We also checked the fees that are most applicable for small business owners.
Lending Club Customer Reviews
Customer Service: Bad
Summary of User Reviews
We scoured hundreds of reviews and found that Lending Club has a mixture of positive and negative ratings. Here’s what we found:
What Lending Club does well:
Since Lending Club is a P2P loan platform, positive reviews were happy that there were more options available compared to other lending institutions. For example, some investors were more lax than others, so it’s possible to get a loan even on bad credit.
What Lending Club does not do well:
Users who left negative reviews on Lending Club said that at times, the requirements were stricter than those found in banks and other financial institutions. Some even complained that they received invitations for pre-approved loans only to be denied later.
Most Helpful Positive User Review
One user who left a 5-star review said that they got turned down several times by the bank because their business was relatively new. They applied for a loan through Lending Club and the process turned out to be quick and stress-free. The loan was approved within 24 hours and they received their funds within 3 days, which was helpful for their growing business.
Most Helpful Negative User Review
“I understand that a company needs to verify your income, but this one is just ridiculous, they requested 2 recent check stubs and my last yr w2, which I sent. After all that, I received another email asking for a copy of my bank statement to show the deposits of the ck stubs I sent in. I don’t have direct deposit, so that didn’t make any sense at all for that request. I called and was told they just needed it to verify income, then I was asked ‘What do you do with your check when you get paid if you don’t deposit it in your account?’ Duh, I cash it and pay bills, deposit some also, if bills are not due (last time I check[ed], check stubs/ w2 were sufficient enough to verify income, well at least for banks, and other companies). Had I known this was going to be this much hassle, I would have never bothered to complete the application. People, take your business somewhere else, it’s not worth it! It almost make you think it’s a scam!!!”
— Paula Porter
Other Lending Club User Reviews From Around the Web
Here are a few other resources for finding helpful Lending Club customer reviews. We rated the review sites on a scale from poor to excellent based on how trustworthy and useful the reviews seemed.
*Average rating as of date article was written: March. 2, 2017
How We Determined Quality of User Review Websites
- Better Business Bureau is a well-known consumer rights protection watchdog. Users can leave reviews and also file complaints against the service in question. BBB does its best to investigate complaints and get the company’s side of the story.
- Trustpilot has some reviews on its website. While 7 isn’t a lot, most of the reviews they do have are detailed and informative..
Lending Club Pricing & Other Details
|Personal Loans||Small Business Loans||Line of Credit|
|Loan amount||$1,000 to $40,000||$5,000 to $300,000||$5,000 to $300,000|
|Repayment Term||36-month term and 60-month term available||1-5 years||Repaid up to 25 months|
|Typical APR||6.16% - 35.89%||9.77% - 35.71%||9.77% - 35.71%|
|Origination Fee||1-6%||0.99% - 6.99%||0.99% - 6.99%|
|Early Pay Off||$0. You can eliminate interest costs by paying off any time||$0. You can eliminate interest costs by paying off any time||$0. You can eliminate interest costs by paying off any time|
Lending Club provides short-term business loans and lines of credit for businesses that need quick cash to supplement their working capital, purchase new equipment or expand to new locations. These services are available to companies with a credit score of at least 600, and have been in business for at least 2 years. APR ranges from 7.77% to 35.11%, depending on your company’s creditworthiness. As with most loans, the better your credit score is, the lower your APR. The services requires businesses to submit their liquid assets as collateral for loans and lines of credit over $100,000.
They also offer personal loans with a repayment term of either 36 or 60 months and a typical APR ranging from 5.99% to 35.89%. If you’re a startup you can apply for a personal loan and use the funds to grow your business.