Lending Club Review – MyInstantOffer.com

Lending Club (LendingClub.com) operates a flexible lending service that connects consumers looking to acquire a loan with viable and trustworthy lenders. Paving the way as one of the original pioneers of the peer-to-peer lending model, Lending Club allows individuals to fulfill their application process where they will receive an answer within a few minutes about whether or not they have been approved.

While many review sites have been quite eager to endorse this historic online lending marketplace, our investigative research has prompted us to deliver this unbiased review with a different objective in mind. Compiling relevant consumer feedback with the track record of Lending Club has equated to quite a conundrum.

As you continue to breeze your way through our honest review, we will provide insight into the Lending Club operation and lay out all that facts that should be weighed prior to committing with this online lending service platform.

About Lending Club

Lending Club is an online loan matching platform that connects consumers applying for a multitude of loans with prospective lenders. Depending upon the consumers need, potential borrowers can request personal, business and school loans while also seeking aid with financial investments, retirement accounts and bank partnerships. Having been in operation since 2007, LendingClub.com has claimed to achieve over 1.5 million borrowers with over 150,000 investors which has resulted in over $31 billion to date being invested.

Lending Club Offer & Features

Prospective borrowers are able to apply for loans that range between $500 to $40,000 that are accompanied with APRs that tend to range between 5.99% to 34.99%. Loan repayments can either be installed throughout a 3 or 5 year duration while the approximate time to receive allocated loan capital is up to 7 days. An origination fee between 1% to 6% of the loan amount is required, which is determined by the borrower’s credit grade. Disclosed below are the requirements that must be fulfilled along with the usual accepted applicant norms.

Eligibility Requirements

  • Must be at least 18 years of age
  • Must reflect a credit score of 600 or higher
  • Must possess a minimum 3 year credit history
  • Maximum debt-to-income ratio must not exceed 40%

Norm Acceptations

  • Average borrower household income is $76,135
  • Average borrower possesses a credit score of 699
  • Average borrower has an average of over 16 years of credit history
  • Excluding mortgage, average borrower debt-to-income ration is 18.32%

Unlike other loan purveyors, Lending Club does not operate as a next day lending operation. Instead the lenders that are supported through LendingClub.com are more selective in the loan application process and should only be applied with from lenders who have above average credit history.

Who is Behind Lending Club?

Lending Club is owned and operated by LendingClub Corporation and is headquartered from 71 Stevenson St. STE 300, San Francisco, CA 94105-2985. According to the Better Business Bureau website, LendingClub Corporation has been BBB accredited since January 1st, 2008 and reflects an overall A+ BBB rating. According to Lending Club’s BBB profile, out of 86 customer reviews about 64% of them report a negative experience.

Community Feedback

The Better Business Bureau consumer feedback does not reflect an atmosphere of positive let alone tolerable feedback. Furthermore, the same could be said in regards to ConsumerAffairs, where out of 55 total reviews Lending Club has received a consumer rating of just over 1 star. Among the most common feedback disclosed would be verbal abuse, submitting unfinished loan applications without permission along with lack of disclosure regarding consumer financial and personal information.

…Avoid and find some other service.

…DO NOT TRUST THIS AT ALL!!! GREEDY, SATANIC, COMPANY! Numbers speak volumes! They are disadvantage bloodsuckers.

…Rude customer service – lonnng hold and No help! Perfect scam for collecting fraudulent late fees!!! Buyer beware.

I had a terrible experience with Lending Club. They will send four emails a day/harass you. Just to have a 17 yr old kid tell you that you have been denied. They don’t seem to understand what lending is!? We have NEVER missed a payment on anything and I do not know where they get their info from. It’s incorrect!!! Use a trustworthy company not these scumbags!

Borrowers aren’t the only parties reporting negative experience with Lending Club. Even peer-to-peer lenders are reporting heavy losses while using the Lending Club platform from borrowers defaulting on their loans. Disclosed below is just a small taste of a couple of the lenders negative feedback that we found compelling. To browse more negative consumer feedback, we encourage you to visit the Better Business Bureau and ConsumerAffairs.

Terrible. Do not lend! You will lose your money. The company promises great returns but unqualified borrowers will default on you. They do not actually screen borrowers, they just accept their stated qualifications and income…

Lending Club is a legitimate business and I make legitimate money lending to people that pay interest on their loans. My only complaint is the amount of people that default on their loans… Meaning I lost my money. I am not happy with the rate of return at this time, but it is a risk that I chose to take.

Lending Club Spec Report

  • Established in 2007
  • 99% to 34.99% APR
  • BBB Accredited on 01/01/2008
  • Over $31 billion borrowed to date
  • Telephone number of (888) – 596-3157
  • Possesses Facebook and Twitter profiles
  • Receives over 3.4 million monthly visitors
  • Allegedly over 1.5 million customers to date
  • Owned and operated by LendingClub Corporation
  • Functions as a peer-to-peer loan matching network
  • Headquartered from 71 Stevenson St STE 300, San Fransisco, CA 94105-1985


LendingClub.com reflected a SimilarWeb global rank of 17,711 and a US rank of 3,279 as of January 28th, 2018. Ranking 15th in the Credit, Loans and Mortgage niche, Lending Club is a popular lend matching platform that received over 3.40 million visitors last month with over 93% of its visitors residing within the United States.

Can LendingClub.com be Trusted?

The discrepancies that we discovered that materialized in the form of negative consumer complaints is certainly troublesome to comprehend, yet Lending Club is such a vast and reputable operation it is bound to receive some criticism from time to time. With this in mind we do believe Lending Club to be a trustworthy operation for those who possess a strong enough credit history although we must advise to only apply for loans if you believe in your ability to be able to pay them off on time and without stretching yourself too thin.

LendingClub.com Review Conclusion

Lending Club is one of the most widely used online loan matching networks. Catering numerous loan options, prospective applicants can apply and request for a variety of loans that fit their needs while working with legitimate peer-to-peer lenders. As always, caution should be employed prior to accepting a loan or serving as a lender through Lending Club which is why we are recommending consumers to utilize this platform at their own risk.

While definitely not a scam, given the amount of negative reports about LendingClub.com, we can not recommend our subscribers and visitors to use this service. As a trusted alternative, we recommend 24/7 Dollar Loan.

1 Comment

  1. Pete Lopez

    Pre approved offer for up to 40,000 dollars. My score exceeds minimum qualifications. I applied for 3000 dollars. Was denied. Crappy company.

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