MyInstantOffer Scam Review | (Complaints Included & Government Action Taken!)

MyInstantOffer, hosted at, is a promotional landing page and portal for the online loan provider LendingClub.

Offering personal loans up to $40,000, Lending Club is one of the largest online loan service providers that possesses over 3 million customers and over $50 billion borrowed.

Personal loans, small business loans along with auto refinancing are among the type of loans currently supported by MyInstantOffer (

To learn more regarding why some consumers and prospective borrowers are labeling MyInstantOffer a Scam we invite you to read our brief yet encompassing review.

What is MyInstantOffer?

MyInstantOffer functions as a landing page and a redirect portal to LendingClub, a well-known peer-to-peer lending network that aims to connect borrowers with investors.

Chances are that if you have come across MyInstantOffer, you may have received an offer stating that, “You are Pre-Qualified For a Personal Loan!”

Many consumers report receiving these offers via mail postage, although we wouldn’t be surprised if e-mail marketing was also in employment.

Once visiting, site visitors are prompted to enter their ‘personal funding code’ that was included in their promotional offer from MyInstantOffer.

While the promotional offers stated that consumers were ‘pre-qualified’ for a personal loan, many agitated consumers report that despite being pre-qualified and later on approved, these offers were later taken away and no loans were issued (but more on that in a bit).

Common MyInstantOffer Loan Uses

  • Purchasing a vehicle
  • Medical Expenses
  • Debt Consolidation
  • Covering educational schooling
  • Eliminating high-interest credit card debts
  • Down payments for rental housing or home purchasing

LendingClub’s My Instant Offer services matches borrowers with investors while all loans are made by WebBank, Member FDIC.

MyInstantOffer (LendingClub) is said to be a good fit for borrowers if they possess the following:

  • High Income (average annual income for borrowers is $79,145)
  • Reflect Long Credit History (borrowers average 17 years of credit history)
  • A Low Debt-To-Income Ratio (how much one owes versus how much they earn monthly – average is said to be 18.29%)

MyInstantOffer Complaints

MyInstantOffer has endured a considerable sum of negative reviews and complaints.

Among the chief complaint reported would be how consumers were denied a loan despite receiving an offer from MyInstantOffer which lead them to believe that they may have already been approved for a loan.

Other complaints include:

  • Excessive volume of emails/telephone calls when late on payments
  • Failure to make payments will result in your loan going into collections
  • Personal loans offered are not available all states, such as West Virginia and Iowa

Lending Club Oversight

Founded: 2017

Loan Amounts: $1,000 to $40,000

Average APR: 6.95% – 35.89%

Funding Time: As soon as 3 business days

Credit Check? Yes, soft credit check

Repayment Period: 3 to 5 years, paid monthly

Ideal For: Borrowers that reflect good credit


Origination Fee: 1% – 6%

Late Fee: Greater of $15 or 5% of payment (after 15-day grace period)

Prepayment Fee: None

Checking Processing Fee: $7

Co-sign Option? Yes

Example: $10,000 Loan at 11% Interest (5 Year Loan)

Monthly Payment: $59.96

Total Repayment: $11,583.82

Total Interest Paid: $1,583.82 Complaints

LendingClub has served over 3 million customers so naturally it comes to no surprise that there is a considerable volume of negative reviews and complaints.

What was a surprise, however, would be when we visited the LendingClub Corporation profile at the Better Business Bureau.

There were countless complaints filed, many alert warnings issued by the BBB along with a rich history of unsatisfactory customer reviews.

Alert 1

Government Action (04/25/2018)

For additional details, click here.

Government Action (09/27//2018)

For additional details, click here.

LendingClub Corporation has been BBB Accredited since 01/01/2008 yet the Better Business Bureau has failed to render LendingClub Corporation a BBB rating.

Out of 142 customer reviews to date, LendingClub Corporation reflected a 2 out of 5 star rating.

Over the past 3 years, 290 complaints have been filed while 124 of those complaints have been closed in the past 12 months.

Shared below are among a few of the most relevant complaints we have found:

“I took out a loan with Lending Club.I paid it off early. I checked my statement on their website, and it showed all was paid/I owed $0. They continued to email me saying I owed them money. I asked them why/how when I’d paid my regular monthly payment plus a check, shortly afterwards, for the remaining principle and interest due. They sent me automated messages with an amount still due. (around $56) I then received a message saying I now owed over $70 because I was late paying the $56 it stated NOWHERE on my statement I owed. I phoned, they said it was interest accrued between the time my regular monthly payment was made and the check was received for the remaining balance. I asked them to show me where on my dashboard/account I could see that there was any accruing interest, as all of the figures available to me said $0. This was not explained, and the woman I spoke to acknowledged that that information was NOT available/shown on my statement/she said she would note that and make a recommendation that the company make that visible to the customer (!?). I paid the amount she told me was accrued interest, under duress, because I only had her word that it was due, but I absolutely do NOT think I should be charged a late fee for not paying what I could not see I owed. I am asking that the late fee be dropped, and for an apology/someone to personally email me regarding this. I had thought that the Lending Club was a decent company, but I now feel that they are just after taking as much money as they can from people, that they do not reward people for paying on time throughout/paying their loan off early, and that everything is automated to the point that emails are ignored/no one takes the time to personally contact a customer with a question about why they’ve been charged money they can’t see that they owe.”

“I was originally denied an application through lending club and two days after I received a congratulatory email stating they’ve sent funds to my creditors. I called within 48 hours to confirm I did not want to move forward with the loan because I successfully completed a loan application with another lender and paid off the accounts they wanted to arrange payments to. They stated I would be able to cancel the loan interest-free within 30 days otherwise I’ll be charged their interest rates and origination fees totaling $3,000. Since the accounts were paid off prior to the payment made by Lending club I was advised specifically by lending club to call each creditor and request a refund be sent to my checking account. I expressed that this protocol was strange and suggested the creditors send a check directly to Lending Club to avoid any delay. I was told by Lending Club that they will not accept any check refunds nor wire transfers from any of my creditors due to potential processing…”

“Lending club ******** ****** was supposed to take me totally out of their data base. I was not supposed to receive ANYMORE. Mailings or SOLITITATIONS for mailings of their offers of any kind of loans. I did not ask for them. I do not want them. I called yet again to stop. Their little lady ANSWERING the phone really thought it was funny when I explained. Well it is not. I am tired of being bothered by them with such. I want it stopped. I am tired of these mailings like I received in the mail yesterday. Saying I have to respond by July 22. . so here we go yet again. I am on NATIONAL do not call registry etc etc. So that proves I do not want to be bothered by them anymore. Consumers are sick of it. I get mail I want mail I want. So …. They need to stop. Third mailing from them. Usually with a check that I burn. Now anyone can get these offers out of mailboxes. They need to think of that. My box is four lanes away on main road. Mail has been stolen from boxes in my area.”

LendingClub Reviews

Not all customer reviews are negative regarding LendingClub, obviously.

Otherwise they wouldn’t be one of the largest peer-to-peer lending networks in the country.

At ConsumerAffairs, LendingClub reflected a 3.5 out of 5 star rating.

Shared below are a couple of the most recent reviews we found:

Kunnida (07/25/2019) – “I was skeptical at first because I came across LendingTree by a sponsored IG Story. After filling out some of the prompts they asked you, everything was easy going from there. I did not experience all the negative things people were posting. I submitted my application to Lending Club Tuesday evening, got a message that I had to confirm my email address, approved within 5-10 mins (because I kept refreshing status), received an email about my approval Wednesday (even though I already knew since Tuesday), received another email that my funds were released to my bank, and by Thursday 6:30 am, my direct deposit was in my account.”

Liesl (07/11/2019) – “I was a personal banker before my current position and my boyfriend is a banker now. We know there are a lot of scams out there and had a meeting with my bank all scheduled, but I recently found out that, when applying for loans, you can apply to as many places you want within a 45 day period and it will only count as one hit on your credit score (you’ll want to wait at least 3 months before applying for something new after you’ve accepted a loan)… The APR I received with Lending Club was less than what my bank (a credit union) currently offers and less than all the other places I got quotes from (4 others and I reviewed 15+ quotes through Credit Karma). I was very pleasantly surprised. The application process was very quick and easy to understand. When I had a question, the online chat agent was available within a few minutes. When I was approved for the loan, they automatically sent out the payments to my current credit cards and the extra to my bank account. They also offered to let me change the due date of my loan each month, which is helpful for budgeting. So far, I have no issues or concerns.”

These reviews were found at

Is a Scam?

No, isn’t a scam but a rather peculiar and oftentimes misleading offer presented by their overseeing entity (Lending Club).

Is a Scam?

No, LendingClub is not a scam. Scam Review

MyInstantOffer is an extended personal loan offer of LendingClub.

Many consumers who encounter MyInstantOffer receive their offers through postage mail, where the offers tend to mislead consumers into believing that they were pre-approved for a loan.

This has been an issue that has been plaguing LendingClub over the past couple of years and it appears that this pattern is continuing to unwind.

As a whole, however, LendingClub is not a scam.

LendingClub is one of the most popular peer-to-peer lending networks available on the web but like all loan service providers more attention to customer satisfaction should be prioritized.


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