Is LendingClub legit?


Yes, LendingClub is a legit lending service.


Average rating: 3.92 / 5
Weighted average rating: 4.62 / 5
Based on 11014 reviews from 11 sources

Go to lendingclub.com



More Details

Positive highlights

I was approved for $6k after needing to consolidate my credit cards. The process was really simple. I didnt have to provide any documents and was approved within 8 days

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When you push money from Lending Club to external account, the fund is usually available in external account on the next business day if you initiate the transfer on Lending Club site before noon.

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I absolutely love the response time this company delivered in. Within one week I was approved and money deposited into my account. Everyone was super nice even when I had difficulty on my end, she was very patient and even helped me solve my problems and the payback rate was reasonable I definitely would recommend them to anyone over those other companies.

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Negative highlights

High annual percentage rate (APR) range with no discount for automatic payments

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Been a customer for years and hit hard times. I have called multiple times and no one will HELP me. They will not offer a hardship option and help me at all with lowering my payment. All I wanted was for them to assist me.

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Higher rates than some competitors

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LendingClub has been included in the following lists

Full review

LendingClub Review

LendingClub is an online peer-to-peer lending platform that connects borrowers with individual and institutional investors looking to fund loans. The company was founded in 2006 and has since become a popular choice for individuals and small businesses seeking personal loans, business loans, and even medical financing.

One of the key features of LendingClub is its ability to offer competitive interest rates to borrowers. By cutting out traditional banks as intermediaries, LendingClub is able to offer rates that are often lower than what borrowers would receive from a bank. This can make LendingClub an attractive option for those looking to save money on their loan.

In addition to its competitive rates, LendingClub also offers a range of loan options and flexible repayment terms. Borrowers can choose from a variety of loan types, including personal loans, business loans, and even medical financing, and can select repayment terms that best fit their needs and financial situation.

One of the main pros of LendingClub is its convenience. The online platform makes it easy for borrowers to apply for a loan, receive offers, and complete the loan process all from the comfort of their own home. Additionally, LendingClub's website is user-friendly and provides a wealth of information and resources for borrowers, including articles, tools, and calculators to help them make informed financial decisions.

There are a few potential cons to consider when using LendingClub. One is that the company does charge origination fees and other fees for its services. These fees can vary depending on the loan type and the borrower's creditworthiness, but they can add up to a significant amount. Additionally, while LendingClub does offer a range of loan options, it may not be able to match all borrowers with an investor.

In conclusion, LendingClub is a legit and reliable peer-to-peer lending platform that connects borrowers with investors looking to fund loans. While there are fees associated with its services and it may not be able to match all borrowers with an investor, LendingClub's competitive rates and flexible repayment terms make it a valuable resource for those in need of a loan.

Overview

LendingClub is an online peer-to-peer lending platform that connects borrowers with individual and institutional investors looking to fund loans. The company was founded in 2006 and has since become a popular choice for individuals and small businesses seeking personal loans, business loans, and even medical financing.

Key Features

  • Offers competitive interest rates to borrowers
  • Range of loan options and flexible repayment terms
  • Provides a wealth of information and resources for borrowers, including articles, tools, and calculators

Pros

  • Convenient - easy to apply for a loan and complete the process online
  • User-friendly website with valuable resources and information

Cons

  • Charges origination fees and other fees for its services
  • May not be able to match all borrowers with an investor

Conclusion

LendingClub is a legit and reliable peer-to-peer lending platform that connects borrowers with investors looking to fund loans. While there are fees associated with its services and it may not be able to match all borrowers with an investor, LendingClub's competitive rates and flexible repayment terms make it a valuable resource for those in need of a loan.

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