A representative example of loan payment terms is as follows: you receive a loan of $13,411 for a term of 36 months, with an interest rate of 12.16% and a 5.30% origination fee of $711, for an APR of 15.99%. In this example, you will receive $12,700 and will make 36 monthly payments of $446.46. Loan amounts range from $1,000 to $40,000 and loan term lengths are 36 months or 60 months. Some amounts and term lengths may be unavailable in certain states. APR ranges from 8.05% to 35.89% and is determined at the time of application. Origination fee ranges from 3% to 6% of the loan amount. Lowest APR is available to borrowers with excellent credit. Advertised rates are subject to change without notice.
Loans are made by LendingClub Bank, N.A., Member FDIC (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Loans are subject to credit approval and sufficient investor commitment before they can be funded or issued. Certain information that we subsequently obtain as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that your request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan from us. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com. “LendingClub” is a trademark of LendingClub Bank.
I don't think it right to say I have been matched with a lender if that lender doesn't make any offers.
happeecheff from Stratford Ct,
Reviewed in May 2012
LendingTree Customer:
Yes
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(4 of 5)stars
Recommended
Good Experience
I was impressed with the timely manner in which the loan was processed.
klcamel from Newport, KY
Reviewed in May 2012
LendingTree Customer:
Yes
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(5 of 5)stars
Recommended
Wonderful Lending Company
I loved how easy it was to borrow money from Lending Tree. It took a little longer that I thought but overall I was very pleased. I needed money to work on my car and pay some taxes and they came through for me.
boggsy from Nc,
Reviewed in May 2012
LendingTree Customer:
Yes
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(4 of 5)stars
Recommended
Lending Club
I decided to do some kitchen improvements.
After being quoted a high rate loan by my bank (I have very good credit but high debt) I thought I would try Lending Tree. I was matched with "Lending Club". Even after reading mixed reviews and doing some research, I thought I would give it a try.
My loan was funded and approved in about 10 days. Lending Club was very quick to respond (or at least take action related to) my emails. That said, they never responded to my calls (which leads me to believe they do almost everything online to save money).
All in all, a good experience.
A hint: it's best to respond quickly to emails asking for additional info, which usually involves proof of income (W2) and at least 2pay stubs.
Tallblondedude from Miami-ft Lauderdale,
Reviewed in May 2012
LendingTree Customer:
Yes
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(5 of 5)stars
Recommended
Nothing but praise!
I think that there is a lot of misunderstanding about what Lending Club actually does, and that this leads to at least some of the negative views on Lending Club. This is not your local brick-and-mortar bank. You don't have a loan officer or senior banker with whom you sit down and work out a loan. Instead, private individuals will use notes to fund your loan -- $25 here, $100 there, and your loan fills up. These individual investors look at your profile, see whether they think you'll bring a positive return, and choose whether or not to fund your loan. Lending Club itself also runs a manual review on every loan. Some people may get their loans funded on the investor side, but Lending Club may decide that they can't approve the loan for whatever reason (discrepancy in information, lacking information, borrower doesn't meet strict credit history requirements, etc...). As an example, I recently changed addresses and I was asked to provide a utility bill to confirm my new address. I moved to housing where the utilities are covered in my total rent, but I called their credit department and we agreed that I would send a copy of my renter's insurance and a copy of the first page of my lease instead. They were very helpful in this regard.
Lending Club has some rather strict credit history and identity confirmation requirements. I'd guess that the majority of people who are seeking debt consolidation loan may not be eligible for one reason or another (credit below 660, a late payment in the last 3 years, more than 4 inquiries in past 6 months for credit below 740).
That said, if you can actually get a loan from Lending Club, you could get a great rate! I got an unsecured $2950 loan at 8.99% and was fully funded within three days of my request going live. I was asked two questions by investors (A breakdown of my monthly budget and my total debts). I had the option to respond or not with no formal repercussions. A clear, concise description for your loan (why you need it, where the money goes, why you're a good borrower) and promptly answering all REASONABLE questions posted by investors is essential to attracting funding. Customer support was helpful the whole way, and once my additional documentation was received by Lending Club, my loan was approved within 24 hours. Great service, very competitive rates (!) -- an absolute pleasure to do business with.
CarmenOHIO from Columbus, OH
Reviewed in May 2012
LendingTree Customer:
Yes
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(4 of 5)stars
Recommended
No Drama
No dramra, trouble free experience
mtnboy from Poconos, PA
Reviewed in May 2012
LendingTree Customer:
Yes
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(5 of 5)stars
Recommended
baj765
I applied to lending club not thinking that I would be approved for a loan. I was surprised and elated when I was approved and for a better rate than my own bank. I have all ready began telling my family and friends about the lending club. I applied for the loan as a means to consolidate my high interest credit cards and reduce my debt to income ratio. I am now able to pay off my high interest credit cards with high balances and be on my way to being debt free.
baj765 from New York, NY
Reviewed in May 2012
LendingTree Customer:
Yes
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(4 of 5)stars
Recommended
why not?
overall a good experience,the banks didn't want to lend money for a fixer upper. I would rather pay the intrest directly to investors who are betting on me than some corporation anyway.
lewey from Friendship, ny
Reviewed in May 2012
LendingTree Customer:
Yes
Do you want to flag this review?
(5 of 5)stars
Recommended
More than I expected!
I was skepical at 1st, did all the research to see if this is a real company or something bogus. Never had a lending experience like this one, acually seeing people making investments in me. I was able to get the full amount I asked for and paid off all my credit cards. What an awsome feeling. I am back in control. I would recomend this to everyone. Susie.
sanddollar from Daytona Beach, FL
Reviewed in May 2012
LendingTree Customer:
Yes
Do you want to flag this review?
(5 of 5)stars
Recommended
Very happy with my experience
My bank would not give me a loan but I was in desperately in need of money and Lending Club came to the rescue. It was a very smooth transaction, very easy and I got my money within a matter of days, which was a tremendous help to me. I would definitely recommend Lending Club to anyone and it makes me feel better that if I ever find myself in need again I can rely on Lending Club. The one single complaint I might have is that when I called customer service they could not tell me exactly when my money would be deposited. But I guess I'm complaining about that because of my lack of patience. For my other questions they were very helpful.
pashaa79 from New York, NY
Reviewed in May 2012
LendingTree Customer:
Yes
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LendingClub
Customer Satisfaction rating is based directly on customer ratings and reviews. Customers rate lenders on their customer service, interest rates, fees and closing cost and overall experience.
LendingTree Certification:
The LendingTree Certification Program recognizes Lenders and Loan Officers with outstanding performance on the LendingTree Network, they are committed to providing exceptional customer service and are graduates of LendingTree University.
LendingTree Certification:
Certified Lenders have demonstrated their organizational commitment to employee development, at least 50% of their loan professionals have been certified while also providing exemplary service to LendingTree consumers.
Loan Officer Certifications:
Gold Leaf is the cornerstone of the loan officer certification program and is designed to recognize loan officers committed to their own professional development while adhering to LendingTree best practices. Gold Leaf recipients know the fundamentals of LendingTree and online lending, they are equipped with the necessary skills to be best-in-class loan professionals.
President’s Club is presented to an elite group of loan officers based on success levels in several areas including adherence to LendingTree best practices, commitment to professional development and dedication to customer excellence. Recipients have also met all Gold Leaf criteria.
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