LendingClub Reviews & Product Details

LendingClub Overview

What is LendingClub?

Lending Club is an online credit marketplace, using technology to lower the cost of the traditional banking system.

LendingClub Details
Product Description

Lending Club is an online credit marketplace, using technology to lower the cost of the traditional banking system.


Seller Details
Seller
Lending Club
Ownership
LC
Company Website
Year Founded
2006
HQ Location
San Francisco, CA
Total Revenue (USD mm)
$694
Twitter
@LendingClub
27,502 Twitter followers
LinkedIn® Page
www.linkedin.com
1,140 employees on LinkedIn®
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LendingClub Reviews

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UF
Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Invitation from G2
What do you like best?

what i liked the best it was that money is deposited quickly. there is no hard enquiry in your credit history. Review collected by and hosted on G2.com.

What do you dislike?

what i dislike is the high interest and the origination fees. There is better option out there. I paid my loan with another loan company without origination fee and a better interest rate. If you are planning on use it keep looking for better options. lending club is not the best. Review collected by and hosted on G2.com.

Recommendations to others considering the product:

keep looking for a better option. origination fee and interest rate is too high. Get a loan with zero origination fee. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

what i have solve was that money is deposited quickly and i was approved for 10k. this was a 60 month loan. Review collected by and hosted on G2.com.

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Delivery Channels
Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Invitation from G2
What do you like best?

LendingClub was able to offer me rates that blew competitors out of the water. The application was simple and easy and the approval was just as nice. Review collected by and hosted on G2.com.

What do you dislike?

It would be extremely helpful to have a mobile app that gave me all of my loan information and the amount of credit I had remaining. Review collected by and hosted on G2.com.

Recommendations to others considering the product:

If you're in need of a way to quickly and efficiently have customers submit loan applications and get them approve, then this solution is for you. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

I was in dire need of cash to fix a dental emergency and LendingClub came through clutch. Without extending the time it took to get into the dentist's office to fix my tooth, LendingClub was able to process and approve my application and send funds to the dentist's office. Review collected by and hosted on G2.com.

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UU
Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Invitation from G2
What do you like best?

The thing i like the most is that you can get funds needed and make monthly payments. Review collected by and hosted on G2.com.

What do you dislike?

The thing that i least like is the fact that the interest rates are too high. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

I need money to pay certian bills and groceries. Realized that it came in handy. Review collected by and hosted on G2.com.

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UE
Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Invitation from G2
What do you like best?

I like that it gives people with a low credit score the ability to increase it. Review collected by and hosted on G2.com.

What do you dislike?

I dislike the uncertainty of the program. Review collected by and hosted on G2.com.

Recommendations to others considering the product:

No recommendations at this time. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

The problem being solved is increasing your credit score. Review collected by and hosted on G2.com.

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US
Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Invitation from G2
What do you like best?

The ability to pick and choose what I want to invest in. Review collected by and hosted on G2.com.

What do you dislike?

Not as many loans as I'd like to build portfolio. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

Give more access to different kind of loan pools Review collected by and hosted on G2.com.

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AB
Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Invitation from G2
What do you like best?

Very helpful and informative when selecting loan applications. Review collected by and hosted on G2.com.

What do you dislike?

Too many calls. Too many options. Never same person. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

LendungClub made it possible to pay my debt off in a timely manner. Review collected by and hosted on G2.com.

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Senior Technology Manager, North America
Computer Software
Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Invitation from the seller
What do you like best?

Lending Club allows you to get a basic credit-worthiness check without a FICO-crushing ding on your credit! Review collected by and hosted on G2.com.

What do you dislike?

There are only a limited number of debtors available to do a direct credit consolidation loan. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

This debt payoff loan will greatly reduce the amount of interest I would have paid over the long term. Review collected by and hosted on G2.com.

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Sales Data Analyst
Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: Organic
What do you like best?

I love the idea of having a platform for peer-to-peer lending. It makes it convenient for those with the funds to offer temporary relief to those without funds or in need of lending from a non-traditional source. Review collected by and hosted on G2.com.

What do you dislike?

Many of the peers that I have lent to have defaulted on their notes. I mean 3/5 and there is no way to recover someone for charging-off the loan. Yes, their score is impacted, but there is no recovery or options for your investment Review collected by and hosted on G2.com.

Recommendations to others considering the product:

Chare-offs will wipe your ROI Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

A platform for lending without traditional middle-men Review collected by and hosted on G2.com.

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IT Consultant
Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Invitation from G2
What do you like best?

I like investing with lending club. It helps diversify outside of the stock market. The returns are pretty good and they provide a good deal of information to assist in screening borrowers. Review collected by and hosted on G2.com.

What do you dislike?

As with any investment, risk is involved. This is higher risk than a treasury bond, but pays better. Review collected by and hosted on G2.com.

Recommendations to others considering the product:

Check any investment that you're interested in thoroughly. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

I've had good returns using lending club. The automated investment option is nice if you want to be hands off for a while. Review collected by and hosted on G2.com.

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UT
Mid-Market(51-1000 emp.)
Validated Reviewer
Verified Current User
Review source: Invitation from G2
What do you like best?

The company seems to be well established. The platform seems secure and there are definitely a lot of people are using this. Through a third-party platform, you can sell your portfolio (mostly). It was a good experiment. Review collected by and hosted on G2.com.

What do you dislike?

Aside from losing money (put all money in to the highest return portfolio), the whole system was hard to understand. In order to use this platform successfully, you really need to spend time studying it and understand how things work. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

Tasked with researching how P2P lending worked. Gained better understanding of P2P lending. Review collected by and hosted on G2.com.

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UM
Small-Business(50 or fewer emp.)
Validated Reviewer
Verified Current User
Review source: Invitation from G2
What do you like best?

I really like that Lending Club gives people the opportunity to borrow or invest money - either for personal or business purposes. The process is also very simple and quick. Review collected by and hosted on G2.com.

What do you dislike?

The only thing I dislike about Lending Club is that they are capped as to the amount you can borrow. Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

Lending Club has helped me solve my financial issues by helping lower my expenses. Review collected by and hosted on G2.com.

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UH
Small-Business(50 or fewer emp.)
Validated Reviewer
Review source: Invitation from the seller
What do you like best?

There wasn’t much i liked about the company. The site seemed a bit sketchy and didn’t give much info on how they determined the qualifications for lending. Review collected by and hosted on G2.com.

What do you dislike?

Didn’t seem secure when inputting my info Review collected by and hosted on G2.com.

What problems are you solving with the product? What benefits have you realized?

N/A Review collected by and hosted on G2.com.

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