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LendingClub

2.9
(5)

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

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LendingClub Reviews

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Showing 5 LendingClub reviews
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LendingClub review by Austin S.
Austin S.
Validated Reviewer
Verified Current User
Review Source
content

"Good idea - too many defaults"

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.

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

Recommendations to others considering the product

Chare-offs will wipe your ROI

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

A platform for lending without traditional middle-men

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LendingClub review by User in Management Consulting
User in Management Consulting
Validated Reviewer
Verified Current User
Review Source
content

"The company is well established, but be careful with this app."

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.

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.

What business 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.

What Other Finance & Insurance solution do you use?

Thanks for letting us know!
LendingClub review by Michael B.
Michael B.
Validated Reviewer
Review Source
content

"Nice Investment"

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.

What do you dislike?

As with any investment, risk is involved. This is higher risk than a treasury bond, but pays better.

Recommendations to others considering the product

Check any investment that you're interested in thoroughly.

What business 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.

LendingClub review by User
User
Validated Reviewer
Verified Current User
Review Source
content

"Great for borrowing or investing"

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.

What do you dislike?

The only thing I dislike about Lending Club is that they are capped as to the amount you can borrow.

What business 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.

LendingClub review by User in Executive Office
User in Executive Office
Validated Reviewer
Review Source
content

"Not so good at lending "

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.

What do you dislike?

Didn’t seem secure when inputting my info

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

N/A

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* We monitor all LendingClub reviews to prevent fraudulent reviews and keep review quality high. We do not post reviews by company employees or direct competitors. Validated reviews require the user to submit a screenshot of the product containing their user ID, in order to verify a user is an actual user of the product.