LendingClub Corporation

This company is a scam, they advertise how easy it is to get a loan, you go through the whole process, you answer their questions. I was made fun of because I am over 65 years old, I couldn't remember the cross the street of my job that I worked at over 40 years ago. Unfortunately, I'm not that quick to answer the questions, then they asked me to get my driver license notarized, I jumped through hoops (since no financial company would do it) and got it notarized who confirmed who I am, my social security card, and my driver license. Supposedly this was the final step, I uploaded it again to their website, and then I get an email saying it is not an acceptable documents. They don't have the common curiosity to call an elderly person to say, sir, my apologizes but unfortunately, we can't accept this and they can't even give me guidance. Very unprofessional and all I wanted to do was surprise my wife of 46 years with a vacation - this company is not worth the time - their associates are very rude.

Initial Business Response /* (1000, 5, 2015/08/10) */
Thank you for giving Lending Club the opportunity to respond to [redacted]'s Revdex.com (Revdex.com) complaint.
Lending Club borrowers pay a nonrefundable lender origination fee between 1.11% to 5.00% of the loan amount, depending on...

their loan grade (A1-G5, depending on credit rating). It's deducted from the loan proceeds, so the loan proceeds borrowers receive are less than the full amount of the issued loan. The origination fee is designed to compensate the lender for the costs of loan origination.
To view details on his loan origination fee, Mr. [redacted] can log into his account by visiting his Account Summary. Under the Loan Documents section, he can review the Truth-in-Lending disclosure, which was presented to him during the third step of the loan application process. This form includes all the terms of his loan as he agreed to them and most clearly presents the details of his loan, including the origination fee. To learn more about the origination fee, please visit our Rates and Fees page.
Despite the disclosure, we understand that there may be circumstances in which a borrower does not wish to go forward with the loan. Lending Club contacted Mr. [redacted] directly to address his concerns.
If there are further questions regarding this matter, please have Mr. [redacted] contact Lending Club directly by email at [redacted]@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat 6am-5pm PST.
Initial Consumer Rebuttal /* (2000, 7, 2015/08/13) */
(The consumer indicated he/she ACCEPTED the response from the business.)
Lending Club has contacted me and refunded the origination costs and interest charges I paid.

Thank you for giving Lending Club the opportunity to respond to [redacted] Revdex.com (Revdex.com) complaint. Under the Fair Credit Reporting Act (FCRA), consumer credit reporting agencies, such as [redacted] and [redacted], are permitted to include a consumer's name on lists used by...

creditors or insurers to make firm offers of credit or insurance not initiated by the consumer ("Firm Offers"). Under these same rules, Firm Offers must include instructions for how the consumer may opt-out of receiving future offers. If **. [redacted] is interested in opting out of Firm Offers of credit from all companies, she can contact the credit bureaus directly at [redacted]. To comply with **. [redacted] request, Lending Club removed the following contact information from our mailing list effective 3/21/2016:[redacted] should allow three to five weeks from the effective date to no longer receive postal mail from Lending Club. We apologize for any inconvenience this may cause. Additionally, if there's another name or address **. [redacted] would like us to remove from our marketing list, please have her contact Lending Club and we will promptly remove. We attempted to contact **. [redacted] upon receipt of this complaint to apologize for her experience and confirm the correct contact information. We thank you again for the opportunity to respond to this complaint brought to your attention by **. [redacted]. To the extent that **. [redacted] has further questions, please have her contact Lending Club directly by email at [redacted] or phone at [redacted] Mon-Sat 6am-5pm PST.

Initial Business Response /* (1000, 5, 2015/06/05) */
Thank you for giving Lending Club the opportunity to respond to Mr. [redacted]'s Revdex.com (Revdex.com) complaint. We understand that Mr. [redacted] is disappointed, and we would like to clarify the application process.
As part of...

the application process, Lending Club may perform income verification to validate the personal annual income stated on the loan application. Lending Club requested documents from Mr. [redacted] to verify his stated personal annual income. After reviewing the documents he provided, Lending Club determined that the documents did not support and verify the personal annual income Mr. [redacted] stated on his application.
Loans originated through the Lending Club platform are underwritten and made by WebBank, Salt Lake City, UT, member FDIC. Lending Club provided an adverse action notification to Mr. [redacted] describing the credit decision on behalf of WebBank. Mr. [redacted] can view the adverse action letter by logging into his Lending Club account.
Unfortunately, we are unable to reconsider an application once it has been declined; however, Mr. [redacted] is eligible to apply again for a loan through Lending Club in the future.
Please note that the loan application process does not affect an applicant's credit score, because it is not reported to credit bureaus as a hard credit inquiry.
If there are further questions regarding this matter, please have Mr. [redacted] contact Lending Club directly by email at [redacted]@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat 6am-5pm PST.

Initial Business Response /* (1000, 5, 2014/09/23) */
Thank you for the opportunity to respond to the complaint from Ms. [redacted].
Ms. [redacted] raised various concerns about her loan with Lending Club, which included a request for a payment plan and a monthly statement or payoff...

amount.
Since receiving Ms. [redacted]'s letter in April 2014 informing Lending Club of her change in employment and financial hardship, Lending Club has responded to the various correspondence submitted by Ms. [redacted] regarding her loan account, a payment plan and a pay-off amount.
Lending Club also informed Ms. [redacted] that it is unable to refinance or modify a loan, as the investors and Ms. [redacted] have contractually agreed to the terms of her loan notes.
In accordance with its policies, Lending Club transferred the loan to a third party collection agency after the account went past due. Lending Club and the third party collection agency tried on numerous occasions to contact Ms. [redacted]. The loan was then recalled and charged off by Lending Club.
Ms. [redacted] has requested a final payoff amount, which Lending Club sent on September 18, 2014 to the email on record for Ms. [redacted]. Upon receiving payment on the loan, Lending Club will update the credit bureau reporting accordingly.
We thank you again for the opportunity to respond to this complaint brought to our attention by Ms. [redacted]. To the extent Ms. [redacted] has any further questions, please have her contact Lending Club directly by email at [redacted]@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat. 6am-5pm PST.
Initial Consumer Rebuttal /* (3000, 7, 2014/09/29) */
(The consumer indicated he/she DID NOT accept the response from the business.)
The collection agency FMA Alliance made no attempt to contact me. I received one letter from them dated 5/30/14 and sent a payment. I received nothing and wrote letters and called both FMA Alliance and Lending Club to keep both companies in the loop. I have been trying for months to simply get a bill. The email which Lending club sent to me on Sept 18th had no attachment. So I still don't have a bill to this date. I received a phone message from a gentleman at Lending Club and waited 10 days to respond and left a message for him stating that I had still not received a statement. I don't believe that their investors would appreciate the lack of effort on the part of Lending club to get payments from their clients. Lending club made no attempt to work out an arrangement (which it would seem there should be a standard policy in place to help secure their investors money). I'm sure I'm not the only person to suffer a job loss and request a lower monthly payment for a short time. I have tried and tried to get something to show my payment history, a monthly statement and a payoff. Still nothing as of 9/29/2014. Please see if you can get lending club to send me a complete payment history, statement and payoff through November 30, 2014. Thank you. I would also like Lending Club to be more responsible to their investors who should be made aware that Lending Club will not work with it's clients if hard times come along. This is truly a very risky investment then because I'm sure I am rather unique in how hard I've been working to simply pay this bill in full and keep up with my obligation.
Final Business Response /* (4000, 9, 2014/10/17) */
Thank you for the opportunity to reply to the response from Ms. [redacted]. We have complied with Ms. [redacted]'s requests and have tried to contact her to assist in settling her Lending Club loan.
As previously stated, Lending Club has already sent [redacted] the payoff quote she requested. We attempted to call Ms. [redacted] at the phone number listed in her account (XXX-XXX-XXXX). We also left a voice message to confirm receipt of payoff request on 9/25/2014 at 8:36 a.m.
After receiving the Revdex.com response from Ms. [redacted], Lending Club has again sent a payoff quote to Ms. [redacted] on 10/8/14 at 1:25 p.m. and tried to speak with her to confirm receipt on the same day, 10/8/14 at 2:19 p.m. We were unable to reach her and left a message asking her to call us back if she had any questions or needed any additional information. We've also informed Ms. [redacted] that due to the nature of our business being conducted online, all of her account information is readily available upon logging into the Lending Club website. We've also taken additional steps to take the Lending Club information she requested and provided it to her in a PDF format. For your reference, we've also attached the documentation that has been sent to Ms. [redacted] to this Revdex.com case.
We thank you again for the opportunity to respond to this complaint brought to our attention by Ms. [redacted]. Please let us know if there are any further questions on this matter. Additional concerns or clarifications may be directed to Lending Club Member Support directly via email [redacted]@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat. 6am-5pm PST.

Initial Business Response /* (1000, 5, 2014/07/29) */
Revdex.com Complaint Case # XXXXXXXX
Consumer: [redacted]
Case Opened: 2014-July-21
Consumer Complaint:
-Lending Club representatives are rude (Customer Service Issue)
Consumer's Desired Resolution:
-Withdraw the loan application...

and stop sending preapproval letters
Response:
Thank you for giving Lending Club the opportunity to respond to [redacted]' Revdex.com (Revdex.com) complaint.
Records indicate that Lending Club called Mr. [redacted] on 7/19/2014 to complete a phone verification interview as part of Mr. [redacted]' loan application review. The phone verification interview is a standard part of our application review process. Lending Club has strong identity verification and authentication mechanisms to ensure that an application is valid and to avoid the risk of identity theft. Our application process is completed online; therefore, we often look to verify identity via a phone conversation during which we ask several personal questions that only the individual would know. Also, it is common for Lending Club to require that the telephone verification interview is completed from the applicant's place of employment on a landline telephone.
We do apologize for the curt manner of our representative which Mr. [redacted] perceived as rude, and appreciate Mr. [redacted]' feedback. Lending Club strives to always treat our members as courteously as possible.
As Mr. [redacted] requested, Lending Club withdrew his loan application on 7/21/2014. Also, we have taken the steps to remove Mr. [redacted] from future Lending Club direct mail solicitations and we have unsubscribed Mr. [redacted]' email address from our email marketing distribution list.
Please let us know if there are any further questions on this matter. [redacted] is welcome to contact Lending Club Member Support directly via email [redacted]@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat. 6am-5pm PST.
Initial Consumer Rebuttal /* (2000, 7, 2014/08/04) */
(The consumer indicated he/she ACCEPTED the response from the business.)
Thats fine if I didnt meet there standards it ok, Ive been approved and denied for loans before but have never been ask to call from the job. I gave them all the info they need to call my employment to verify I was working there. So now we both can go our seperate ways thanks

Initial Business Response /* (1000, 5, 2014/10/16) */
Revdex.com Complaint Case # XXXXXXXX
Consumer: [redacted]
Case Opened: 2014-Oct-15
Consumer Complaint:
Consumer was sent a pre-approved loan offer and then denied a loan when she went online to apply.
Consumer's Desired...

Response:
Consumer would like to be taken off all mailing lists.
Thank you for giving us the opportunity to respond to [redacted]' Revdex.com complaint.
Lending Club partners with major credit bureaus to identify people who may qualify for a loan through Lending Club. We use information provided by the credit bureaus, including credit score, outstanding debt, payment history, and recent credit activity, to identify potential customers. After we identify potential customers, we mail out pre-approved loan offer letters based on those criteria. In the letter we sent to Ms. [redacted], we expressly disclosed that loan offers are not guaranteed. Important information about the terms of the offer is printed on the front and reverse side of the letter.
When a potential customer goes online to apply for a loan, we ask for the applicant's annual income and employment status. In addition to information provided to us by the credit bureaus, we use annual income and employment status to determine if we can offer a loan to the applicant. Also, because several weeks pass between the pre-screening process and the actual application, we request updated information from the credit bureaus.
Both sets of information are used to determine if an applicant qualifies for a loan offer, as stated in the "Credit Certification and Authorization" and "Important Pre-qualified Information and Terms and Conditions for This Offer" sections of the letter we sent to Ms. [redacted]. Common reasons for being declined for a loan after receiving a pre-approved offer are that an applicant's current outstanding debt is too high relative to their income or that changes have occurred in their credit report since pre-screening.
The specific reasons why her loan application was declined are provided in the adverse action notice we sent to her.
Please note that the pre-screening process and loan application did not affect Ms. [redacted]'s credit score, because neither action is reported to credit bureaus as a hard credit inquiry.
Lending Club has taken the necessary steps to ensure that Ms. [redacted] will no longer receive mail and email solicitations from our company. We have removed her name and address from our marketing database.
Also, if she wishes to no longer be included in offers of credit by mail from any companies, she may contact TransUnion Opt Out Request, [redacted] XXXXX-XXXX; Equifax Options, P.O. Box XXXXXX, [redacted] XXXXX-XXXX; Experian Consumer Opt Out, P.O. [redacted] XXXXX or call X-XXX-XXX-XXXX.
Please let us know if there are any further questions on this matter. Ms. [redacted] is welcome to contact Lending Club Member Support directly via email [redacted]@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat. 6am-5pm PST.

Lending Club totally lies about the expected net returns on their loans. I had well over 2000 loans with them yet my rate of return was less than half of expected, and for the past several months has been negative! Absolute ripoff. You will very likely not receive the rates of returns that they "expect"

Initial Business Response /* (1000, 5, 2015/10/19) */
Thank you for giving us the opportunity to respond to [redacted]'s Revdex.com complaint.
Lending Club uses information provided by credit bureaus, including credit score, outstanding debt, payment history, and recent credit...

activity, to identify potential borrowers and send pre-approved loan offers. At the time of loan application, we request other important information, such as income and employment status. We may also request updated information from credit bureaus.
All of the information is used to determine if an applicant qualifies for a loan offer. Common reasons for being declined for a loan after receiving a pre-approved offer are that an applicant's current outstanding debt is too high relative to his/her income or that changes have occurred in the applicant's credit report since pre-screening.
Loans originated through the Lending Club platform are underwritten and made by WebBank, Salt Lake City, UT, member FDIC. Lending Club provided an adverse action notification describing the credit decision on behalf of WebBank. Mr. [redacted] can view the adverse action letter by logging into his Lending Club account.
Please note that the pre-screening process and loan application do not affect an applicant's credit score, because neither action is reported to credit bureaus as a hard credit inquiry. Mr. [redacted] is eligible to apply again for a loan via Lending Club 30 days after the date of his last application.
If there are further questions regarding this matter, please have Mr. [redacted] contact Lending Club directly by email at [redacted]@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat 6am-5pm PST.
Initial Consumer Rebuttal /* (3000, 7, 2015/10/20) */
(The consumer indicated he/she DID NOT accept the response from the business.)
As a consumer/user of credit for the past 40 years, I am WELL aware of the criterion required to be approved for a loan. For the past few years, once a month, Lending Club has sent a letter or letters to my home that advertise to me that I am "Pre-Approved," which indicates to me that they have already done the pre-screening and that I am credit worthy, based on standard credit application procedures. Apparently, Lending Club does no such pre-screening. How then, can they advertise to me that I am Pre-Approved? Pre-Selected to Apply would be more accurate. Ah...but they know if they write that I am "Pre-Selected to Apply" there is no guarantee the loan application process will yield the results I desire, thereby causing me to do what I should have done in the first place...file their letter appropriately...in the round file with the rest of the mountain of [redacted] I get through the mail. No...I do not accept this response. Pre-Approved means just that. There should be no questions, ifs ands or buts...if you advertise to me that I am "Pre-Approved" you should honor your offers.
Final Business Response /* (4000, 9, 2015/10/28) */
Thank you for giving us the opportunity to respond to [redacted]'s Revdex.com complaint.

Under the Fair Credit Reporting Act (FCRA), consumer credit reporting agencies, such as TransUnion and Experian, are permitted to include a consumer's name on lists used by creditors or insurers to make firm offers of credit or insurance not initiated by the consumer ("Firm Offers"). The mailer Mr. [redacted] received is an example of a Firm Offer. Recipients of a Firm Offer must continue to meet the credit criteria established prior to making the offer. The term "pre-approval" is used because final account approval is subject to reverification of credit history, as well as verification of additional information that is unknown at the time of the Firm Offer, such as income and employment status.
Loans originated through the Lending Club platform are underwritten and made by WebBank, Salt Lake City, UT, member FDIC. As noted in the initial response, Lending Club delivered the adverse action letter to Mr. [redacted] on behalf of WebBank, which Mr. [redacted] can view by logging into his Lending Club Account Summary. Mr. [redacted] is eligible to apply again for a loan via Lending Club 30 days after the date of his last application.
If there are further questions regarding this matter, please have Mr. [redacted] contact Lending Club directly by email at [redacted]@lendingclub.com or phone at XXX-XXX-XXXX Mon-Sat 6am-5pm PST.
Final Consumer Response /* (4200, 11, 2015/11/02) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Within 30 days of being turned down I was again sent a solicitation informing me that I was "PRE-APPROVED." Based on the criterion I was subjected to and rejected for, how can I possibly be "PRE-APPROVED," you just rejected me? As an interesting side note, I continue to receive these "PRE-APPROVED" notices. The ads do not state that I am "PRE-APPROVED" based on any eligibility requirements, they simply state that I am "PRE-APPROVED." This was obviously false...as I was not approved after going through the process. This is a deplorable and dishonest was to do business. I intend to take the time to file individual complaints with Attorney generals of all states involved.

Initial Business Response /* (1000, 5, 2015/12/03) */
Thank you for giving us the opportunity to respond to [redacted]'s Revdex.com complaint. We understand Mr. [redacted] is disappointed, and we would like to clarify the pre-approval process.
Lending Club uses information provided...

by credit bureaus, including credit score, outstanding debt, payment history, and recent credit activity, to identify potential borrowers and send pre-approved loan offers. At the time of loan application, Lending Club asks the applicant for other important information, such as income and employment status. Because several weeks can pass [redacted] the pre-screening process and the actual application, we may also request updated information from credit bureaus.
All of the information is used to determine if an applicant qualifies for a loan offer at that time. Common reasons for being declined for a loan after receiving a pre-approved offer are that an applicant's current outstanding debt is too high relative to his/her income or that changes have occurred in the applicant's credit report since pre-screening.
Mr. [redacted] can view the specific reasons why his loan application was declined his adverse action notice which can be accessed by logging into his Lending Club Account Summary. Please note that the pre-screening process and loan application do not affect an applicant's credit score, because neither action is reported to credit bureaus as a hard credit inquiry. Mr. [redacted] is eligible to apply again for a loan via Lending Club 30 days after the date of his last application.
Loans originated through the Lending Club platform are underwritten and made by WebBank, Salt Lake City, UT, member FDIC. Lending Club delivered the adverse action letter to Mr. [redacted] on behalf of WebBank.
To ensure Mr. [redacted] does not receive any future unwanted marketing from Lending Club, we have complied with his request and removed his contact information from our email and mail marketing lists. If there are further questions regarding this matter, please have Mr. [redacted] contact Lending Club directly by email at [redacted]@lendingclub.com or phone at XXX-XXX-XXXX Mon-Sat 6am-5pm PST.

Initial Business Response /* (1000, 5, 2014/04/11) */
Revdex.com Complaint Activity Report Case # XXXXXXXX
Borrower Name: [redacted]
Lending Club Loan No.: N/A
Lending Club is in receipt of Revdex.com (Revdex.com) complaint case number XXXXXXXX. Lending Club is aware of the...

situation referenced in the complaint to the Revdex.com. The circumstances of the event to which [redacted] has fallen victim are not the result of any actions by Lending Club or its affiliates. We are sorry to report that Mr. [redacted] was defrauded by a scheme that has been ongoing over the last several months where the Lending Club name is used is to entice victims to pay up-front fees for non-existent loans.
It appears that after a victim has applied for a loan on-line through an unaffiliated website, the applicant's loan request information is somehow obtained by the fraudsters. The fraudster then contacts the applicant/victim using the Lending Club name. They promise the applicant that they can obtain a loan through Lending Club by paying an application fee. In some instances, the fraudsters return to the same consumer multiple times requesting additional funds in exchange for securing a loan. Funds are usually transferred to the fraudsters through the use of a Green Dot or Vanilla Visa card (or similar device), companies with whom Lending Club has no relationship.
All loans obtained through the Lending Club platform are made without any application fee and are funded by WebBank, a Utah Industrial Bank. Information regarding the relationship between Lending Club and WebBank may be found on our website at lendingclub.com.
Regrettably, Mr. [redacted] is another victim of this scheme. He is not a consumer who has engaged in any transactions with Lending Club and as such there is no record of his activities within our system. The people he spoke with were part of the fraud scheme.
The Lending Club Fraud Department has spoken to Mr. [redacted]. He now understands that he is a victim of this scam. Lending Club recommended that Mr. [redacted] add a fraud alert to his Credit bureau report as well as file a complaint with the FTC.
To date, to our knowledge, these fraudsters have not been found and continue to prey upon their victims.
Lending Club continues to work with consumers and any and all appropriate and willing law enforcement agencies to find and prosecute these criminals (FBI Complaint Id: IXXXXXXXXXXXXXXXX, FTC Complaint Id: XXXXXXXX). The United States Secret Service (USSS), San Francisco chapter, met with Lending Club on 11/13/13 to discuss this issue. The USSS has launched their investigation.

(The consumer indicated he/she DID NOT accept the response from the business.)No apology was given first of all and the supervisor or manager was rude to me on the phone. She did not provide her employee number to me, so I could properly identify who she was. It could of been anyone, claiming to be a supervisor. Very unprofessional company and I will NOT DO BUSINESS WITH THEM AGAIN. I will not recommend them for anything or to the many friends that I know.

Revdex.com:I have reviewed the response made by the business in reference to complaint ID [redacted].
The companies note: As a courtesy due to a customer service issue, LendingClub expensed the remaining balance in the amount of $865.48 on 3/26/2018 and the account is paid in full.
This is completely inaccurate information as I have a payoff letter and the copy of the check that cleared my bank for the total payoff amount.
Sincerely, [redacted]

Thank you for giving us the opportunity to respond to [redacted] Revdex.com complaint. We're sorry to [redacted] was disappointed with his experience with Lending Club. Please allow us to clarify our application process.As part of the application process, Lending...

Club may perform income verification to validate the income stated on the loan application. Lending Club requests documents from the applicant to verify their stated annual income. After reviewing the documents provided, Lending Club determined that the documents and information provided did not support and verify the personal annual income stated on [redacted] application.Loans originated through the Lending Club platform are underwritten and made by [redacted], [redacted], UT, member FDIC. Lending Club provided an adverse action notification to [redacted] describing the credit decision on behalf of [redacted]. He can view the adverse action letter by logging into his Lending Club account.Please note that the pre-screening process and loan application do not affect an applicant's credit score, because neither action is reported to credit bureaus as a hard credit inquiry. [redacted] is eligible to apply again for a loan via Lending Club in the future. We apologize we did not met [redacted] expectations. We hope to use his feedback to improve our service and continue to provide excellent customer service. If there are further questions regarding this matter, please have [redacted] contact Lending Club directly by email at [redacted] or phone [redacted] Mon-Sat 6am-5pm PST.

Initial Business Response /* (1000, 5, 2014/05/06) */
Thank you for giving Lending Club the opportunity to respond to [redacted]' Revdex.com complaint.
Lending Club offers personal and business loans. Our prospective customers generally apply for a Lending Club loan...

directly through our website, www.lendingclub.com, or one of our affiliated partner websites. Our affiliated partners include, but are not limited to, Credit Karma, Mint and LendingTree. Our records indicate that Mr. [redacted]' Lending Club loan inquiry originated through Credit Karma's website. The e-mail Mr. [redacted] received, was in reference to an Adverse Action notice stating the specific reasons why a loan application was declined on 4/4/2014.
Please note that a Lending Club loan application does not affect an applicant's credit score because Lending Club does not report to the credit bureaus as a hard inquiry.
If Mr. [redacted] believes that he is a victim of identity theft and someone fraudulently applied for a Lending Club loan in his name, we advise him to contact the three credit bureaus - TransUnion, Equifax and Experian. Also, we welcome Mr. [redacted] to contact Lending Club Member Support directly via email [redacted]@lendingclub.com, or phone XXX-XXX-XXXX Mon-Sat. 6am-5pm Pacific Standard Time if he has any additional concerns.

Initial Business Response /* (1000, 5, 2014/04/15) */
Revdex.com Complaint Case # [redacted]
Consumer: [redacted]
Case Opened: 4/09/2014
Lending Club Loan Number: [redacted]
Consumer Complaint:
Company sends pre-approval letters to potential applicants and then denies them loans
Required bank...

information before approving loan
Concerned about how Lending Club protects personal information
Consumer's Desired Resolution:
Do not deny applicants after sending pre-approved letters
Do not ask for the borrower to provide bank information until they are approved for a loan
Thank you for the opportunity to respond to the complaint from Ms. [redacted].
Ms. [redacted] states that Lending Club sends out pre-approval letters only to deny applicants. Lending Club uses information provided by credit bureaus, including credit score, outstanding debt, payment history, and recent credit activity, to identify potential borrowers, and send pre-approved loan offers based on those criteria.
At time of loan application, we ask for additional information, including income and employment status. Several weeks may pass between the pre-approval letter being sent and the consumer submitting an actual application; therefore, we also request updated information from the credit bureaus.
Both sets of information are used to determine whether a consumer qualifies for the loan offer. Common reasons for being declined for a loan after receiving a pre-approved offer are that an applicant's current outstanding debt is too high relative to their income or that changes have occurred in their credit report since pre-approval.
Ms. [redacted] also brings up the concern that Lending Club asks for bank information before approving a loan.
In the Borrower Membership Agreement, borrowers agree to authorize us to initiate a debit entry to their bank account in an amount of $0.01 to $0.99 for account verification purposes through the ACH network. We will reverse this debit following verification and no funds will be removed from the borrower's bank account. Lending Club requires bank verification before approval of an application in an attempt to expedite our loan process.
The last issue brought up by Ms. [redacted] refers how Lending Club handles personal information.
The privacy and the protection of sensitive personal information are important to us. Lending Club takes strong steps to safeguard personal and sensitive information through vigorous physical, electronic and operational policies and practices. Lending Club's privacy policy can be found at: [redacted] or by visiting Lendingclub.com.
We thank you for the opportunity to respond to this complaint brought to our attention by Ms. [redacted]. Please let us know if there are any further questions on this matter. Ms. [redacted] is welcome to contact Lending Club Member Support directly via email [email protected] or phone [redacted] Mon-Sat. 6am-5pm PST.

Initial Business Response /* (1000, 5, 2015/11/17) */
Thank you for giving Lending Club the opportunity to response to [redacted]'s Revdex.com (Revdex.com) complaint.
Lending Club has strong identity verification and authentication mechanisms to ensure that an application is valid and to...

avoid the risk of identity theft. Our application process is completed online; therefore, we often look to verify identity via a phone conversation during which we ask several personal questions that only the individual would know. Unfortunately, to meet this high standard of proper identification and identity theft prevention we do not allow this step to be completed via email. The aim is to protect our borrowers from security infringements, and we regret that this also prevents a portion of applicants from being approved for loans. We understand that potential borrowers may have varying schedules, so Lending Club agents are available Monday through Saturday from 6am to 5pm PST to help complete this step.
Ms. [redacted] sent a request to withdraw her application if there were no alternative methods for completing the phone verification. Because Lending Club is unable to alter the phone verification process to include other forms of communication, we complied with her request and withdrew her application.
Applying for a loan with Lending Club has no negative effect on an applicant's credit score, and applicants who have withdrawn their previous applications are welcome to re-apply with Lending Club at any time.
If there are further questions regarding this matter, please have Ms. [redacted] contact Lending Club directly by email at [redacted]@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat 6am-5pm PST.

There is no better company to do business with than lending club. It was a total fast and transparent transaction. I am lending clubs biggest cheerleader and will be recommending them to anyone in the market for a honest online loan company.

The Lending Club was the worse experience of my life; an utter nightmare.
First of all, THEY sent me an unsolicited pre-approved offer of a loan, which they obviously did predicated on my good credit rating.
At first they requested 3 simple documents, but as time passed, their requests repeatedly changed and increased. Everytime I completed a task on their "TO DO LIST" they would request additional data. Many employees were rude, abrupt, and not once did I speak to the same employee. The right hand never knew what the left was doing.
Each conversation was maddening because different employees had different information. The worse & most disrespectful aspect was their lying. Every time I completed a task, they would respond with.."You loan is now 30% funded".. then 60%..then 90%..then.." You are just steps away from receiving your loan. In the end I was denied based on reasons which were both bogus and information known to them from the beginning!! Lending Club is a futile joke.

Thank you for giving us the opportunity to respond to [redacted]’s Revdex.com complaint.
We appreciate the circumstances of [redacted]’s financial situation. When [redacted] contacted Lending Club, we offered payments options within our guidelines; however, we are unable to provide...

loan payment modifications.  Lending Club allows borrowers to permanently move their monthly payment due date, and borrowers may also make their monthly payment anytime within 15 days of the payment due date without incurring a late fee. The entire monthly payment amount is due each month and any portion not paid becomes past due, which may lead to a loan charging off.
Lending Club strives to provide the very best service to all of our customers. We’re sorry if we didn’t meet [redacted]’s expectations and appreciate his feedback. We’ll use his feedback to improve our service.
We thank you again for the opportunity to respond to this complaint brought to your attention by [redacted]. If he has additional questions, please have him contact us directly by email at [redacted] or by phone at [redacted] Mon-Fri 6am-5pm PST.