LendingClub Corporation

Initial Business Response /* (1000, 5, 2015/05/27) */
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 the applicant's personal annual income and employment status. Because several weeks can pass [redacted] the pre-screening process and the actual application, we also request updated information from the credit bureaus. Both sets of information are 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 the applicant's personal annual income or that changes have occurred in the applicant's credit report since pre-screening. The specific reasons why Mr. [redacted]'s loan application was declined are provided in an adverse action notice, which can be viewed by logging into his Lending Club account summary.
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.
At Lending Club, we are always open to [redacted] feedback, and we appreciate Mr. [redacted]'s suggestion for our marketing letter. The use of the word "pre-approved" describes the firm offer of credit we extended to Mr. [redacted] after the initial pre-screen process. As stated in the offer letter we sent to Mr. [redacted] and described above, the pre-approved offer is subject to reverification of an applicant's creditworthiness at the time the applicant applies for the loan.
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 in the future.
To ensure Mr. [redacted] does not receive any future unwanted contact from Lending Club, we removed his contact information from our email and direct 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 XXX-XXX-XXXX Mon-Sat 6am-5pm PST.
Initial Consumer Rebuttal /* (3000, 7, 2015/06/01) */
(The consumer indicated he/she DID NOT accept the response from the business.)
My credit score has only been increasing since last year. My annual income is $89,000 and employment is full-time for 18 years with the same company. If anything had changed since they did the pre-approval, then it was my credit score was better (even though only a few points). This type of practice should not be tolerated. I just received a pre-approved credit card offer from Merrick bank (after Lendingclub) . When I applied, they approved me for exactly what they pre-approved me for the amount that they offered in the letter. This is unacceptable. I want at least a $1000 credit offer at a respectable APR to help re-establish my credit like they promised.
[redacted]

Initial Business Response /* (1000, 5, 2015/02/16) */
Thank you for giving Lending Club the opportunity to respond to [redacted]'s Revdex.com (Revdex.com) complaint.
Lending Club is unable to modify Mr. [redacted]'s interest rate. The letter that Mr. [redacted] received advertised that...

qualified applicants can obtain an annual percentage rate (APR) as low as 6.78 percent, with an APR range between 6.78 to 29.99 percent depending on an applicant's credit at the time of application. As a part of our application process, we use information provided by credit bureaus, including credit score, outstanding debt, payment history, and recent credit activity, to provide rates and offers to eligible consumers. When Mr. [redacted] applied, he was presented with loan offers and rates that were available to him based on this information, and he accepted an offer.
Additionally, applicants are provided with a Truth in Lending disclosure at the time of application that states the APR, finance charge, and other important loan terms. Mr. [redacted] accepted this disclosure prior to receiving the loan.
We thank you again for the opportunity to respond to this complaint brought to your attention by
Mr. [redacted]. To the extent Mr. [redacted] has any further questions or concerns, please have him 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, 2015/06/17) */
Thank you for giving us the opportunity to respond to [redacted]'s Revdex.com complaint. We understand Ms. [redacted] is disappointed, and we would like to address any concerns regarding our second loan application process.
We...

can't change the terms of an existing loan, but we recognize that borrowers may be able to realize interest savings or meet new financing needs by applying for a second loan and using the funds from the second loan to pay off the outstanding balance of the current loan. To qualify for a second loan, borrowers need to meet the current credit criteria for the second loan and have made either 6 or 12 consecutive on-time monthly payments, depending on the loan term, on the existing Lending Club loan. Lending Club sends emails to borrowers informing them about the second loan opportunity if they have met the payment history criteria.
If borrowers choose to apply for a second loan, they are required to submit an application. As part of the application process, Lending Club may perform income verification to validate the income stated on the loan application. Lending Club requested documents from Ms. [redacted] to verify that information. After reviewing the documentation, Lending Club determined that the income stated on the application could not be supported.
Loans originated through the Lending Club platform are underwritten and made by WebBank, Salt Lake City, UT, member FDIC. Lending Club delivered an adverse action letter to Ms. [redacted] on behalf of WebBank. She can access the adverse action notice by logging on to her Lending Club account.
Please note pending applications for a second loan through Lending Club do not in any way alter or affect the status of a current loan. All payments on existing loans are due on the monthly payment due date.
Ms. [redacted] is eligible to apply for a loan with Lending Club in the future. To the extent that Ms. [redacted] has 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, 8, 2015/06/23) */
(The consumer indicated he/she DID NOT accept the response from the business.)
This is why I am complaining to begin with. The response from Lending Club doesn't resolve my issue. My income cannot cover the two loans for sure. The second loan that I applied via online and Lending Club didn't approve it is because they are considering a second loan as an additional loan and therefore my income cannot cover the two loans. The second loan with Lending Club is to PAY-OFF THE FIRST LOAN WITH HIGH RATE, as they advertised on the letter that they sent me. Once I pay-off my first loan I do have enough money to pay for my second loan as I have been paying Lending Club's loan for the past year and half. I am requesting the approval of the second loan to lower my interest rates. I never received any letters from Lending Club and from WebBank. I need Lending Club to approve my second loan since the purpose of the second loan is to repay the first Loan. I need management team to give me a call, as usually is done by a respected firm, and try to resolve the issue.
Final Business Response /* (4000, 10, 2015/07/06) */
Thank you for the opportunity to respond to the complaint from Ms. [redacted]. Lending Club spoke with Ms. [redacted] personally to address her complaint on 6/29/2015.
We apologize that Lending Club cannot resolve Ms. [redacted]'s request. Many borrowers utilize a second loan to pay off their first loan. It is Lending Club policy that all loan applications are subject to an initial soft credit inquiry. Common reasons for being declined for a second loan after receiving an invitation to apply 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 after their initial loan application.
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 questions may be directed to Lending Club Member Support directly via email [redacted]@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat. 6am-5pm PST.
Final Consumer Response /* (4200, 12, 2015/07/09) */
(The consumer indicated he/she DID NOT accept the response from the business.)
I cannot accept their apologies, I do understand their policy of the way they do business, but I don't agree and like it. I will never recommend lending club to anyone since they will not give you the chance to have another loan and lower your interest rates. I just have to be patient and payoff Lending Club's loan and will never use them ever ever again!!!! And I will make sure all the people that I know, will know the truth about Lending Club!!!!

Initial Business Response /* (1000, 5, 2014/04/28) */
Thank you for the opportunity to respond to the complaint of Ms. [redacted].
On 03/31/2014 Lending Club received a check from Ms. [redacted]. The check did not include a letter of instruction indicating how to apply the funds to the borrower's...

account. Lending Club contacted Ms. [redacted] via phone on 04/07/2014 to determine the following:
Should the check be applied as a normal monthly payment with remainder applied to the principal balance
Should the check be applied to outstanding principal balance only
During the course of the call Ms. [redacted] confirmed the check should be applied towards the outstanding principal balance. As a result of the conversation, Lending Club applied the monies as requested by Ms. [redacted].
Lending Club recognizes miscommunications sometimes occur and wants all borrowers to have a positive experience. We have been in contact with Ms. [redacted] and have since resolved the matter to her satisfaction.
If Ms. [redacted] has any additional questions or concerns, she is welcome to contact Lending Club Member Support directly via email [redacted]@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat. 6am-5pm PST.
Regards,
Lending Club Member Support
Initial Consumer Rebuttal /* (2000, 7, 2014/05/01) */
(The consumer indicated he/she ACCEPTED the response from the business.)
Shortly after submitting my complaint, I had an opportunity to speak with [redacted] (a representative within Lending Club)who was a true gem. He quickly resolved the issue in a manner that I found to be more than satisfactory. I appreciate the time that was taken to hear out my concerns and resolve the issue.

Thank you for giving LendingClub the opportunity to respond to [redacted]’s Revdex.com (Revdex.com) complaint. 
It is LendingClub’s policy to report all account experiences to one or more of the major credit reporting agencies. LendingClub reports both positive and negative payment...

histories. Late payments, missed payments, or other defaults on may be reflected in a borrower’s credit report. To remain fair and impartial to all borrowers, we are unable to make modifications or exceptions to our credit bureau reporting policy.
To ensure that [redacted]’s credit report is accurate, LendingClub sent an update to the credit bureaus on 8/18/2017. We also notified [redacted] of the update via email and provided the control number: #[redacted]. Depending on the credit bureau, it may take up to 30 days to see that change.
LendingClub strives to provide the very best service to all of our customers. We’re sorry we didn’t meet [redacted]’s expectations and appreciate his feedback.
We thank you again for the opportunity to respond to this complaint brought to your attention by [redacted]. If [redacted] has further questions, please have him contact LendingClub directly by email at [redacted] or phone at [redacted] Mon-Fri 6am-5pm Pacific Time.

Initial Business Response /* (1000, 5, 2015/04/15) */
Thank you for giving Lending Club the opportunity to respond to [redacted]'s Revdex.com (Revdex.com) complaint.
We understand that Mr. [redacted] is disappointed, and we would like to clarify our application process. We consider a number...

of factors when evaluating loan applications. Unfortunately, Mr. [redacted]'s application was not a match with the stringent credit criteria that we use to determine eligibility.
As part of the application review, Lending Club follows an income verification process to validate the annual income a potential borrower states on the loan application. Lending Club requested documents from Mr. [redacted] to verify his stated income. After reviewing the documents he provided, Lending Club denied his loan application because the documents did not support and verify the income he stated on his application. Please note that the pre-screening process and loan application do not affect his credit score, because neither action is reported to credit bureaus as a hard credit inquiry.
Mr. [redacted] can access his Account to read more about the factors that led to this decision on the adverse action notice sent to him. Though we are unable to reinstate his loan application, we do understand that financial situations can change so Mr. [redacted] is welcome to reapply for a loan through Lending Club in the future.
To the extent that Mr. [redacted] has further questions, please have him 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, 2015/04/17) */
(The consumer indicated he/she DID NOT accept the response from the business.)
I understand the stringent criteria that you use for your loans. However if you refer to the phone call that you have recorded in which I spoke with ** and a manager. She herself on the phone said they didn't follow the correct procedures. While my income didn't match it is because you asked for my most recent tax forms. I had not yet filed for 2014 so I sent 2013. In 2013 I was making a significant amount more money than I am making now. You guys also kept asking for my annuity and pension income in which case I mentioned multiple times that I don't have that kind of income. As I spoke with this manager they themselves mentioned that Lending club couldn't verify my income and employment. However, she also mentioned after looking closer that my employment was in fact verified along the way. I just started this job in January and the manager mentioned the person working on my account must have made a mistake because they could have asked me for my last 2 pay stubs to verify income. Instead of taking all the correct actions my loan reviewer cut corners and simply denied the application. I would have been more than happy to submit my 2014 tax return once I had filed it if that would have been preferred. Perhaps, as I mentioned on the phone to the manager, lending club finds it best practice to not approve any loans for anyone that has been at a job for less than a year. If that is the case then they need to mention that information so that people in my position don't spend a month and a lot of time on something like this.
Final Business Response /* (4000, 9, 2015/05/04) */
Thank you for giving Lending Club the opportunity to respond to [redacted]'s Revdex.com (Revdex.com) complaint.
Our records indicate Mr. [redacted] submitted an application with Lending Club on 3/12/2015. During one of the conversations Mr. [redacted] had with one of our representatives, he disclosed information regarding his employment status to Lending Club. Based on his explanation, Lending Club requested the appropriate documents that would verify the income he stated on his application. After reviewing the documents, Lending Club determined it did not support the income Mr. [redacted] stated on his application and his loan application was denied. Since Lending Club is unable to reinstate an application once it has been declined, we invited Mr. [redacted] to reapply.
Mr. [redacted] has recently submitted a second application with Lending Club. Mr. [redacted] was able to provide further documentation to support the income stated on his application. Due to this new information, Lending Club was able to approve this application. We hope this satisfies Mr. [redacted]'s request for a loan through Lending Club.
We thank you again for the opportunity to respond to this complaint brought to your attention by Mr. [redacted]. Please let us know if there are any further questions on this matter. Additional questions may be directed to Lending Club Member Support directly via email [redacted]@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat. 6am-5pm PST.
Final Consumer Response /* (2000, 11, 2015/05/08) */
(The consumer indicated he/she ACCEPTED the response from the business.)
Lending club allowed me to re-apply for a loan and gave me the opportunity to prove my current income this time through requesting a copy of my last two pay stubs. Thank you lending club for being fair in the process and for allowing me to re-apply.

Final Consumer Response /* (2000, 6, 2014/08/11) */
Dear [redacted],
Please accept our sincere apology for your poor customer service experience during the process of paying off your loan. We take pride in ensuring customer satisfaction and are committed to delivering the highest level of...

service available. Unfortunately, we did not meet your expectations or ours.
We value your business. As a token of our appreciation, we are going to process a refund of $[redacted].00 to your bank account. This should cover the additional payment you made as well as any extra interest that accrued during this time frame. If you have any questions or concerns you can contact us at XXX-XXX-XXXX ext. [redacted]
Sincerely,
[redacted].
Lending Club Customer Advocacy

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

loan payment modifications. LendingClub allows borrowers to permanently move their 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. LendingClub is unable to modify the terms of a borrower’s loan.
LendingClub is an online marketplace connecting borrowers and investors.  All personal loans offered through our marketplace are unsecured, fully-amortizing loans that are originated and issued by WebBank, member FDIC.  Once an account becomes delinquent, LendingClub makes significant efforts to contact the borrower, collect outstanding payments, and bring the loan back to current status.  We attempt to contact borrowers using the email address and phone numbers that are provided at the time of application unless otherwise instructed.
Borrowers can update their contact information in their online account summary here: [redacted]?. On 6/14/2017, we updated **. [redacted]’ address and placed a cease and desist on her account, as requested. No collections calls have been made since that day.
LendingClub strives to provide the very best service to all of our customers. We’re sorry we didn’t meet **. [redacted]’s expectations and appreciate her feedback. We’ll use her feedback to improve our service, and hope that we can regain her confidence in the future.
We thank you again for the opportunity to respond to this complaint brought to your attention by **. [redacted].  To the extent that **. [redacted] has any further questions, please have her contact LendingClub directly by email at [redacted] or phone at [redacted] Mon-Fri 6am-2:30pm Pacific Time.