LendingClub Corporation

Initial Business Response /* (1000, 6, 2016/01/29) */
Thank you for giving Lending Club the opportunity to respond to *** Revdex.com (Revdex.com) complaint
Lending Club conducted thorough research regarding the payment histories on both of *** accountsOur
records show no indication of a payment processing error on either of *** accountsOn 1/2/2016, *** contacted Lending Club to change her upcoming payments to a later dateThe payment could not be moved for one of her loans because it was already processing and we communicated that to her during the callOn the other loan, we moved her January monthly payment to the date she specified
We attempted to contact her via phone to clarify her payment histories and address her concerns, but we were unable to reach her
If there are further questions regarding this matter, please have *** contact Lending Club directly by email at [email protected] or phone *** Mon-Sat 6am-5pm PST
Initial Consumer Rebuttal /* (2000, 8, 2016/02/02) */
(The consumer indicated he/she ACCEPTED the response from the business.)
This was an error on my part and I attempted to contact the Revdex.com to cancel this complaintPer Lending Club website, my funds were coming out a specified date and it appeared the day grace period did not kick inHowever, the next day the payment did not come out of my bank account and I was very happy with thatThe only recommendation I would have is for them to update their website loan summary details with the day grace period, because customers can get nervous that their request to postpone the account did not go troughI am satisfied with LC and I am happy this is resolved

Initial Business Response /* (1000, 5, 2014/12/23) */
Revdex.com Complaint Case # XXXXXXXX
Consumer: *** ***
Case Opened: ***
Consumer Complaint:
Consumer's loan application was declined after receiving a pre-qualification notice from Credit Karma and the loan being
funded by an investorConsumer is also having trouble accessing her account online
Consumer's Desired Response:
Consumer desires clarification about the loan application review process and loan fundingShe would also like to have access to her account
Thank you for giving Lending Club the opportunity to respond to *** ***'s Revdex.com (Revdex.com) complaint
In her Revdex.com complaint, Ms*** stated that her Lending Club loan application was denied after already having been approvedThis is not an accurate statementTo clarify, Ms*** received a loan offer through Lending Club after completing the online loan applicationThese offers are contingent upon our ability to verify information stated by the applicant
In an effort to verify information Ms*** stated on her application, we requested supporting documentation traditionally associated with income validationAs Ms*** expressed in her Revdex.com complaint, she does not receive traditional income verification documents from her employer and could not provide the documents requestedAlternative documentation was requested to verify her annual incomeAfter careful review, we declined Ms***'s loan application because the documents she provided did not validate and support the annual income she stated on her loan applicationA notification of adverse action was issued to Ms*** and is available under the "Loan Documents" tab in her online Lending Club accountAdditionally, Lending Club Member Support sent a PDF copy of the Adverse Action Notice via email on December 8,
In her Revdex.com complaint, Ms*** also mentioned that her Lending Club loan was funded by an investorWhen Lending Club receives a new application, the loan is listed on the investor platform so that Lending Club investors can invest in the loanLending Club is concurrently reviewing the loan application and verifying applicant information, such as personal annual incomeIf Lending Club determines that the loan application will not be approved, the loan application is removed from the investor platformIn Ms***'s case, her application was declined during the verification process and removed from the investor platform, as described above
Finally, Ms*** stated in her Revdex.com complaint that she was unable to log into her Lending Club accountWe have attempted to reach her using the contact telephone number she provided on her application and have been unsuccessfulSo that we can help Ms*** with any potential technical issue that may be preventing her from gaining access to her online account, we request that she contact our Member Support by telephone at the number listed belowThis will ensure the protection of her sensitive personal information
Please let us know if there are any further questions on this matter*** *** is welcome to contact Lending Club Member Support directly via email at ***@lendingclub.com or toll free at XXX-XXX-XXXX between 6:a.m- 5:p.mPacific Time, Monday through Saturday

Initial Business Response /* (1000, 5, 2014/02/27) */
Revdex.com Complaint Case # XXXXXXXX
Consumer: *** ***
Case Opened: 2/14/
Lending Club Loan Number: XXXXXXXX
Consumer Complaint:
Company used advertising to get more applicants
Cancelled a loan that had already
been funded and approved
Collected too much personal information under impression loan was approved before denying
Required bank information before approving loan
Borrower concerned about identity theft
Consumer's Desired Resolution:
Do not ask for the borrower to provide bank information until they are approved for a loan
Response:
Thank you for the opportunity to respond to the complaint from Mr***
Mr*** states that Lending Club uses advertising in the pre-approval letters we mail outLending 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 statusSeveral weeks may pass *** 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 offerCommon 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
Additionally, Mr*** states that Lending Club cancelled his loan request once it had already been funded and approvedA borrower views their loan terms and proceeds with the application process by electronically accepting the Borrower Membership Agreement, Loan Agreement, Terms of Use, the consent to Electronic Transactions and Disclosures Agreement and the Estimated Truth in Lending Disclosure
As outlined in the Borrower Membership Agreement Lending Club states that there is no guarantee that a loan request will be funded or that a borrower will receive a loan as a result of posting a loan requestLending Club may terminate a registration or loan request based on credit criteria such as debt-to-income ratio or other information on a borrower's credit report
Mr*** also states a concern about Lending Club collecting too much personal information during the application process
As outlined in the Borrower Membership Agreement, Lending Club reserves the right to verify the accuracy of all information a borrower provides and to terminate their Agreement and remove a loan request in case of any inaccuracy or omission in a loan request or application, or any other violation of the AgreementWe also reserve the right to verify any information a borrower submits through the production of appropriate documentation, and further reserve the right to conduct any verification through a third party
Another concern raised by Mr*** is that Lending Club requires 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 $to $for account verification purposes through the ACH networkWe will reverse this debit following verification and no funds will be removed from the borrower's bank accountLending Club requires bank verification before approval of an application in an attempt to expedite our loan process
The last issue brought up by Mr*** refers to identity theft and how Lending Club handles personal information
Lending Club's privacy policy can be found at: https://www.lendingclub.com/public/privacy-policy.action or by visiting Lendingclub.com
We thank you for the opportunity to respond to this complaint brought to our attention by Mr***Please let us know if there are any further questions on this matter

I would highly recommend this company Approved in hours and funds were available for use in less than daysThank you so much LendingClub

Initial Business Response /* (1000, 5, 2014/04/14) */
Revdex.com Complaint Case # XXXXXXXX
Consumer: *** ***
Case Opened: 2014-April-
Consumer Complaint:
Unsatisfactory reason for denying *** ***' loan application
Consumer's Desired Resolution:
Full explanation of why the loan
was denied
Response:
Thank you for giving Lending Club the opportunity to respond to this complaint regarding the denial of *** ***' loan applicationAfter researching the history of this case, we conclude that *** ***' loan application was denied in error
Lending Club records state the reason for denying Mr***' loan application as "insufficient history of satisfactory payments on existing loan through Lending Club." Research identifies that the decline of this loan was made in errorMr*** had a previous loan through Lending Club that was fully repaid one month after the loan was issued to himLending Club considers this type of payment history to be more than satisfactory
Lending Club did contact Mr*** and communicated the issue; he now understands that Lending Club made an error during the review of his application
Mr***' loan application was denied on 3/31/14; however, he has since applied for another loan on 4/1/through Lending ClubLending Club corrected the error and the subsequent loan application has been approved

I am highly frustrated with the lending clubThey have managed to screw up my banking EVERY monthI switched bank accounts back in August of and they didn't take the payment out for September or OctoberThey swear up and down that they told me that they needed verification which is ridiculousThey took the payment for August out of that bank account! This isn't the first time they've done this and caused me negative impact to my credit scoreI'm so upsetI honestly wish that I never started to work with the lending clubThey are absolutely terrible

I have used this corporation for the first time ever and I most say its been very pleasantMy loan was in the bank in four daysI was amazed at the work and on line processI do recommend all people to make sure you use the correct websiteBlessings to all!!!

Initial Business Response /* (1000, 5, 2015/03/23) */
Thank you for giving Lending Club the opportunity to respond to *** ***'s Revdex.com (Revdex.com) complaintWe understand that Ms*** 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 offersAt the time of loan application, consumers are asked for other important information, such as their income and employment statusBecause several weeks can pass *** the pre-screening process and the actual application, we also request updated information from the credit bureausBoth sets of information are 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 their income or that changes have occurred in their credit report since pre-screeningThe specific reasons why Ms***'s loan application was declined are provided in an adverse action notice, which she can view by logging into her 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 inquiryMs*** is eligible to apply again for a loan via Lending Club thirty days after the date of her last application
To ensure Ms*** does not receive any future unwanted contact, Lending Club has removed her contact information from its marketing listsTo the extent that Ms*** has further questions, please have her contact Lending Club directly by email at ***@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat 6am-5pm PST

Initial Business Response /* (1000, 5, 2015/04/21) */
Thank you for giving us the opportunity to respond to *** ***'s Revdex.com complaint
In accordance with the Servicemembers Civil Relief Act (SCRA), upon receiving a request for relief and a copy of the
servicemember's military orders, Lending Club adjusts the interest rate on a borrower's loan to no more than percent for the duration of active dutyDepending on the date we're notified and the type of orders, the adjustment is a two-step process that involves lowering the rate (forward-looking) and refunding the borrower for the interest rate difference for the time period between the borrower's receipt of orders/active duty and the date we were notified (backward-looking)SCRA applies to debts incurred prior to entering active duty military ***
Lending Club received Mr***'s request for reliefBased on his eligibility we made the corresponding adjustments to his interest rateHis loan was appropriately adjusted to reflect a percent interest rate; however, upon further review, we discovered an error in the amount refunded to his account for the backward-looking adjustmentThis resulted in an overcharge in interest for the month of March
We have since issued a refund to Mr***'s account for the amount he was overchargedWe apologize for any inconvenience this may have caused Mr*** and we appreciate his *** to our country
We've reached out to Mr*** in an attempt to discuss this matter with him personallyTo the extent Mr*** has any further questions or concerns, please have him contact Lending Club directly by email at ***@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat6am-5pm PST

Initial Business Response /* (1000, 5, 2015/12/08) */
Thank you for giving Lending Club the opportunity to respond to *** ***'s Revdex.com (Revdex.com) complaintWe understand that Mr*** is disappointed, and we would like to clarify the application 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 offersAs part of the application process, Lending Club may perform income verification to validate the income stated on the loan applicationBased on the information provided by Mr***, Lending Club was unable to validate the information required to move forward with the loanLending Club attempted to contact Mr*** by phone on 11/27/to explain the process and apologize for any confusion
Loans originated through the Lending Club platform are underwritten and made by WebBank, Salt Lake City, UT, member FDICLending Club delivered the adverse action letter to Mr*** on behalf of WebBank
Please be advised that an application for a loan through Lending Club's marketplace does not affect an applicant's credit score because it is not reported to credit bureaus as a hard credit inquiryMr*** is eligible to apply again for a loan through Lending Club's marketplace in the future
To comply with Mr***'s request, Lending Club
has removed all names associated with his address from our marketing listIf there are further questions regarding this matter, please have Mr*** contact Lending Club directly by email at ***@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat 6am-5pm PST
Initial Consumer Rebuttal /* (2000, 7, 2015/12/14) */
(The consumer indicated he/she ACCEPTED the response from the business.)

As a military veteran, I have often told my children that *** is the best company that they will ever do business with I must say that I am fortunate to do business with two great companies, because Lending Club is certainly a close second I applied for a personal loan of $35,with Lending Club on a Saturday night and the funds were in my bank account the next business day The online application was short and simpleI frankly was surprised how easy the process was I was able to quickly utilize the funds to pay off some high interest credit card debt Please know that the comparison to *** is somewhat unfair, since I have been a customer of that company for more than years across a broad range of financial products While my relationship with Lending Club is still in its infancy, it is clear that the quality of their systems and processes set the standard in this industry Thank you Lending Club!

Thank you for giving us the opportunity to respond to *** *** Revdex.com complaint.We are sorry that *** *** customer service experience did not meet his expectations.We were able to speak with *** *** via phone on 3/28/to address his concerns and thank him for his
feedbackWe hope to use his feedback to improve our serviceWe provided *** *** our contact information via phone; however, if would like to discuss Lending Club's application process further, please have him contact our Customer Advocacy department at *** ***, 6am to 5pm, Monday through Friday Pacific Standard Time

Complaint: ***I am rejecting this response because:we did not use there service for years, we only used it for daysthey ask me if I wanted the loan for years or less the less I used it the last the charges would be, it does not make sense to pay for one monththey need to make things right or I would like for this to be where everyone can see itto me they are taking advantage of the elderlyi never ever heard to have to pay and also interest every month on top of iti think their business should be shut downat least some of the money should be returnedSincerely,*** ***

Initial Business Response /* (1000, 5, 2014/11/19) */
Revdex.com Complaint Case # XXXXXXXX
Consumer: *** ***
Case Opened: 11/7/
Consumer Complaint:
Lending Club will not comply with her direct mail opt-out requests
Consumer's Desired Resolution:
Opt out of Lending Club's
direct mail and email marketing
Thank you for the opportunity to respond to Ms***'s Revdex.com complaint
The direct mail piece that was sent to Ms*** contains the Consumer Credit Reporting Industry Oand Opt-Out toll-free telephone numberThis telephone number is for consumers who want to stop receiving "prescreened" offers of credit from our company and other companiesAs Ms*** mentions in her Revdex.com complaint, she completed the steps to opt-out of "prescreened" offers of credit for five (5) years and was verbally informed during that telephone call that her request would take five (5) days to process
After the five (5) day processing time for an opt-out request through this toll-free telephone number, the administrator informs all consumer credit reporting agencies of the consumer's requestAt that point, the consumer will be excluded from future marketing lists sold to companies, including Lending Club, by the consumer credit reporting agenciesGenerally, it may take up to thirty (30) days before a consumer is completely excluded from future mail solicitations
Lending Club has taken the necessary steps to ensure Ms***'s request to opt-out of Lending Club mail solicitations is completed as soon as possibleWe apologize in advance if she receives any mail from us that may have been sent prior to the removal of her name and address from our marketing listAdditionally, records indicate we have one email address on file for Ms***That email address has been unsubscribed from Lending Club email solicitations
We thank you for the opportunity to respond to Ms***'s complaintPlease let us know if there are any further questions on this matterMs*** is welcome to contact Lending Club Member Support directly via email ***@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat6am-5pm PST

Initial Business Response /* (1000, 5, 2015/06/05) */
Thank you for giving Lending Club the opportunity to respond to Mr***'s Revdex.com (Revdex.com) complaintWe understand that Mr*** 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 applicationLending Club requested documents from Mr*** to verify his stated personal annual incomeAfter reviewing the documents he provided, Lending Club determined that the documents did not support and verify the personal annual income Mr*** stated on his application
Loans originated through the Lending Club platform are underwritten and made by WebBank, Salt Lake City, UT, member FDICLending Club provided an adverse action notification to Mr*** describing the credit decision on behalf of WebBankMr*** 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*** 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*** contact Lending Club directly by email at ***@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat 6am-5pm PST

Complaint: ***I am rejecting this response because:They keep saying the same thing over and over!!bottom line the terms of that agreement was for years not month!!!! what part of that don't they understandi fill most of the money of plus interest now should be refunded to us!! this is my bottom line! I hope that this very much affects their ratingsLike I said before they asked me if I wanted it for or years cause the rate would be different!!! IT WAS ONE MONTH AND STILL WOW!! ALL I HAVE TO SAY IS WHAT GOES AROUND COMES AROUND! There was not a year agreement!!!! GET IT
Sincerely,*** ***

Initial Business Response /* (1000, 5, 2015/09/14) */
Thank you for giving us the opportunity to respond to *** ***'s Revdex.com complaintWe understand Mr*** is disappointed, and we would like to clarify the review process
On 8/15/15, Mr*** applied for a loan
through the Lending Club platformAs part of the verification process, Lending Club may perform income, employment, or other verification to support the information stated on the applicationBecause the consumer listed his employment status as "unemployed," Lending Club requested income verification documents from Mr*** to corroborate his ability to repay the loan
After reviewing the documents submitted, Lending Club determined that they did not support the consumer's stated incomeLending Club emailed Mr*** to obtain clarification and additional documentationMr*** responded that he would not be able to submit the requested documentation because he would not begin his new job until SeptemberUnfortunately, for this reason, Lending Club was unable to proceed with his loan application
The specific reasons why Mr***'s loan application was declined are listed in an adverse action notice, which can be viewed by logging into his Lending Club Account Summary
Loans originated through Lending Club's marketplace are underwritten and made by WebBank, Salt Lake City, UT, member FDICThe Annual Percentage Rate (APR) on consumer loans available through Lending Club's marketplace ranges from 6.68% APR to 29.99% APRAt times, a *** may be selected to participate in promotional programs, which feature loan offers with an APR lower or higher than this advertised range of ratesThe APR includes the yearly interest rate and an origination fee
Under federal law, Lending Club marketplace interest rates are set upon the ability of WebBank, the primary issuing bank, to export the interest rates of its jurisdiction of incorporation (Utah) so as to provide for uniform rates to all borrowers in all states that have not opted outThis allows parties to agree by contract to any interest rateMr*** can read more about how Lending Club determines an applicant's rates on the Lending Club website
Lending Club is unable to reinstate Mr***'s loan applicationHowever, he is welcome to reapply for a loan through Lending Club in the future
If there are further questions regarding this matter, please have Mr*** contact Lending Club directly by email at ***@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat 6am-5pm PST

I had a 100% positive experience with The Lending ClubThey were professional, easy to work with and I had my loan within days.I'd recommend using The Lending Club

Initial Business Response /* (1000, 5, 2015/08/19) */
Thank you for giving us the opportunity to respond to *** ***'s Revdex.com complaint
On 7/11/15, Mr*** contacted Lending Club to delay his July monthly paymentUnfortunately, due to human error, Lending Club applied
the postponement request to his August payment insteadLending Club has apologized for this inconvenience and refunded the payment processed in error back to Mr*** six days after the notificationLending Club will reimburse Mr*** for any overdraft fees he has incurred as a result of this mistake pending receipt of a bank statement indicating the overdraft fees associated
Lending Club received Mr***'s payoff check on 8/5/2015, and no interest accrued on his loan after that dayOur refund policy is to send any overage paid on a loan payoff back to the payeeIf a borrower sends in a payoff check from a third party, Lending Club will submit a refund check to that third partyLending Club apologizes for the confusion regarding this policy and has expedited Mr***'s refund per his requestLending Club sent a refund check on 8/13/via overnight delivery to the third party listed as the payee
It is Lending Club's policy to report all account experiences to one or more of the major credit reporting agenciesOur records indicate Mr***'s loan is paid in full and all payments were received on-time or within grace periodTherefore, no negative information has been/will be furnished to credit reporting agencies regarding this account
To the extent that Mr*** has further questions, please have him contact Lending Club directly by email at ***@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat 6am-5pm PST

Initial Business Response /* (1000, 5, 2015/05/14) */
Thank you for giving Lending Club the opportunity to respond to *** ***'s Revdex.com complaint
Records indicate Ms*** applied online for a personal loan through the Lending Club marketplace on April 12,
At the time of Ms***'s loan request, Lending Club collected from Ms*** the required personal information needed to make a credit decisionFurthermore, Lending Club on behalf of WebBank, a Utah-chartered Industrial Bank, member FDIC, is required by federal law to obtain, verify, and record information that identifies each person who opens an account
Upon receipt of this Revdex.com consumer complaint, Lending Club's Fraud Department conducted an internal investigation of *** ***'s claimWe concluded that the circumstances of the event to which Ms*** has fallen victim are not a result of any actions by Lending Club, Lending Club employees, or Lending Club's affiliates
Lending Club is fully committed to complying with the privacy and data protection laws applicable to its operationLending Club's employee Standards of Conduct require all employees to maintain the confidentiality of sensitive nonpublic *** information to which they may be exposed during the course of their employmentViolation of this standard of employee conduct can lead to disciplinary action, up to and including terminationTo further protect Lending Club customers' personal information from unauthorized access and use, we use security measures that comply with federal lawThese measures include computer safeguards and secured files and buildings
In Ms***'s complaint, she stated that her credit card company found "the persons named on the account." If Ms*** has additional information regarding this matter, we ask that she contact us directly by email at ***@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat6am-5pm PSTWe will comply with reasonable requests from law enforcement, regulatory agencies and Ms*** or her designee regarding this matter