LendingClub Corporation

Everything was great until I noticed my total amount was shortThe process for approval was easy, sent over documents, spoke to reps about my documents and got a nice email saying that everything was approvedStarted to watch for the funds to post and saw that it was short of what I requested, called my bank to verify amount sent and they weren't holding on apart of it, and nope they posted the amount sent
So call them and ask about it and they say it's their origination feeI asked where it's disclosed and they described screen shots from this article as I was looking into it myselfI told them that I didn't see it on here and sure don't recall seeing it in the processTo which the rep and his supervisor both admitted that they are working on making it more clearly seen during the processWaitYou're working on in??? Tells me, I'm not the first to call and it's enough of an issue that they all know what to say right away as you bring it up
I'll leave you with this, easy process to get what you need done and what would have been something I probably would of used for other loans in the future, now tarnished and won't be happeningJust note that your loan will be short 1-5% based on what they determine your credit worthiness and it's not easily seen in any of the emails, account summary, external sites that promote them and only found if you search for it

Thank you for giving us the opportunity to respond to *** *** ***’s Revdex.com complaintWe understand *** *** is disappointed, and we would like to clarify the pre-approval process
Loans originated through the Lending Club platform are underwritten and made by ***,
member ***Lending Club uses information provided by the 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 criteriaWe may also request additional information, such as income and employment status
Both sets of information are used to determine if an applicant qualifies for a 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-screening
Lending Club delivered an adverse action letter to *** *** on behalf of *** on 5/21/The specific reasons why *** ***’s loan application was declined are provided in the adverse action notice, which can be viewed by logging into his Account SummaryLending Club has other lending partners that may be able to help applicants meet their financial goalsThey may receive an email from another lending partner inviting them to apply for a 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. *** *** is eligible to apply again for a loan via Lending Club in the future
We thank you again for the opportunity to respond to this complaint brought to your attention by *** ***To the extent that *** *** has further questions, please have him contact Lending Club directly by email at *** or phone at ***, Mon-Fri 6am-5pm PST and Sat 8am-5pm PST

Initial Business Response /* (1000, 5, 2015/09/28) */
Thank you for giving us the opportunity to respond to *** ***'s Revdex.com complaintWe understand that she was disappointed with her loan offers and concerned about account closure, so we'd like to explain
In
general our customers tell us that they're saving money with Lending Club versus their other options, but there are circumstances where that may not be the caseRates on loans through Lending Club range from 5.99% to 32.99% Annual Percentage Rate (APR) and are set for each individual *** based upon the experience of facilitating billions of dollars in consumer loans through the Lending Club platformAt times, customers may be selected to participate in promotional programs, which feature loan offers with an APR lower or higher than this advertised range of rates
Lending Club records indicate Ms*** has no active application or loan through Lending ClubTo comply with Ms***'s request, Lending Club has removed her name, address, and email from our marketing listTo the extent that Ms*** has previous applications or loans, Lending Club is required to keep records in accordance with the requirements of both federal and state lawWe are unable to remove such information from our records database until such time that the required record retention period expiresThis information can be viewed in our Privacy Policy which can found here: https://www.lendingclub.com/public/privacy-policy.action
To 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

Hi, I had filed a complaint about a loan I was trying to getAfter or calls to your company stating that I would need to pay extra ridiculous charges to receive this loan (I did pay these charges) and still no loan I wrote to file a complaintAnd to my surprise I found out I was scammed You did send me information where to file a complaint but I deleted it accidentally Since then I have received more emails from this company and I would like to know if you could resend this info to meI have phone numbers and email addresses and hopefully I can get some help in getting back my money These people stated and represented your company, your nameIf you can help me stop these scammers and hopefully help other people please send me the info I need Thanks again
*** *** *** ***
*** *** * ***

Initial Business Response /* (1000, 5, 2015/06/17) */
Thank you for giving us the opportunity to respond to *** ***'s Revdex.com complaintUnfortunately, Lending Club's marketplace was unable to offer Mr*** a loan at this timeWe understand he was 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 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 to determine if an applicant qualifies for a loan offer at that timeAdditionally, Lending Club may request documentation to verify the information stated on the applicationIf the documentation is not submitted or doesn't match the information provided on the application, the application can be denied
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 WebBankHe 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 inquiryMr*** is eligible to apply again for a loan via Lending Club in the future
To ensure Mr*** and his wife do not receive any future unwanted contact from Lending Club, we removed their contact information from our email and direct mail marketing listsIf 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

Thank you for giving Lending Club the opportunity to respond to *** ***’s Revdex.com (Revdex.com) complaint.
Prior to acceptance of a loan offer, the applicant is presented with an estimated Truth in Lending (TIL) disclosure that provides terms of the loan including the loan duration
(or months), APR, any finance charges (including the origination fee), amount financed, and the total number of payments. Lending Club records show that *** *** selected a month offer and accepted the terms of her TIL disclosure on 4/20/
Lending Club 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 ***, member FDIC. Loans through our marketplace are subject to a one-time origination fee. Origination fees currently range between 1% and 6% of the loan amount, depending on the borrower’s loan grade (credit rating). The origination fee is deducted from the loan when it is issued, so the funds received are less than the full amount of the requested loan.
As of 5/24/17, Lending Club records show that *** *** paid her loan in full
We thank you again for the opportunity to respond to this complaint brought to your attention by *** ***. To the extent that *** *** has any further questions, please have her contact Lending Club directly by email at *** or phone *** Mon-Fri 6am-5pm PST

Initial Business Response /* (1000, 5, 2015/01/19) */
Thank you for giving Lending Club the opportunity to respond to *** ***'s Revdex.com complaint
Mr*** applied for a loan with us in October As part of reviewing a loan application, Lending Club
requests documentation in order to verify the information stated on the applicationLending Club received documentation from Mr***; however, the documentation was incomplete and more information was neededEmails were sent to Mr*** clarifying what was neededMr*** contacted Lending Club on 10/27/requesting his application be withdrawn, and Lending Club complied with his request
Mr*** has applied for a loan twice since his October applicationMr*** stated that when he applied for a new loan, he received a higher interest rateBecause time had passed *** the previous application, Lending Club requests updated information from the credit bureausAny changes in recent credit activity could have an effect on the rates or approval of a new applicationAdditionally, Mr*** questions our origination feeAs a marketplace, Lending Club generates revenue from fees, including origination fees, from our platform's role in matching borrowers with investors to facilitate loan originationsBorrowers pay a one-time origination fee that ranges from 1.11% to 5.00% of the loan amount, depending on the loan grade (A-G) and termAll of our rates and fees are clearly disclosed on our website at: https://www.lendingclub.com/public/borrower-rates-and-fees.action
Finally, Mr*** was concerned that an applicant can only apply once per email addressLending Club uses an email address as a unique identifier for each borrowerCurrently, there are restrictions on the number of loan applications permitted per email address
Please let us know if there are any further questions on this matterMr*** is welcome to contact Lending Club Member Support directly via email ***@lendingclub.com or phone XXX-XXX-XXXX Monday-Saturday 6am to 5pm PST
Initial Consumer Rebuttal /* (3000, 7, 2015/01/26) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Every time I submitted information that was asked for from Lending Club, Their response was that they needed more as the information provided was not adequate enough...this happened a few times so I became impatient with them in searching for these documentsI do not get a bank statement from my bank since it is done mostly onlineMy paychecks are direct deposited and the stubs I get do not have the business I work for on themI provided them all the info they wanted and they kept asking for more bank statements...they asked for a month I believe, but I provided several months and they were never satisfied no mater how much I providedSo I had no choice but to withdraw my application...and when I reapplied my credit had gotten worse and the interest rate was much higherI just want the original interest rate I was offered but couldn't get...does anyone ever get these loans? or just people with great credit scores?

Initial Business Response /* (1000, 6, 2014/06/05) */
Revdex.com Complaint Activity Report Case XXXXXXXX
Borrower Name: *** ***
Case Opened: 5/21/
Consumer Complaint:
Consumer claims Lending Club gave him the run around and provided poor customer service
Consumer's Desired
Resolution:
Re-instate previous loan application
Thank you for giving Lending Club the opportunity to respond to *** ***' Revdex.com complaint
The main issue brought up by Mr*** is that he received poor *** during the loan application process
Mr*** submitted his first loan application on 5/19/Based on information that Mr*** provided on the application, Lending Club requested certain documents to verify his stated incomeAs Mr*** mentioned in his Revdex.com complaint, he recently began a new jobDuring the course of conversation with a Lending Club representative, it was determined that additional documents were needed to complete the income verification reviewTo verify the income that Mr*** earns at his new job, Lending Club requested a copy of the offer letter he received from his new employer and his first pay stubMr*** informed us that his first pay stub would not be available until the end of May Thus, Mr***' application was put on hold by the Credit Review TeamUnfortunately, the application was inadvertently declined in errorThis was a mistake on Lending Club's part and we are sorry for any inconvenience this may have caused Mr***
When Mr*** realized that his application had been declined and removed, he contacted Lending Club and was advised that his case would be researched and that a representative would follow up with himA dedicated customer advocate contacted Mr*** to apologize for the error and assisted him with another applicationMr*** submitted his new application on 5/22/The customer advocate representative has been working directly with Mr*** to expedite and facilitate the review of his second application
Mr*** submitted the required documentation on 5/30/and Lending Club verified his income and approved his application the same day
Please let us know if there are any further questions on this matterMr*** 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, 2014/10/15) */
Revdex.com Complaint Activity Report Case XXXXXXXX
Case Opened: 10/1/
Thank you for giving Lending Club the opportunity to respond to *** ***'s Revdex.com complaint
Ms*** claims that Lending Club conducted an
unauthorized bank transaction
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 accountAll borrowers who submit a loan application must authorize this transactionIn addition, Lending Club is not responsible for any bank overdraft fees that may occur because of this transaction
Our records indicate that Ms*** does not have an account with Lending ClubFor privacy concerns, we are unable to release information regarding another individual's accountFurther, when a consumer applies for a loan with Lending Club they must agree to the Borrower Membership Agreement which states that the consumer is not authorized or permitted to use the Lending Club website to obtain, or attempt to obtain, a loan for someone other than the consumerThe consumer must also be the owner of the deposit account designated for electronic transfers of funds and have authority to direct that loan payments be made to Lending Club from such account
If Ms*** has any further questions on the matter, she is welcome to contact Lending Club Member Support directly via email ***@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat6am-5pm PSTIf Ms*** has questions regarding a specific account with Lending Club, the authorized person on the account will need to contact Lending Club using the same contact information

Thank you for giving us the opportunity to respond to *** *** Revdex.com complaintWe understand *** *** is disappointed, and we would like to clarify the pre-approval processLending 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 offersLoans through Lending Club have origination fees currently ranging from 1.11% to 6% of the loan amount, depending on a borrower's loan grade (credit rating)To read more about how Lending Club sets rates and fees, *** *** can refer here: ***As part of the application process, Lending Club may also perform income verification to validate the income stated on the loan applicationLending Club requests documents from the applicant to verify their stated annual incomeAfter reviewing the documents provided, Lending Club determined that the documents and information provided did not support and verify the personal annual income stated on *** *** application.The specific reasons why a loan application is declined are provided in an adverse action notice*** *** can view his adverse action notice by logging into his Lending Club Account SummaryPlease 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.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 *** *** on behalf of WebBank.If there are further questions regarding this matter, please have *** *** contact Lending Club directly by email at *** ** *** ** *** Mon-Sat 6am-5pm PST

Applied to Lending Club for a Personal Loan I followed all the necessary stepsAfter I submitted my documents, I called to verify that they were receivedI was told that I was all set They advertise that a response will be given within business days, maybe sooner I waited longer and contacted them again, only to have customer support say that everything was looking goodThen I get denied for a fax that looked "shaky"Seriously? I asked to speak to a Supervisor and just got a "run around " from her She said my name was not on my SS info So, why not contact me, don't deny me! We were going to apply again in my husband's name, but after careful consideration, don't want to do business with a company that has sloppy business proceedures and poor customer service!!!

Thank you for giving LendingClub the opportunity to respond to *** *** Revdex.com (Revdex.com) complaint
LendingClub spoke with Mr*** on 3/29/about his complaintAs resolution, LendingClub expensed one monthly payment and other fees in the amount of $on 3/29/The
account is now current and future payments will be applied toward the monthly paymentWe apologize for any inconvenience this situation may have caused
We thank you again for the opportunity to respond to this complaint brought to your attention by Mr***If Mr*** has further questions, please have him contact LendingClub directly by email at *** or by phone at *** Monday-Friday 8a.mto 5p.mPacific Time

it sucks took them week just to review my application

Thank you for giving Lending Club the opportunity to follow up on *** *** *** *** *** *** ***
The amount of the origination fee was disclosed to *** *** when she began her application over the phone on 10/21/She further acknowledged and agreed to this electronically when she accepted her Truth in Lending disclosureThe Truth in Lending (TIL) disclosure provides important terms of the loan including the APR, finance charge, and the one-time origination fee
On 11/3/*** *** spoke with a Lending Club representative who offered to cancel her loan; she declined the offer and advised she would keep the loan
We thank you again for the opportunity to respond to this complaint brought to your attention by *** ***To the extent that *** *** has any further questions, please have her contact Lending Club directly by email at *** or phone *** Mon-Fri 6am-5pm PST

Initial Business Response /* (1000, 5, 2015/06/17) */
Thank you for giving us the opportunity to respond to *** ***'s Revdex.com complaintUnfortunately, Lending Club's marketplace was unable to offer Mr*** a loan at this timeWe understand he was 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 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 to determine if an applicant qualifies for a loan offer at that timeAdditionally, Lending Club may request documentation to verify the information stated on the applicationIf the documentation is not submitted or doesn't match the information provided on the application, the application can be denied
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 WebBankHe 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 inquiryMr*** is eligible to apply again for a loan via Lending Club in the future
To ensure Mr*** and his wife do not receive any future unwanted contact from Lending Club, we removed their contact information from our email and direct mail marketing listsIf 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 Business Response /* (1000, 5, 2016/02/04) */
Thank you for giving Lending Club the opportunity to respond to *** ***'s Revdex.com (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")Under these same rules, Firm Offers must include instructions for how the consumer may opt-out of receiving future offersLending Club direct mail solicitations include a toll-free telephone number, as well as addresses for each of the three major national credit reporting agencies, which consumers can call to opt-out of all Firm OffersAdditionally, the solicitation includes a mailing address and email for consumers to specifically opt-out of communications from Lending Club
To comply with Mr***'s request, Lending Club has removed his name and mailing address from its marketing lists on 1/26/Mr*** should allow three to five weeks to stop receiving marketing material from Lending ClubWe apologize for any inconvenience this may cause
If he has any further questions or concerns, please have Mr*** contact Lending Club directly by email at ***@lendingclub.com or phone XXX-XXX-XXXX Mon- Sat6am - 5pm PST
Initial Consumer Rebuttal /* (2000, 7, 2016/02/08) */
(The consumer indicated he/she ACCEPTED the response from the business.)
Sufficiently removes me from contact lists, despite underhandedly passive *** tone from business

Initial Business Response /* (1000, 5, 2014/05/09) */
Thank you for giving Lending Club the opportunity to respond to *** ***'s Revdex.com complaint and to clarify the application process
Lending Club has strong identity verification and authentication mechanisms to
ensure that an application is valid and to avoid the risk of identity theftOur 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 knowDuring the application process, Lending Club was unable to authenticate certain needed information from Mr***, such as, place of employmentThe 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
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
We do apologize for the curt manner of our representative, and appreciate Mr***'s feedbackLending Club strives to always treat our members as courteously as possible
We welcome Mr*** to contact Lending Club Member Support directly via email ***@lendingclub.com, or phone XXX-XXX-XXXX Mon-Sat6am-5pm Pacific Standard Time if he has any additional questions or concerns
Regards,
Lending Club Member Support
Initial Consumer Rebuttal /* (3000, 8, 2014/05/14) */
(The consumer indicated he/she DID NOT accept the response from the business.)
I appreciate the response and the acknowledgement of the representatives curt mannerHowever, Lending Club is still missing the main point here- I have an existing loan that has been paid perfectly for years and all of my information is the same, including the employerSo, you are telling me you verified my employment the first time but could not verify the second time? Listen to the call Lending Club I verified all the information, you stretch the truth and all your representative was interest in doing was to bully and humiliate me
Final Business Response /* (4000, 10, 2014/05/27) */
Thank you for giving Lending Club the opportunity to reply to *** ***'s response
As part of our procedures, Lending Club follows a verification process to validate a borrower's identity, annual income stated, and employmentIn this case, the loan application was removed because we were not able to verify the applicant's employment statusDuring our authentication process, our review team used the employer's number stated by the applicantOur records indicate that we made contact with an operator as well as an individual in the Human Resource department at the number stated on the application; neither could verify Mr***'s employment status
In addition, the loan application process does not affect Mr***'s credit score, because the action is not reported to credit bureaus as a hard credit inquiry
If Mr*** believes that there is a discrepancy, we welcome him to reapply on the Lending Club application process

Thank you for giving us the opportunity to respond to *** ***’s Revdex.com complaint
We appreciate the circumstances of *** ***’s financial situationWhen *** *** contacted Lending Club, we offered payments options within our guidelines; however, we are unable to provide loan
payment modificationsLending Club allows borrowers to permanently move their payment due date, and borrowers may also make their monthly payment anytime within days of the payment due date without incurring a late feeLending Club does not have the capacity to modify the terms of a borrower’s loan
*** ***’s loans are currently being handled by *** ***, a professional collection agencyWe can help her re-establish her relationship and monthly payments directly with Lending Club after she brings her Lending Club loans current
Lending Club strives to provide the very best service to all of our customersWe’re sorry we didn’t meet *** ***’s expectations and appreciate her feedbackWe’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 *** *** If she has additional questions, please have her contact our Payment Solutions department directly by email at *** or by phone at *** Mon-Fri 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

Thank you for giving Lending Club the opportunity to follow up on *** ***’s Revdex.com (Revdex.com) complaint When borrowers notify us that they may be a victim of identity theft, Lending Club conducts a thorough investigationA fraud claim was opened on *** ***’s behalf on 3/23/2017, and Lending Club conducted a reasonable investigationThe fraud claim was suspended on 4/28/and reopened upon receipt of this complaintThe investigation is currently ongoing. We thank you again for the opportunity to respond to this complaint brought to your attention by *** ***If *** *** has any further information to assist us in pursuing the investigation please contact Lending Club at ***To the extent that she has any further questions about this complaint, please contact Lending Club directly by email at *** or phone *** Mon-Fri 6am-5pm PST