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When it comes to LendingClub, there are two very strong opinions: it’s either a scam or it’s legitimate. So which is it? In this LendingClub review, we’ll take an in-depth look at the company and try to answer that question. We’ll also explore what kind of personal loans LendingClub offers, how the process works, and what you need to know before you apply.
This company has been in business since 2007. They offer personal loans between $2000 and $40,000, and the process of applying for a loan is relatively simple. You can get pre-approved in minutes, and if you’re approved, you can have the money in your bank account within days.
Lending Club is being accused of duping its customers by increasing the interest rates after they’ve agreed to take out a loan. The Federal Trade Commission (FTC) filed this complaint against them on April 25th, 2018 for violations related to bait-and-switch tactics and false advertisement at least according to what was announced during an awards ceremony where one recipient got $1 million dollars as compensation!
If you are considering taking out a personal loan from LendingClub, be sure to read the FTC’s complaint carefully so that you are aware of all of the potential risks involved. You may also want to consult with an attorney before signing any paperwork. Remember, if it sounds too good to be true, it probably is!
If you have already taken out a personal loan from them and are experiencing problems, you may want to contact an attorney to discuss your options.
LendingClub Pros and Cons
LendingClub is a personal loan company that is currently luring customers in with low-interest rates and direct mailings. Although it may seem like a great deal, there are several pros and cons to consider before signing up.
First of all, the interest rates are not always as low as they seem. In fact, many borrowers have reported being scammed by the company’s misleading advertising. Secondly, the approval process can be quite lengthy and frustrating, especially if your credit score is not high enough.
Finally, the customer service is notoriously bad. In fact, the company has received negative reviews from both borrowers and investors alike. So before you decide to take out a loan with them, be sure to weigh the pros and cons carefully.
On April 25, 2018, the Federal Trade Commission (FTC) filed a complaint against LendingClub Corporation, dba LendingClub. The FTC’s complaint alleges that LendingClub engaged in unfair and deceptive practices by charging consumers illegal upfront fees and misrepresenting the benefits of personal loans.
The FTC’s complaint also includes allegations that LendingClub failed to disclose important information about its products, such as the annual percentage rate (APR) and the total cost of credit. As a result, many consumers were misled into believing that they were getting a good deal on their personal loans.
If you have taken out a personal loan from LendingClub in the past, it is important to review the FTC’s complaint to see if you are affected. You may be eligible for a refund if the FTC’s allegations are proven to be true.
How does LendingClub work?
LendingClub is a personal loan company that promises low-interest rates to lure customers in. However, many people have reported being scammed by this company, so be careful before you sign up for a loan through them. Make sure to do your research and compare interest rates from different lenders before making a decision.
If you’re thinking of taking out a personal loan, be sure to check out our list of the best personal loans. We’ve done the research for you and compiled a list of the best lenders with the lowest interest rates. You can find our list here: [Click Here].
Remember, it’s important to read the fine print before signing any agreement, and to always shop around for the best deal. Don’t let yourself be scammed – do your research and choose a reputable lender instead.
How much does LendingClub cost?
Based on consumer reviews, LendingClub has been accused of being a high-interest Ponzi scheme. They lure in borrowers with low-interest rates and then jack up the rates to astronomical levels as soon as the loans are funded. Borrowers can end up paying an annual percentage rate (APR) of more than 30%.
The best way to avoid being taken advantage of is to stay away from their loans altogether. There are plenty of other personal loan companies that offer competitive interest rates without all the hidden fees and traps.
Who Is LendingClub Affiliated With?
LendingClub is affiliated with a number of different companies, some of which are scams. Be sure to do your research before working with any company that LendingClub is affiliated with. Some of these companies include:
- Upstart Network
Be especially careful if you’re considering using one of these companies for a personal loan – they may be a scam, and you could end up losing your money. Always do your research before agreeing to work with any company.
LendingClub BBB Reviews
BBB has an ALERT FOR THIS BUSINESS! BBB reports on known government actions involving business.
Karina J. 03/25/2022
Horrible customer service I was denied the right to speak to a Manager by supervisor *** after she messed up my account and couldn’t explain why my account had accrued interest rate after she promised me something that she said she couldn’t deliver and was sorry my account is jacked up and nobody can explain why
Thomas H 03/14/2022
The staff is very rude and inconsiderate toward senior citizens and someone with limited computer skills.
Aileen S 03/02/2022
Phone customer support is incredibly rude and uninformed. The agent put me on hold without warning. Asked for my social and couldn’t find my information but was able to find it near immediately after I suggested using my email instead. Unprofessional, poorly trained, and business practice is not secure. Please get better agents to discuss account information with. Also, for security’s sake, stop asking for a client’s entire SSN on a recorded call.
Is LendingClub Legit or a Scam?
We’ve all seen the commercials for LendingClub – a personal loan company that promises to help you get out of debt or pay for something special. But is LendingClub legit? Or is it a scam?
Well, unfortunately, there are quite a few complaints about LendingClub online. People have claimed that the company charges hidden fees, doesn’t follow through on its promises, and is overall a scam.
So is LendingClub legit? Or is it a scam?
I don’t think it’s a scam but they do have a lot of complaints and that concerns me. I would do some serious due diligence on them before making a deal.
Unfortunately, at this point, it seems like LendingClub has so many bad reviews that it may pay to avoid them altogether. If you’re looking for personal loans, I would recommend checking out other options first. And if you’ve already been scammed by LendingClub, be sure to report them!
Well, unfortunately, there are quite a few complaints about LendingClub online. People have claimed that the company charges hidden fees, doesn’t follow through on its promises, and is overall a scam. So is LendingClub legit? Or is it a scam? Unfortunately, at this point, it seems like LendingClub may be more of a scam than anything else. If you’re looking for personal loans, I would recommend checking out other options first. And if you’ve already been scammed by LendingClub, be sure to report them!
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