LendingClub Review: Is LendingClub a Scam or Legit?

LendingClub Review: Is LendingClub a Scam or Legit?
loan club

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When it comes to loan club, there are two very strong opinions: either it’s a scam or it’s legit. So which one is it? In this LendingClub review, we’ll take an in-depth look at the company and attempt to answer that question. We’ll also explore the type of personal loans LendingClub offers, how the process works, and what you need to know before applying.

This company has been in business since 2007. It offers personal loans between $2,000 and $40,000, and the loan application process 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 accused of duping its customers by raising interest rates after they agreed to take out a loan. The Federal Trade Commission (FTC) filed this complaint against them on April 25, 2018 for violations related to bait-and-switch tactics and false advertising, at least according to what was announced during a ceremony of award show where a recipient received $1 million in compensation. !

If you are considering taking out a personal loan from LendingClub, be sure to read the FTC complaint carefully so that you are aware of all the potential risks involved. You can also consult a lawyer before signing any documents. Remember, if it sounds too good to be true, it probably is!

If you have taken out a personal loan with them before and are having trouble, you can contact a lawyer to discuss your options.

LendingClub Review: Is LendingClub a Scam or Legit?  1
LendingClub Review: Is LendingClub a Scam or Legit?  2

Advantages and disadvantages of LendingClub

LendingClub is a personal loan company currently attracting customers with low interest rates and direct mail. While that may seem like a lot, there are several pros and cons to consider before signing up.

First of all, interest rates are not always as low as they seem. In fact, many borrowers have reported being scammed by the company’s misleading advertising. Second, the approval process can be quite long 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 borrowers and investors. So before you decide to take out a loan with them, make sure you weigh the pros and cons carefully.

Continuation of LendingClub

On April 25, 2018, the The Federal Trade Commission (FTC) has filed a lawsuit 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 annual percentage rate (APR) and total cost of credit. As a result, many consumers have been misled into thinking they are getting a good deal on their personal loans.

If you’ve taken out a personal loan from LendingClub in the past, it’s important to review the FTC’s complaint to see if you’re affected. You may be eligible for a refund if the FTC claims prove true.

How does LendingClub work?

loan club is a personal loan company that promises low interest rates to attract customers. However, many people have reported being scammed by this company, so be careful before taking out a loan through them. Be sure to do your research and compare interest rates from different lenders before making a decision.

If you are considering 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 an agreement and always look for the best deal. Don’t get ripped off – do your research and choose a reputable lender instead.

How much does LendingClub cost?

LendingClub is a high interest Ponzi scheme. They entice borrowers with low interest rates, then raise rates to astronomical levels as soon as the loans are funded. Borrowers can end up paying an annual percentage rate (APR) of over 30%.

The best way to avoid being taken advantage of is to stay clear of their loans completely. There are many other personal loan companies that offer competitive interest rates without all the hidden fees and pitfalls.

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:

  • Quick Quid
  • wonga
  • To lend
  • Arrived 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 a company.

Reviews on LendingClub BBB

BBB has an ALERT FOR THIS BUSINESS! BBB reports on known government actions involving companies.

Karina J. 03/25/2022

Horrible customer service Supervisor *** denied me the right to speak to a *** manager after she messed up my account and couldn’t explain why my account had accrued interest after she promised me something she said she couldn’t deliver and I’m sorry my account is locked and no one can explain why

Thomas H 03/14/2022

The staff is very rude and inconsiderate to older people and people with limited computer skills.

Aileen S 02/03/2022

Phone customer support is incredibly rude and uninformed. The agent put me on hold without warning. I asked for my social network and couldn’t find my information, but was able to find it immediately after suggesting to use my email instead. Unprofessional, poorly trained and insecure business practice. Please find better agents to discuss account information with. Also, for security reasons, stop asking for a customer’s full SSN during a recorded call.

Is LendingClub legit or a scam?

We’ve all seen the ads 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 deliver what it promises, and is basically a scam.

So, is LendingClub legit? Or is it a scam?

Unfortunately, at this point, it seems that loan club may be more of a scam than anything else. If you are looking for personal loans, I recommend checking out the other options first. And if you’ve ever been scammed by LendingClub, be sure to report them!

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Lending Club Review

Lending Club Review

Well, unfortunately, there are quite a few complaints about LendingClub online. People have claimed that the company charges hidden fees, doesn’t deliver what it promises, and is basically a scam. So, is LendingClub legit? Or is it a scam? Unfortunately, at this point, it looks like LendingClub is more of a scam than anything else. If you are looking for personal loans, I recommend checking out other options first. And if you’ve ever been scammed by LendingClub, be sure to report them!

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