Lending Club Complaints: 6 Problems Borrowers Face. Lending Club is a peer to peer lending company that offers great loans with low interest rates. The loans are funded by people all over the country.

In this way, Lending Club does a great job at connecting people who need a loan to people who have extra money to lend. However, not everybody has a good experience. There are a few problems that borrowers face year after year. Loans up to $4. 0,0. Lending Club. Note: I took a loan out with Lending Club myself, and wrote about the experience in my review of Lending Club loan post. Six Complaints Borrowers Have When Applying for a Loan. Today we will explore six problems that borrowers can have at Lending Club.

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If we are aware of these risks, our process of getting a loan can be much smoother. Complaint #1: Some loan applications are denied. One of the main complaints borrowers have with Lending Club is getting approved for a loan. Lending Club’s application process can be quite strict. Not only do they prefer a good salary and job, but your credit score has to be 6. Solution: A different company called Prosper is an option.

Similar to Lending Club, Prosper allows peer to peer loans. Many people have been approved for a loan through them although they were already denied at Lending Club. You can read about the difference between Lending Club and Prosper here, but they basically offer the same loan service. Check your rate @ Prosper (won’t hurt your credit score)Complaint #2: Interest rates can be really high. Sometimes when people get a loan at Lending Club, they realize their interest rates are somewhat high. This is important to discuss. Watch Don Jon Online Freeform. Say you need a loan for $1.

You would pay $1,1. However, if your interest rate had a higher rate like 1. A good interest rate can save you thousands of dollars! Solution: here are four ways you can lower your interest rate: Improve your credit score: go to Annual. Credit. Report. com and make sure your report is free from errors. Only apply for as much as you need: people who apply for the maximum loan amount typically pay the very highest in loan payments. Take out a 3. 6- month (3 year) loan: many people want a 6.

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Do not shop around for credit: each time you apply for credit your score goes down. Complaint #3: Loan payments can be expensive. Some borrowers have a difficult time paying off Lending Club loans because they cannot afford the payments. Many of these loans are for amounts as high as $4. Obviously many of us cannot afford such a high loan payment.

Solution: Only borrow as much as you need. Only borrow the minimum amount. The more you borrow, the higher your loan payments will be.

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If you need $1. 0,0. Take out the exact amount you need and you will be more able to make your monthly payments. Complaint #4: Lending Club calls too much.

Often a borrower will miss a payment. When this happens, Lending Club notifies them about it, usually over email or with a telephone call. If they do not make a payment, Lending Club will send the loan into collections. At this point, people will be assigned to contact the borrower and remind them of their payments. As a result, borrowers can sometimes get annoyed by the emails and phone calls they receive. Solution: Make your payments on time.

If a payment fails, make sure you fix things. The longer you wait the more likely your account will go into collections, which will involve even more phone calls than before. If you are unable to make payments, set up a payment plan with Lending Club so that you can get back on track. Complaint #5: Loans are unavailable in my state. The following states do not allow loans through Lending Club: Iowa and West Virginia. If you live in one of these states, it can be frustrating that you cannot get a loan. Ghost Month Online Putlocker more. Solution: If you live in West Virginia then apply for a loan through.

Prosper. Unfortunately, if you live in Iowa, neither company can offer you a loan. Complaint #6: Is Lending Club a scam? Is it safe? Finally, one of the main questions people have with Lending Club is whether or not they are a legit company.

Is Lending Club a scam or not? How can you be sure? Solution: Read my article 6 Ways Lending Club is Legit and Safe.

Basically, Lending Club has hundreds of stories in the press (New York Times, Wall Street Journal, etc) that say how good of a company they are. They have a solid rating from the Better Business Beauru (BBB) as well as many security features to their site. Watch Species Online Species Full Movie Online on this page. Conclusion: Lending Club is a Great Option. While some people who get a loan through Lending Club have problems, most borrowers have no complaints. Most borrowers from Lending Club are satisfied with the lower payments that Lending Club offers, especially compared to their credit cards. If we follow some basic rules, Lending Club can be a great way to get a loan. For a quick low- rate loan, Lending Club is one of the best options nationwide.

You can easily find your rate and apply at no risk of it affecting your credit score.[image credit: Fut. Und. Beidl “Arrows Showing Up“/ Moyan Brenn “Phone“CC- BY 2.