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How trustworthy is Lending Club? Do they have a BBB rating? Have major media outlets covered them?

Asked by Gloria Shaw on Dec 5, 2012

1 Answers

Knoji   L1: Member   73,071 answers   +35 votes
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latoya lawrence provided an answer to this question in this review of Lending Club:

lendingclub.com is an online leader offering consumer lending requests and marketing resources. Their  BBB rating is A (On a scale of A+ to F). This rating can be found inBetter Business Bureau official site. This sitefeatured in newspapers like the New York Times, USA Today. Lending Club was recently recognized as one of the 20 "Breakthrough Ideas for 2009" by Harvard Business Review, has been nominated for "Top 100 Innovators" by The Industry Standard, is on the JMP Hot 100 list, and the Always On Global 250 Top Private Companies list. In addition Lending Club won the Webby Award in 2008 for the "Best Banking Website" while also obtaining nominations and honors in 2009, 2011.

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Lending Club Q&A Forum
Last answer by Knoji 18 months ago +0 votes:
latoya lawrence provided an answer to this question in this review of Lending Club:Lending Club is an online financial community that brings together creditworthy borrowers and savvy investors so that both can benefit financially. They claim to be the biggest negotiator in Peer-to-Peer lending.  Peer-to-Peer lending is an industry that matches people who have money with people who need to bor... more
Last answer by Knoji 18 months ago +0 votes:
latoya lawrence provided an answer to this question in this review of Lending Club:Lending Club opened in 2007 with one simple mission: create an alternative to banks that offers both borrowers and investors a great rate. The company was founded by Renaud Laplanche, a highly respected entrepreneur. Their board of directors and board of advisors include outstanding individuals who have reached the ... more
Last answer by Knoji 18 months ago +0 votes:
latoya lawrence provided an answer to this question in this review of Lending Club:Borrowers flock to Peer-to-Peer lending because they can borrow money cheaper than from other sources. For many, it’s a great way to solve debt problems. A typical situation is one that a person has a need to borrow money through Lending Club at (let’s say) 9% in order to pay off credit cards that are ch... more
Asked by Sam F in Lending Club1 answers
Last answer by Knoji 18 months ago +0 votes:
latoya lawrence provided an answer to this question in this review of Lending Club:lendingclub.com is an online leader offering consumer lending requests and marketing resources. Their  BBB rating is A (On a scale of A+ to F). This rating can be found inBetter Business Bureau official site. This sitefeatured in newspapers like the New York Times, USA Today. Lending Club was recently recognize... more
Last answer by Knoji 18 months ago +0 votes:
latoya lawrence provided an answer to this question in this review of Lending Club:Lendingclub.com is an online business company, so this company relies greatly on bringing traffic to its website to boost their sales. Upon checking its traffic statistics in Alexa, results show that in the past month, it is ranked as #17,887 globally, and #3,872  in the United States. Google Page Rank gave thi... more
Last answer by Knoji 18 months ago +0 votes:
latoya lawrence provided an answer to this question in this review of Lending Club:Lendingclub.com’s  official website is very informative and regularly updated. Lendingclub.com has a lively appearance in social media like Facebook, Google+, and Twitter etc. At the bottom of their website you will find links to their FaceBook, Twitter accounts, and links to promote their website on your... more
Last answer by Knoji 18 months ago +0 votes:
latoya lawrence provided an answer to this question in this review of Lending Club:Upon running a Google  diagnostic test on lendingclub.com’s official website, it is found that the site is not listed as suspicious nor has it exhibited malicious activity within the past 90 days. Suspicious content was never found on this site within the past 90 days. It is said to be safe for browsing. ... more
Last answer by Knoji 18 months ago +0 votes:
latoya lawrence provided an answer to this question in this review of Lending Club:Lending Club is a peer-to-peer (P2P) lending service. With Lending Club you can get a higher rate of return (over 9.6%) than many other traditional fixed income investments. Compared to other types of investments, you have some ability to manage risk. It’s similar in class to bonds, but is more like if you own... more
Last answer by Knoji 18 months ago +0 votes:
latoya lawrence provided an answer to this question in this review of Lending Club:Shipping is not aplicable to this website. more
Last answer by Knoji 18 months ago +0 votes:
latoya lawrence provided an answer to this question in this review of Lending Club:In lending club you can transfer money through credit card, they only accept VISA, MasterCard and American Express. PayPal is also accepted.This is a good thing because there are persons that do not use a credit card and they need access to a loan also and PayPal is basically the most used online banking system. more
Last answer by Knoji 18 months ago +0 votes:
latoya lawrence provided an answer to this question in this review of Lending Club:The website does not show if they do offer returns or refunds of any kind so its very hard to give an opinion of this. They are a very trustworthy company that takes their customers interest at heart so it would be safe to say if you do have an issue with their policies you can contact their customer service agents ... more
Last answer by Lindbergh Lendl Soriano 19 months ago +0 votes:
Lending Club does not have an app for Android, iPhone, iPad, or any other mobile devices. You could use your smartphone or tablet to browse the website of Lending Club but that proves to be very tedious since the website is not optimized for mobile viewing. If you want to get a loan, it would be much easier if you use a PC. more
Last answer by Teresa Conti 20 months ago +0 votes:
Lending Club issues loans in a number of states in the United States.  These loans are usually transfered by check or by direct deposit.  No proceeds from loans are sent internationally due to residence requirements of borrowers.  For investors, they must live in the states serviced by the club.  Therefore, shipping is not very common.  International shipping is also rare.... more
Last answer by Teresa Conti 20 months ago +0 votes:
Investors can transfer funds using ACH transfers, wire transfers, Paypal or by personal check to the company.  Checks take the longest to be available in your account. Debit cards can be used to set up payment through Paypal.   Those paying back loans must have a debit set up automatically with a bank account.  So, for these persons, debit cards or personal checks are not an option.... more
Last answer by Teresa Conti 20 months ago +0 votes:
Investor accounts can be closed at any time provided there is not an agreement to invest in a fund that needs to be completed.  A customer can simply contact member services.  A person with a loan needs to pay off the loan before the account can be closed.  The company does not cancel its loans after the initial review period or refund investments after this same review period. ... more
Last answer by Teresa Conti 20 months ago +0 votes:
No.  The Lending Club sets up regular deposits to your account with their company for investors.  Investors must meet minimum requirements set out by the company and their state of residence.  The company then arranges loans for those who are eligible.  The company pays interest to its investors based on the payback of these loans.  This is a peer to peer lending company. more
Last answer by Bobby Scott 22 months ago +0 votes:
Yes,  when you invest in Lending Club's loans, you are taking a risk. Whenever you invest your money in any venture, there is always a risk. If you invest $1,000 in one loan, and the customer defaults on that loan. You may not get your money back. Lending Club will have to start collecting activites against borrower. This is why Lending Club highly recommmend that investors diversify their lo... more
Last answer by Knoji 29 months ago +0 votes:
You can find the answer to this question in this review of Lending Club written by Ann Davey - an excerpt is posted below:Lending Club is one of the largest peer to peer lending sites in the U.S. The company assists lending activities between borrowers and lenders via its website. Peer to peer websites aim to eliminate the need of banks via their website by allowing lenders to make loans to borrow... more
Last answer by Knoji 29 months ago +0 votes:
The answer to question was posted in this review of Lending Club written by Ann Davey - an excerpt is posted below:Lendingclub sets interest rates for borrowers and lenders based on a credit grade. These range from A to G depending on risk and have different sub categories of interest rates within these bands. Those borrowers with an exemplary credit history can expect the best interest rates and ... more
Last answer by Knoji 29 months ago +0 votes:
The answer to question was posted in this review of Lending Club written by Ann Davey - an excerpt is posted below:Prosper.com is Lendingclub's biggest competitor and is the largest peer-to-peer lender in the U.S. In their favour Prosper enable customers with a lower credit score than Lendingclub (that of 640-660) to take out a loan through themselves. The Lendingclub will not approve loans for t... more
Last answer by Knoji 29 months ago +0 votes:
The answer to question was posted in this review of Lending Club written by Ann Davey - an excerpt is posted below:Initial investment amounts to all of the above companies, Lendingclub, Prosper and Kiva begin at $25. Lendingclub offer loans in the range of $1,000 to $35,000. Prosper offer loans of $1,000 to $25,000. Kiva's maximum loan is $2,000. Interest rates for Lendingclub will vary from 6.7... more
Lending Club Overview
Lending Club is an online financial community that brings together creditworthy borrowers and savvy investors so that both can benefit financially. They claim to be the biggest negotiator in Peer-to-Peer lending.  Peer-to-Peer lending is an industry that matches people who have money with people who need to borrow money.A complete list of their service and information cars can be found in their official website. more
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