Lending Club Complaints – Problems Faced by Borrowers

If any of you is looking for the low-rate quick loan, then Lending Club is the best option available for you. Lending Club is one of the famous peer-to-peer lending companies in the United States. It offers borrowers quick loans at comparatively low-interest rates. We`ll talk about Lending Club Complaints and problems faced by borrowers when applying for a loan in this article.

Problems Faced by Lending  Club Borrowers

Problems faced by borrowers when applying for a loan are discussed here. By reviewing these Lending Club complaints, you can apply and get a low-rate loan from Lending Club without facing any problem.

  1. High-Interest Rates

When applying for a loan through Lending Club, the interest rate for some borrowers can be really high. If you are applying for $10,000, then you will have to pay an interest rate of 7%. But this can be high for some people up to 14%. Users can lower their interest rate through various ways. So people can save thousands of dollars through given below ways:

  • Better credit score can result in lower interest rate.
  • High amount of loan can result in higher interest rate. So try to apply for least amount that you need.
  • Try to get a loan only for 3 years rather than 5.
  1. Large Number of Applications are Rejected

Other considerable complaint made by borrowers, when applying for a loan is that a large number of applications are rejected. So in order to get approved for a loan by Lending Club, the borrower must have a good job with decent salary. Also, they should have interest rate more than 660.

  1. Unavailability of Loans in few States

Lending Club offers loans in all states of America, except Iowa and West Virginia. So if you`re living in these two states, then it can be difficult for you get approved for a loan by Lending Club. This complaint is usually made by borrowers from these two states when applying for a loan.

  1. Is Lending Club Safe?

Is Lending Club scam? This is the frequently asked question by the borrowers while applying for a loan. Lending Club is the legit and safe place to get a loan. Lending Club offers great interest rate to its borrowers and also it has a solid track record. So Lending Club is a trusted way to get a loan at a lower interest rate.

Conclusion

Lending Club Complaints and major problems faced by borrowers are mentioned above. By closely reviewing all Lending Club complaints, it is clear that Lending Club is a great option to get a loan at a lower interest rate.

For More Information:

If you are facing any other problem, when applying for Lending Club, then don’t worry. You can visit www.lendingclub.com for more information and also contact Customer Service Representative at 888-596-3157.

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