Lending Club is the peer to peer company which offers loans at lower interest rates. Our main motto is to benefit our customer in every possible way. Lending Club is doing to bridge between the people who need the money and the people who have extra money that could be lent. As much as some have a good experience with it, some don’t. But we are here to provide guidance in every track to our valuable customer.
Six Common Lending Club Complaints:
- Denial of Some Loan Applications
One of the major issues that a user faces is the denial of their application for a loan. Lending Club follows a strict policy regarding Loan lendings. A good salary is preferred but in addition to it a store credit upto 600 is also required.
Another company known as “Prosper” could be used. Many of the people have gotten their loan by Prosper, while Lending Club has denied them. Differences between Lending Club and Prosper could be read by they are one and the same.
- High Interest Rates
People after taking a loan often get worried about the interest rates that they would have to pay. Well to be fair, it is something to be worried about . On a 3 year loan of $10,000 , a great interest of 7% i.e $1,150 is to be paid in addition. It could be$2,300 too if the rate is about 14%. But there are ways to reduce the interest rate too as mentioned
- Improve your credit store
Visit onto AnnualCreditReport.com and see for the report errors.
- Apply for as much as you need only:
People usually apply for money more than what the actual amount is needed and thus have to bear the consequences of higher interest rate.
- Take out a 3 year loan:
Do not take a 5 year loan since interest is higher on it.
- Do not shop for credit:
Each time you do it, your score goes down.
- Loan Payments Can Be Expensive
Many times users are unable to afford the payback. This is because these loans are for amounts as high as $40,000, with payments of around $1000 per month.
So borrow only as much as you need. The more you borrow, the higher your loan payments will be.
- Lending Club Calls Too Much
When the due date is crossed, the Lending Club notifies the customer by calling them. The reminder goes on until the payment is made which may annoy the customer. So the customer should make payments on time to avoid the calls.
- Loans Are Unavailable In My State
Lowa and West Virginia lack the loaning benefits. So West Virginia can get it via Propser but Lowa can not.
- Is Lending Club Safe Or A Scam ?
This is a forever favorite question. But if you look into press stories you will be assured that it is a good company.