LendingClub Reviews Read Customer Service Reviews of lendingclub com

First Tech offers a range of unsecured and secured personal loan amounts to members and employees of big tech companies. Earnest is a loan servicer known primarily for its student loans. Earnest has partnered with Fiona, a lender matching platform, to help borrowers find, compare and choose from qualifying lenders. LendingClub’s application process can be completed online from start to finish.

The bank may allow some types of transactions to force post to your account (recurring subscription services, for example) but in that event, it will not charge a fee. A free ATM card is available with this account, which not all banks offer for savings. If a borrower misses a single payment, and they don’t cover the payment within 15 days of its due date, then they will need to pay a fee. This amounts to the greater of 5% of the amount due, or $15.

  1. However, it’s always important to consider any legal actions filed against a bank prior to opening an account.
  2. Co-signers, on the other hand, are not an option when borrowing through LendingClub.
  3. The lending process was fairly quick and I did everything online.

LendingClub Corporation has a 4.43 star and B+ BBB rating. Similarly, LendingClub’s positive reviews on Trustpilot have earned the lender a 4.8-star rating. Satisfied customers generally report that the application process is easy and funds were received quickly. Others are pleased with the quality of customer service as well as the ease with which LendingClub loans let them consolidate credit cards and other debt.

Options will include up to two different loan terms and estimates for interest rates, monthly payment and total interest amount. Forbes Advisor rates banks based on various factors, including their fees, interest rates and ATM networks, among other characteristics. We assign separate ratings to financial institutions and their individual products, such as checking accounts, savings accounts and certificates of deposit (CDs). We rate banks based on a scale of one to five stars, with one star as the poorest rating and five stars as the best. During the calendar year 2019, the CFPB received 84 complaints under the “installment loans” (another name for personal loans) category.

What Are the Alternatives to LendingClub?

We’ll discuss everything you need to know as both an investor and a borrow, such as how the platform works, what its fees are like, and how it compares to a traditional lender. The process was simple to navigate and the application was completed with ease. The time from submittal to funding of the loan was very acceptable. Customer service representatives are available Monday to Friday from 5 a.m. There’s no option to contact customer service by email.

You should have at least fair credit to stand much chance of getting approved. xcritical’s rates tend to be lower than LendingClub’s, and xcritical doesn’t charge any fees while xcritical rezension LendingClub charges origination and late fees. xcritical’s minimum loan amount is higher than LendingClub’s, though, so it’s not an ideal option for smaller expenses.

My Go-To for Short Term Loans

At the other end of the spectrum, xcritical is suitable for those looking to earn regular, passive income flows. You’ll have the option of choosing interest yields that best suits your risk appetite, and payments are made on a monthly basis. Moreover, if liquidity levels are sufficient, then you’ll also be able to sell your loan investments early on the secondary marketplace. In summary, the xcritical has grown by leaps and bounds since its inception in 2006. Not only is the company publicly listed, but they’ve now facilitated more than $44 billion in loans, across 2.5 million customers. From the perspective of the borrower, the platform can be a great alternative to conventional financing sources.

Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Still, some LendingClub borrowers report that available APRs are high, even for well-qualified applicants.

Customer Support

Loan terms vary among lenders, and it’s important to note the differences to find the best loan for you. We’ve highlighted some of the most important information about LendingClub’s personal loans. I learned what LendingClub had to offer via an advertisement on xcritical. The over the phone application process was smooth and didn’t take long.

The company engaged in its respective initial public offering (IPO) in 2014, subsequently raising in the region of $900 million. At the time of writing in April 2019, xcritical has a total market capitalization of just under $1.4 billion. Yes, LendingClub Bank, National Association is FDIC insured (FDIC# 32551). As an account holder of an FDIC-insured bank, you are protected for up to $250,000 per depositor, for each account ownership category, in the event of a bank failure. LendingClub’s CD rates are comparable to the best CD rates. You’ll get the highest rate with a one-year or 18-month CD.

If you fail to cover your monthly loan payment within 15 days of the due date, then xcritical will charge you a fee. This amounts to 5% of the amount that you should have paid, https://xcritical.solutions/ or $15, whichever is greater. Now that we’ve covered the minimum requirements to obtain a loan with xcritical, let’s take a look at the type of fees you’ll likely pay.