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LendingClub Review

Wednesday, August 4th

2021 Debt Relief Company Reviews

LendingClub Review 3.5 Star Rating

LendingClub

3.5 Star Rating
  • Fixed-rate debt relief loans from $1,000 to $40,000
  • Minimum loan amounts vary by state
  • APRs ranging from 8.05% to 35.89%
  • Origination fees ranging from 3% to 6%
  • All debt relief loans have repayment terms of at least 36 months

LendingClub has experienced some big changes over the last few years. Originally created as a peer-to-peer platform, where individual and business investors could choose to fund consumer loans (hence the name LendingClub), this source of debt relief loans now operates like a traditional financial institution. All funding is provided by LendingClub's own bank by the same name, making the loan application extremely streamlined when compared with platforms that refer you to multiple lenders at once.

No surprises in the application process

To get a debt relief loan through LendingClub, start by entering your desired loan amount (between $1,000 and $40,000) and selecting the loan's purpose in the dropdown box, then click on "Check Your Rate" . Indicate whether you're applying alone or with a co-applicant, your date of birth, and your total annual income. Finally, enter your first and last name, plus your address, and LendingClub will try to verify your credit report. If it can't do so based on the information provided, you'll be asked for your Social Security Number.

Expect origination fees and just-average interest rates

What can you anticipate if you are matched with a consolidation loan? That largely depends on your details: how much you're trying to borrow, your credit history, your income, and so forth. All debt relief loans funded through LendingClub have a minimum repayment term of at least three years, giving you ample time to repay it. Interest rates here are fairly average, with APRs ranging from 8.05% to 35.89%. You should also expect origination fees ranging from 3% to 6%, which may or may not be rolled into the total cost of the loan or deducted from the payout deposited to your bank account. LendingClub's fine print at the bottom of the loans page said that their average loan has an origination fee of 5% and an APR of 15.95%.

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Still being re-evaluated by the BBB

How about LendingClub's reputation? It's not really an apples-to-apples comparison, given how drastically their business model has changed since our last evaluation. However, a few items stand out and are worth keeping in mind. The company used to have an "A" rating from the Better Business Bureau, but their listing during our most recent check with the BBB was simply "Not Rated" . That indicates that LendingClub's new structure is still under consideration. More reassuringly, their sole lender WebBank received both accreditation and an "A+" from the BBB: you shouldn't encounter any issues with fraud or other problems if you pursue a debt relief loan through the LendingClub website.

Plenty of recent, positive customer comments

We also followed the link on the LendingClub site to see some of the more than 57,000 independently-verified reviews posted there, so that we could see what their most recent comments indicated about the new-and-theoretically-improved service. Most of the clients gave LendingClub a rating of 4 or 5 stars, and we were happy to see that a decent number of those came from repeat customers.

Should be fine

LendingClub appears to be on the right track, having made quite a few changes to their service that have gotten lots of positive feedback from borrowers. Until the company has an actual rating from the BBB, we hesitate to give LendingClub a rating higher than "slightly above average" . Reputation matters, and while LendingClub seems to have fixed some of the issues that they had in the past, we'd like to see confirmation from the Better Business Bureau too. You should be fine if you choose a debt relief loan here, but we encourage you to consider several other options too.

Where is the Best Place to Go for Debt Relief?

Debt Relief is more important now than ever before. Across the country, millions of people are finding it more and more difficult to meet their financial obligations. As mortgage interest rates rise, Adjustable Rate Mortgage (ARM) payments skyrocket. Credit card late fees continue to climb higher. Lenders keep offering credit to people who are in desperate need of help, but this only prolongs the problem, and often ends up simply increasing the total debt owed by a person.

Thankfully, there are a number of opportunities available if you find yourself in this situation. Debt Negotiation, Debt Settlement, Repayment plans, and Debt Consolidation are just some of the options you can pursue. However, not all debt relief companies and plans are the same. You need to find the right debt relief solution, and just as importantly, the best debt relief company, to work with in order to address your financial needs.

The Best Debt Relief Companies Compare Debt Relief Companies Compare Debt Relief Company Reviews What are the best Debt Relief Companies Best Debt Relief Company Reviews

Debt Relief Company FAQ

Debt relief is a process that helps people get out from under their ever-mounting financial obligations. This can be accomplished through Debt Negotiation, Debt Settlement, Debt Consolidation or Repayment Plans, among other strategies.
You'll need to have a certain amount of debt to be eligible for debt relief, which varies according to which relief service you choose. Some require a minimum unsecured debt of $7500, while others specify that you need to owe at least $10,000. Also, some debt relief providers aren't licensed in all 50 states - so you may be eligible for debt relief but the service you're considering isn't available in your state.
Believe it or not, many debt relief services are free! Most providers give you a no-cost consultation, analyzing your financial situation and making recommendations tailored to your needs. But, there are some fee-based services, especially if you want someone to negotiate with creditors on your behalf.
Many of the strategies used by debt relief providers can be done on your own, yes. But, in the amount of time it would take you to get up to speed and learn what those strategies are, you could be paying hundreds (or thousands!) of dollars in interest. It's almost always a smarter financial move to have the experts do the work for you.
The first step is usually the complimentary consultation, where a representative will go over your debt situation and find out your goals, needs and timeframe. From there, it will depend on which approach you decide to take - but, for the most part, the debt relief service will be in charge of contacting your creditors and working out the details for reducing what you owe.
No two consumers are alike - and debt relief strategies vary as well. Some services offer relief through a personal loan, allowing you to pay off high-interest debt with a lower-interest arrangement, so naturally your situation will change as soon as your loan is funded and used to reduce your monthly payments. On the other hand, if your service is negotiating with your creditors to reduce or eliminate what you owe, that can take several weeks to months.
Most of the time, there isn't. A few debt relief services offer a 100% customer satisfaction guarantee, allowing you to cancel your plan without fees or penalties. Read the fine print of any contract before you sign up, so you'll know exactly what's promised - and what isn't.
Debt relief may sound too good to be true, but it's a legal, well-known method for reducing the debt burden faced by many consumers. Although some fly-by-night services pop up from time to time, most companies offering debt relief have been in business for a decade or longer. You can always check for a company's listing with the Better Business Bureau for further confirmation that it's a trustworthy option for debt relief.
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Continued from above...

With all the debt-related offerings available, it can sometimes be confusing when examining the different debt relief programs and companies. When comparing your debt relief options, there are a number of important features you should consider. Some of these include:

  • Solutions. Does the company only offer one debt relief solution? Or are they well-versed in a number of options? Having a variety of choices means they can find the right debt relief program that fits your specific needs.
  • Cost. How does the debt relief company get paid? The best ones will earn their money from a percentage of what they save you; that way, they only get paid if you save money.
  • Dependability. There are many fly-by-night debt relief organizations out there. How long has the company been in business? Are they affiliated with the BBB (Better Business Bureau)? Is this a company you can trust?

TopConsumerReviews.com has reviewed and ranked the best debt relief programs available today. We hope these reviews help you in your quest to become debt-free!

Compare Debt Relief Companies

Select any 2 Debt Relief Companies to compare them head to head

best-debt-relief-companies
  • National Debt Relief
  • Credit.org
  • Curadebt
  • Upstart
  • SoFi
  • LendingTree
  • LendingClub
  • CareOne Debt Relief Services
  • American Debt Enders
  • Accredited Debt Relief
  • OneMain Financial
  • Savvy Money
  • Debt Consolidation Care
  • Fast Track Debt Relief
National Debt Relief vs Credit.org National Debt Relief vs Curadebt National Debt Relief vs Upstart National Debt Relief vs SoFi National Debt Relief vs LendingTree National Debt Relief vs LendingClub National Debt Relief vs CareOne Debt Relief Services National Debt Relief vs American Debt Enders National Debt Relief vs Accredited Debt Relief National Debt Relief vs OneMain Financial National Debt Relief vs Savvy Money National Debt Relief vs Debt Consolidation Care National Debt Relief vs Fast Track Debt Relief Credit.org vs Curadebt Credit.org vs Upstart Credit.org vs SoFi Credit.org vs LendingTree Credit.org vs LendingClub Credit.org vs CareOne Debt Relief Services Credit.org vs American Debt Enders Credit.org vs Accredited Debt Relief Credit.org vs OneMain Financial Credit.org vs Savvy Money Credit.org vs Debt Consolidation Care Credit.org vs Fast Track Debt Relief Curadebt vs Upstart Curadebt vs SoFi Curadebt vs LendingTree Curadebt vs LendingClub Curadebt vs CareOne Debt Relief Services Curadebt vs American Debt Enders Curadebt vs Accredited Debt Relief Curadebt vs OneMain Financial Curadebt vs Savvy Money Curadebt vs Debt Consolidation Care Curadebt vs Fast Track Debt Relief Upstart vs SoFi Upstart vs LendingTree Upstart vs LendingClub Upstart vs CareOne Debt Relief Services Upstart vs American Debt Enders Upstart vs Accredited Debt Relief Upstart vs OneMain Financial Upstart vs Savvy Money Upstart vs Debt Consolidation Care Upstart vs Fast Track Debt Relief SoFi vs LendingTree SoFi vs LendingClub SoFi vs CareOne Debt Relief Services SoFi vs American Debt Enders SoFi vs Accredited Debt Relief SoFi vs OneMain Financial SoFi vs Savvy Money SoFi vs Debt Consolidation Care SoFi vs Fast Track Debt Relief LendingTree vs LendingClub LendingTree vs CareOne Debt Relief Services LendingTree vs American Debt Enders LendingTree vs Accredited Debt Relief LendingTree vs OneMain Financial LendingTree vs Savvy Money LendingTree vs Debt Consolidation Care LendingTree vs Fast Track Debt Relief LendingClub vs CareOne Debt Relief Services LendingClub vs American Debt Enders LendingClub vs Accredited Debt Relief LendingClub vs OneMain Financial LendingClub vs Savvy Money LendingClub vs Debt Consolidation Care LendingClub vs Fast Track Debt Relief CareOne Debt Relief Services vs American Debt Enders CareOne Debt Relief Services vs Accredited Debt Relief CareOne Debt Relief Services vs OneMain Financial CareOne Debt Relief Services vs Savvy Money CareOne Debt Relief Services vs Debt Consolidation Care CareOne Debt Relief Services vs Fast Track Debt Relief American Debt Enders vs Accredited Debt Relief American Debt Enders vs OneMain Financial American Debt Enders vs Savvy Money American Debt Enders vs Debt Consolidation Care American Debt Enders vs Fast Track Debt Relief Accredited Debt Relief vs OneMain Financial Accredited Debt Relief vs Savvy Money Accredited Debt Relief vs Debt Consolidation Care Accredited Debt Relief vs Fast Track Debt Relief OneMain Financial vs Savvy Money OneMain Financial vs Debt Consolidation Care OneMain Financial vs Fast Track Debt Relief Savvy Money vs Debt Consolidation Care Savvy Money vs Fast Track Debt Relief Debt Consolidation Care vs Fast Track Debt Relief
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