BBB Business Review

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BBB Accredited Business since

LendingClub Corporation

Additional Locations

Phone: (888) 596-3157 Fax: (800) 929-5097 View Additional Phone Numbers 71 Stevenson St STE 300, San Francisco, CA 94105 View Additional Email Addresses http://www.lendingclub.com


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Description

This company offers online financial services that brings together borrowers and investors so that both can benefit financially.


BBB Accreditation

A BBB Accredited Business since

BBB has determined that LendingClub Corporation meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.


Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

Factors that raised the rating for LendingClub Corporation include:

  • Length of time business has been operating
  • Complaint volume filed with BBB for business of this size
  • Response to 173 complaint(s) filed against business
  • Resolution of complaint(s) filed against business


Customer Complaints Summary Read complaint details

173 complaints closed with BBB in last 3 years | 92 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 60
Billing/Collection Issues 15
Delivery Issues 14
Guarantee/Warranty Issues 4
Problems with Product/Service 80
Total Closed Complaints 173

Customer Reviews Summary Read customer reviews

24 Customer Reviews on LendingClub Corporation
Customer Experience Total Customer Reviews
Positive Experience 11
Neutral Experience 2
Negative Experience 11
Total Customer Reviews 24

Additional Information

BBB file opened: April 15, 2010 Business started: 10/02/2006 Business started locally: 10/02/2006 Business incorporated 10/02/2006 in DE
Type of Entity

Corporation

Business Management
Customer Service Mr. Jason Altieri, Lawyer Jerry Chou Mr. Mitchell Harad, Vice President of Marketing Mr. Andrew Jensen Mr. Colin Ray, Member Support Lead
Contact Information
Customer Contact: Mr. Jason Altieri, Lawyer
Principal: Customer Service
Number of Employees

500

Business Category

Financial Services Loans

Service Area
This company services nationwide.
Additional Information

Lending Club has informed BBB that their company's name is being fraudulently used in an online loan scam.

It appears that some consumers applying for a loan at online sites other than Lending Club are subsequently being contacted by representatives claiming to be from Lending Club. Loan applicants are told their loan will be approved and the money deposited into their checking account but they first must pay what they are told is a security, insurance or other fee. They are asked that the money be put on a prepaid card such as a green dot money pack or in a MoneyGram; the amounts asked to be paid vary. In some instances, applicants are asked multiple times to provide multiple amounts for a variety of purposes but the loan proceeds are never received.

Lending Club advises consumers that all loans obtained through its platform are made without an upfront application fee and are issued by WebBank. If in doubt, go to lendingclub.com or call Lending Club directly at 1.888.596.3157. If you have had this experience you can file a complaint with the IC3 (internet crime complaint center) at www.ic3.gov. Lending Club also recommends adding a fraud alert to your credit bureau report and filing a complaint with the FTC and CFPB. Lending Club continues to work with consumers and any and all appropriate and willing law enforcement agencies to find and prosecute these criminals (FBI Complaint Id: I1309251131004212, FTC Complaint Id: 48697737). The United States Secret Service (San Francisco chapter) met with Lending Club on 11/13/13 and has launched an investigation.

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BBB Customer Review Rating plus BBB Rating Overview


BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.
Details

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

BBB Customer Review Rating plus BBB Rating is not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Rating in addition to all other available information about the business. If the BBB Rating is NR then only Customer Reviews are used for the Star Rating.