Complaint Review: Lendingclub.com - San Francisco California
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- Author Not Confirmed
- Lendingclub.com San Francisco , California USA
- Phone: (888) 596-3157
- Web: www.lendingclub.com
- Category: Loans
Lendingclub.com Hidden Fees San Francisco California
*Author of original report: Complaints resolved
*Author of original report: More hidden fees!
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I took out a loan from Lendingclub.com to try out their system. I found two issues I'd like to report.
1) The amount of money deposited in my bank account has a 5% fee taken from it by the company. I've taken personal loans before from my bank, and I've never seen this kind of a fee. This is non-refundable. I consider this a hidden fee because it was not clear during the loan application process that this 5% fee would be deducted.
2) Although they promise I can pre-pay without penalty, in fact they would not schedule additional loan payments until at least one payment had been processed. It takes one month for the first payment to come due, and one week for the payment to be processed. In this way, they are sure to accumulte 5 weeks of interest whether I want to pay my loan or not.
Based on this experience, I consider taking a loan from lendingclub.com to be a ripoff.
This report was posted on Ripoff Report on 08/13/2013 08:08 AM and is a permanent record located here: https://www.ripoffreport.com/reports/lendingclubcom/san-francisco-california/lendingclubcom-hidden-fees-san-francisco-california-1075369. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#2 Author of original report
Complaints resolved
AUTHOR: wishingwell - ()
SUBMITTED: Friday, October 11, 2013
After filing a complaint with the Better Business Bureau, I was contacted by a member of Lendingclub.com who resolved all of my concerns and complaints. I am thankful to Lendingclub.com for resolving these concerns and complaints in such a speedy manner and for being straight-forward with me.
I consider this complaint satisfactorily resolved and can be closed. Thanks!
#1 Author of original report
More hidden fees!
AUTHOR: wishingwell - ()
SUBMITTED: Thursday, September 19, 2013
So I finally went to pay off this loan after waiting the period required by the company. They charged me for a second month's interest! The lady on the phone tried to explain "it's because we compound monthly" but I assured her monthly compounding was for time passed - they were pre-charging me for the future month, or at the very least collecting some kind of fee.
All in all, they financed me $16,000, gave me only $15,200, forced me to wait a month accruing a $408 monthly charge, then I had to repay $16,075! They netted about $1.2K and wouldn't even let me repay early as I wanted. Based on my experience with this company, I'll never borrow money from them again in my life.
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