LendingClub Corporation

Initial Business Response /* (1000, 5, 2014/10/20) */
Revdex.com Complaint Activity Report Case: XXXXXXXX
Borrower Name: [redacted]
Case Opened: 10/16/2014
Consumer Complaint:
Lending Club conducted a full credit inquiry without authorization
Consumer's Desired Resolution:
Change...

practice regarding credit inquiries.
Thank you for giving Lending Club the opportunity to respond to [redacted]' Revdex.com complaint.
Every consumer requesting a loan through Lending Club must authorize WebBank and Lending Club to:
Obtain consumer reports and related information from one or more consumer reporting agencies, such as TransUnion, Experian, and Equifax.
Verify information on the consumer's loan application.
Obtain consumer reports each time the consumer requests a loan, or at various other times during the term of the loan in connection with the servicing, monitoring, collection or enforcement of the loan.
Lending Club will not process any customer loan request without the customer's full authorization. To complete this authorization, the customer must electronically acknowledge their acceptance of it before submitting their request. All loans are made by WebBank, a Utah-chartered Industrial Bank, member FDIC.
Therefore, when Mr. [redacted] submitted an online loan request to Lending Club, he agreed to Lending Club's Terms of Use and Credit Profile Authorization through electronic signature. To proceed with the loan application, Mr. [redacted] had to click on the "Credit Profile Authorization" box. Once we received his loan request and the required authorizations, Lending Club obtained his consumer credit report using the information provided on the loan application.
Please note that the pre-screening process and loan application do not affect credit score, because neither action is reported to credit bureaus as a hard credit inquiry.
Please let us know if there are any further questions on this matter. Mr. [redacted] is welcome to contact Lending Club Member Support directly via email [redacted]@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat. 6am-5pm PST.
Initial Consumer Rebuttal /* (2000, 7, 2014/10/23) */
(The consumer indicated he/she ACCEPTED the response from the business.)
While I still have unresolved questions and concerns, I accept this complaint with the Revdex.com as resolved and will pursue my concerns directly with Lending Club using the information they provided.

Initial Business Response /* (1000, 5, 2015/07/30) */
Thank you for giving Lending Club the opportunity to respond to [redacted]'s Revdex.com (Revdex.com) complaint.
Please be assured that we take privacy and security seriously. Our security measures comply with federal law and...

are designed to meet or exceed rigorous industry standards for financial institutions. Lending Club has a policy and specific procedures for identity theft claims which include a notarized affidavit of identity theft be submitted with a police incident report. Lending Club also conducts thorough internal investigations to determine if a loan has been fraudulently obtained. We cannot complete our internal investigation without receiving all requested documentation.
As of the time of this complaint, Lending Club is still waiting for local law enforcement authorities to complete their investigation of Mr. [redacted]'s allegations of fraud. Once complete, we will update Mr. [redacted]'s loan account status and credit bureau reporting to reflect investigation results.
Lending Club is committed to absolute integrity and ethical employee conduct. Our employee Standards of Conduct include very specific guidelines concerning the safeguarding of confidential [redacted] information. In general, these guidelines limit employee access to confidential information and limit the use and disclosure of such information to specifically authorized processes and transactions. If it is determined that an employee has violated the Standards of Conduct, we may take disciplinary action up to and including termination.
After reviewing all communication between Mr. [redacted] and Lending Club, we have determined our employees did not act inappropriately.
Also, Mr. [redacted] stated in his Revdex.com complaint that the outstanding balance on this loan is being misreported on his credit report. We researched and resolved this issue. Mr. [redacted] may contact Lending Club Member Support for more information.
If there are further questions regarding this matter, please have Mr. [redacted] contact Lending Club directly by email at [redacted]@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat 6am-5pm PST.
Initial Consumer Rebuttal /* (3000, 7, 2015/08/05) */
(The consumer indicated he/she DID NOT accept the response from the business.)
After reviewing the response from Lending Club, I am still dissatisfied with the current state of this matter. After Contacting detective [redacted] of the 113th precinct, who personally handled my case, I requested he resubmit details regarding his investigation to The lending club corporation. Upon receipt of those details, Mr. [redacted] (fraud investigator) of the Lending club corporation responded to me with the following email:
"Dear [redacted],
We understand that fraud was alleged on a loan issued on 8/19/2014 in your name. Upon receiving your notarized ID Theft Affidavit and incident report, Lending Club opened a fraud investigation based on your claim.

After carefully reviewing the transactions of this loan and documentation provided, we have referred your claim to New York Police Department to determine if this matter was fraud or is otherwise criminally prosecutable, together with all available information on this loan application.

Recently, we have received a notice from New York Police Department describing its conclusion of the investigation, case number [redacted] (Loan ID XXXXXXXX), and it found no evidence to establish fraud or that any crime had occurred and that no further action will be taken".
I spoke to detective [redacted] again after receiving this email, who told me that the lending club corporation in fact could remove the negative information based on the findings of his investigation. Now Bear in mind that many identity theft victims do not know and may never know who stole or misused their personal information, how it was stolen, or other aspects of the crime. If the victim cannot provide these kinds of details, or the police cannot find the person responsible for the theft, creditors should not assume the victim responsible or liable for the debt. Over $20,000 of credit was given from one creditor to someone assuming my identity. Once again I will not be satisfied until this debt is removed from my credit report and the account is closed. Thank you.
Final Business Response /* (4000, 9, 2015/08/13) */
Thank you for giving Lending Club the opportunity to respond to [redacted]'s Revdex.com (Revdex.com) complaint.
At the time of this response, Lending Club has received notice from New York law enforcement authorities regarding their investigation of Mr. [redacted]'s allegations of fraud. Based on their findings, along with the investigation conducted internally by Lending Club, there is no evidence that the loan involved fraud. Lending Club has ensured that Mr. [redacted]'s credit report reflects the fact that he has disputed the loan. Communication has been sent directly to Mr. [redacted], and Lending Club considers the investigation closed at this time.
It is Lending Club's policy to report all account experiences to one or more of the major credit reporting agencies. Lending Club reports both positive and negative payment histories. Late payments, missed payments, or other defaults on a borrower's account may be reflected in their credit report. To remain fair and partial to all borrowers, Lending Club is unable to make modifications or exceptions to their credit bureau reporting policy.
If there are further questions regarding this matter, please have Mr. [redacted] contact Lending Club directly by email at [redacted]@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat 6am-5pm PST.

Initial Business Response /* (1000, 6, 2015/03/09) */
Thank you for giving us the opportunity to respond to [redacted]'s Revdex.com complaint.
Lending Club uses information provided by credit bureaus, including credit score, outstanding debt, payment history, and recent...

credit activity, to identify potential borrowers and send pre-approved loan offers based on those criteria. When a potential [redacted] goes online to apply for a loan, we ask for additional information from the applicant and updated information from the credit bureaus to determine if we can provide loan offers for the applicant.
Every consumer requesting a loan through Lending Club must authorize WebBank and Lending Club to:
Obtain consumer reports and related information from one or more consumer reporting agencies, such as TransUnion, Experian, and Equifax.
Verify information on the consumer's loan application.
Obtain consumer reports each time the consumer requests a loan, or at various other times during the term of the loan in connection with the servicing, monitoring, collection or enforcement of the loan.
Lending Club will not process any [redacted] loan request without the [redacted]'s full authorization. To complete this authorization, the [redacted] must electronically acknowledge his acceptance of it before submitting his request. All loans are made by WebBank, a Utah-chartered Industrial Bank, member FDIC.
Therefore, when Mr. [redacted] submitted his online loan request to Lending Club he agreed to Lending Club's Terms of Use and Credit Profile Authorization through electronic signature. Once we received his loan request and authorizations, Lending Club obtained his consumer credit report using the information he provided on his loan application.
We were not able to offer Mr. [redacted] the full amount of the loan he requested, but he was presented with counteroffers. These counteroffers are available for the applicant until the offers expire. Although there is no obligation for Mr. [redacted] to accept a loan offer, Lending Club's policy requires us to provide Mr. [redacted] with an Adverse Action notice if no offer is selected by the time it expires.
Please note that the pre-screening process and loan application did not affect Mr. [redacted]'s credit score, because neither action is reported to credit bureaus as a hard credit inquiry.
Lending Club has taken the necessary steps to ensure that Mr. [redacted] will no longer receive mail and email solicitations from our company. We have removed his contact information from our marketing database.
Please let us know if there are any further questions on this matter. Mr. [redacted] is welcome to contact Lending Club Member Support directly via email [redacted]@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat. 6am-5pm PST.

Complaint: [redacted]I am rejecting this response because this is not accurateSincerely,[redacted]

Initial Business Response /* (1000, 5, 2015/09/14) */
Thank you for giving us the opportunity to respond to [redacted]'s Revdex.com complaint. We understand Mr. [redacted] is disappointed, and we would like to clarify the pre-approval process.
Lending Club uses information provided by...

credit bureaus, including credit score, outstanding debt, payment history, and recent credit activity, to identify potential borrowers and send pre-approved loan offers. At the time of loan application, Lending Club asks the applicant for other important information, such as income and employment status. Because several weeks can pass [redacted] the pre-screening process and the actual application, we may also request updated information from credit bureaus.
All of the information is used to determine if an applicant qualifies for a loan offer at that time. Common reasons for being declined for a loan after receiving a pre-approved offer are that an applicant's current outstanding debt is too high relative to his/her income or that changes have occurred in the applicant's credit report since pre-screening.
The specific reasons why a loan application is declined are provided in an adverse action notice. Mr. [redacted] can view his adverse action notice by logging into his Lending Club Account Summary. Please note that the pre-screening process and loan application do not affect an applicant's credit score, because neither action is reported to credit bureaus as a hard credit inquiry. Mr. [redacted] is eligible to apply again for a loan via Lending Club 30 days after the date of his last application.
Lending Club reached out to Mr. [redacted] by phone on 9/10/15 to explain the pre-approval process, the reasons for his application being declined, and his eligibility to re-apply after 30 days.
Loans originated through the Lending Club platform are underwritten and made by WebBank, Salt Lake City, UT, member FDIC. Lending Club delivered the adverse action letter to Mr. [redacted] on behalf of WebBank.
To ensure Mr. [redacted] does not receive any future unwanted contact from Lending Club, we removed his contact information from our email and direct mail marketing lists. If there are further questions regarding this matter, please have Mr. [redacted] contact Lending Club directly by email at [redacted]@lendingclub.com or phone at XXX-XXX-XXXX Mon-Sat 6am-5pm PST.
Initial Consumer Rebuttal /* (3000, 7, 2015/09/18) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Nowhere on their mailer does it indicate this was an invitation to apply. It says plain and simple pre approved. What they are doing is false advertising. I was pre approved for a certain amount and asked for an amount about 10% of what they offered. And their answer was NO in less than 10 seconds. I received a phone call, and was yes'd to death.
False Advertising plain and simple.
Final Business Response /* (4000, 9, 2015/09/29) */
Thank you for giving us the opportunity to respond to [redacted]'s Revdex.com complaint.

Under the Fair Credit Reporting Act (FCRA), consumer credit reporting agencies, such as TransUnion and Experian, are permitted to include a consumer's name on lists used by creditors or insurers to make firm offers of credit or insurance not initiated by the consumer ("Firm Offers"). The mailer Mr. [redacted] received is an example of a Firm Offer. Recipients of a Firm Offer must continue to meet the credit criteria established prior to making the offer. The term "pre-approval" is used because final account approval is subject to reverification of credit history, as well as verification of additional information that is unknown at the time of the Firm Offer, such as income and employment status.
Loans originated through the Lending Club platform are underwritten and made by WebBank, Salt Lake City, UT, member FDIC. As noted in the initial response, Lending Club delivered the adverse action letter to Mr. [redacted] on behalf of WebBank, which Mr. [redacted] can view by logging into his Lending Club Account Summary. Mr. [redacted] is eligible to apply again for a loan via Lending Club 30 days after the date of his last application.
If there are further questions regarding this matter, please have Mr. [redacted] contact Lending Club directly by email at [redacted]@lendingclub.com or phone at XXX-XXX-XXXX Mon-Sat 6am-5pm PST.
Final Consumer Response /* (4200, 11, 2015/09/30) */
(The consumer indicated he/she DID NOT accept the response from the business.)
The term pre approval is very simple, it didn't say invited to apply. This is false advertising and in my opinion it was a fraudulent mailer. They did take me off the mailing list, but now the same mailer has arrived for my wife. A marriage usually means joint accounts. On her mailer it didn't say invited or invitation, is said pre -approved just like mine. False advertising.

Initial Business Response /* (1000, 5, 2015/07/21) */
Thank you for giving us the opportunity to respond to [redacted]'s Revdex.com complaint. We would like to clarify the loan withdrawal process.
An applicant may cancel their request for a loan through Lending Club any time...

before the loan is issued by contacting Lending Club and requesting to do so. We make every effort to process these requests in a timely manner. Once a loan has issued, Lending Club is unable to withdraw it and borrowers will be responsible for repaying the loan, fees, and interest.
Mr. [redacted] followed the withdrawal procedure, and Lending Club apologizes for not processing his withdrawal request in a timely manner. Lending Club has been in contact with Mr. [redacted] to address his concerns. We have processed the cancellation of the loan, and Mr. [redacted] is not responsible for the loan principal or interest. Further, he will not incur any penalties or fees for this loan withdrawal. Finally, Lending Club will ensure that this loan is not reflected on Mr. [redacted]'s credit report.
We thank you for the opportunity to respond to this complaint brought to your attention by Mr. [redacted]. If there are further questions regarding this matter, please have Mr. [redacted] contact Lending Club directly by email at [redacted]@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat 6am-5pm PST.

I had such a quick and easy loan experience that it seemed unbelievable. I did not believe it until I saw it. I was able to consolidate my credit cards and know that I would be debt free in 3 years. Very very positive experience.

Initial Business Response /* (1000, 5, 2014/10/15) */
Thank you for the opportunity to respond to the complaint from [redacted].
Mr. [redacted] states the inaccuracy of validating his income during the review process of his loan application.
As part of our process, Lending Club follows...

an income verification process to validate the annual income a potential borrower states on the loan application. Lending Club requested documents from Mr. [redacted] to verify his personal annual income that he stated on the application. We requested his two most recent pay stubs and Form W2. During the verification process, Mr. [redacted]'s employment status appears to have switched from a W-2 to 1099. We would not be able to verify the 1099 income until his 2014 tax return has been filed. Therefore, Lending Club notified Mr. [redacted] by email that the loan application was denied because the current documentation submitted was not sufficient to verify the income stated on the application.
We thank you for the opportunity to respond to this complaint brought to our attention by Mr. [redacted]. Please let us know if there are any further questions on the matter. If Mr. [redacted] has additional questions regarding his loan application, he is welcome to contact Lending Club Member Support directly via e-mail at [redacted]@lendingclub.com or phone, XXX-XXX-XXXX, Monday through Saturday, 6:00 am to 5:00 pm Pacific Standard Time.
Initial Consumer Rebuttal /* (3000, 7, 2014/10/21) */
(The consumer indicated he/she DID NOT accept the response from the business.)
First of all it is Doctor [redacted] and they did not notify me by e-mail. I had to go to the site see that the approval had been removed and the loan was in review. I then went to the loan document page where I discovered by opening a document that the loan had been denied based on inability to verify income. What does it matter if I'm a W2 employee or a 1099 employee, I am a physician and I am performing the same work. I sent 2 paycheck stubs, a form given to me by the hospital I work at verifying that I had been paid by them $84,000 0ver the last 8 months and my bank statement verifying the paychecks had been deposited into my account. Any loan company worth their salt would have easily verified my income. This is no longer about the money, I have a good credit score, I make $120,000 a year and I am a physician, I have already been able to secure a loan with another lender. This is about the fact that they approved me, funded the loan then withdrew the loan because they are not professional enough to verify income ( Maybe a call to the hospital I work at or ask for original bank statements).The lack of professionalism continued when they did not have the decency to notify me that they were not going to make the loan. I think people that do business with these people should know who they are dealing with.
Final Business Response /* (4000, 9, 2014/11/10) */
Thank you for the opportunity to reply to the response from Dr. [redacted].
As previously stated, Lending Club follows an income verification process to validate the annual income a potential borrower states on the loan application. At this time, Lending Club will not be able to verify Dr. [redacted]'s 1099 income until his 2014 tax return has been filed.

We do apologize if there was any misunderstanding during the loan application process. If Dr. [redacted] has any further questions regarding the loan application process, please have him contact Lending Club Member Support directly via email [redacted]@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat. 6am-5pm PST.

Complaint: [redacted]I am rejecting this response because: If you look at our credit bureau reports we have not missed/paid late a payment in 6 years. I had to resign from a position as it was ruining me physically and in my profession (nursing), you cannot work if you are incapacitated. The person running the facility ended up loosing their job. I contacted Lending Club, as I did our mortgage company, and explained to them that I was unable to make the payments until I started my new job and had income coming in again. I could not make the payments in September or October. I notified Lending Club in November and told them I could make the payments again and they informed me that they turned us over to collections per their company policy and I was unable to make a payment. I missed a payment for two months, 60 days, their policy is 120 days for a charge off. I informed them in September that I wouldn't be able to make a payment until I started my new job, and I contacted them again in October as well. I have all the emails to prove my correspondence but I do not want to make them public, but I will if I have to. I want to pay the balance of our loan, within 12 months, as it stands $30,702.99, with nothing extra added on. I'd like them to take their negative postings off the credit bureaus as well. My next step, is making the emails public, and contacting all the credit bureaus, including [redacted] for fraudulent lending practices. I am now in the process of posting in [redacted] and any other public search engine about their modern day loan sharking money lending practices. With extensive research, I've uncovered that, unlike any other lender, if you try to pay off your loan early to avoid exorbitant interest, you can't. My husband lost his occupation in 2010 and we fought hard to save everything we'd worked a couple decades for, we have a beautiful family, and we just want live a healthy, fulfilling life. Sincerely,[redacted]

Initial Business Response /* (1000, 6, 2016/01/29) */
Thank you for giving Lending Club the opportunity to respond to [redacted] Revdex.com (Revdex.com) complaint.
Lending Club conducted thorough research regarding the payment histories on both of [redacted] accounts. Our records...

show no indication of a payment processing error on either of [redacted] accounts. On 1/2/2016, [redacted] contacted Lending Club to change her upcoming payments to a later date. The payment could not be moved for one of her loans because it was already processing and we communicated that to her during the call. On the other loan, we moved her January monthly payment to the date she specified.
We attempted to contact her via phone to clarify her payment histories and address her concerns, but we were unable to reach her.
If there are further questions regarding this matter, please have [redacted] contact Lending Club directly by email at [email protected] or phone [redacted] Mon-Sat 6am-5pm PST.
Initial Consumer Rebuttal /* (2000, 8, 2016/02/02) */
(The consumer indicated he/she ACCEPTED the response from the business.)
This was an error on my part and I attempted to contact the Revdex.com to cancel this complaint. Per Lending Club website, my funds were coming out a specified date and it appeared the 15 day grace period did not kick in. However, the next day the payment did not come out of my bank account and I was very happy with that. The only recommendation I would have is for them to update their website loan summary details with the 15 day grace period, because customers can get nervous that their request to postpone the account did not go trough. I am satisfied with LC and I am happy this is resolved.

Initial Business Response /* (1000, 5, 2014/07/24) */
Thank you for the opportunity to respond to the complaint from Mr. [redacted].
Mr. [redacted] brings up various concerns in regards to his Lending Club loan. Mr. [redacted] initiated a Lending Club loan application on 6/9/2014 and the loan...

originated on 6/18/2014. During that time line, which encompasses the review of the loan application, there was no attempt on Mr. [redacted]'s end to request the withdrawal of his application.
To clarify, a non-refundable origination fee is assessed on all Lending Club loans and is deducted from the loan proceeds. This will result in the loan proceeds delivered to a borrower being less than the full amount of the issued loan. The origination fee is part of the principal on a loan and is subject to the accrual of interest. Borrowers pay an origination fee that ranges from 1.11% to 5.00% of the loan amount, depending on the assigned loan grade (A1-G5).
Furthermore, the percentage in which a borrower is assessed on an origination fee is displayed on their Truth in Lending Disclosure. For Mr. [redacted]'s application to be officially listed on the Lending Club platform, Mr. [redacted] had to accept all agreements, which include, but are not limited to the Terms of Use, Loan Agreement, and the Truth in Lending Disclosure. A copy of the Truth in Lending Disclosure, as well as other applicable agreements, that Mr. [redacted] reviewed and accepted can be found on his account summary page on the Lending Club website.

Mr. [redacted] also agreed to the Lending Club Terms of Use, which authorizes Lending Club to transact business online and electronically. If requested in writing, Lending Club will send Mr. [redacted] paper copies of the documents and disclosure at a cost of up to $5.00. Our records indicate that Mr. [redacted] has not requested any of this information to be sent to him. As a courtesy, Lending Club will provide the documentation to his address on file, following the submission of this Revdex.com response.
Lending Club does not charge a prepayment fee or penalty. Mr. [redacted] may partially or fully prepay his loan at any time with absolutely no prepayment penalty or fee. Prepaying a loan will eliminate future interest payments.
We thank you again for the opportunity to respond to this complaint brought to our attention by Mr. [redacted]. Please let us know if there are any further questions on this matter. Additional concerns or clarifications of our agreements may be directed to Lending Club Member Support directly via email [redacted]@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat. 6am-5pm PST.

I am an average consumer with a wife and many creditors. We unfortunately lost valuable equity in our home after the bubble burst. We never been late on house or other payments. My point is this, I have been receiving advertising material claiming I have been preapproved to receive a significant sum of $$$ to pay off credit cards. We even received a "Special Code" to verify our interest. Lending Tree killed trees, valuable resources and wasted money on postage just to turn me down without so much as a worthwhile reason. Although my initial contact person on the phone was positive I was taken aback by their quick email response to my situation while declining me for a loan. Poor business practices and I plan to blog to many others who are in my situation. Love Revdex.com but I think Lending Club sucks in the interested party just to shut them down because we don't fit their mold. Why send me anything?
Look at this ... "I understand that customer reviews are not used inthe calculation of the Revdex.com Rating." That statement says it all. Perhaps I don't love the Revdex.com.

Initial Business Response /* (1000, 5, 2014/02/27) */
Revdex.com Complaint Activity Report Case # XXXXXXXX
Borrower Name: [redacted]
Lending Club Loan No.: N/A
Lending Club is in receipt of Revdex.com (Revdex.com) complaint case number XXXXXXXX. Lending Club is aware of the situation...

referenced in the complaint to the Revdex.com. The circumstances of the event to which Mr. [redacted] has fallen victim are not the result of any actions by Lending Club or its affiliates. We are sorry to report that Mr. [redacted] was defrauded by a scheme that has been ongoing over the last several months where the Lending Club name is used is to entice victims to pay up-front fees for non-existent loans.
It appears that after a victim has applied for a loan on-line through an unaffiliated website, the applicant's loan request information is somehow obtained by the fraudsters. The fraudster then contacts the applicant/victim using the Lending Club name. They promise the applicant that they can obtain a loan through Lending Club by paying an application fee. In some instances, the fraudsters return to the same consumer multiple times requesting additional funds in exchange for securing a loan. Funds are usually transferred to the fraudsters through the use of a Green Dot or Vanilla Visa card (or similar device), companies with whom Lending Club has no relationship.
All loans obtained through the Lending Club platform are made without any application fee and are funded by WebBank, a [redacted] Industrial Bank. Information regarding the relationship between Lending Club and WebBank may be found on our website at lendingclub.com.
Regrettably, Mr. [redacted] is another victim of this scheme. He is not a consumer who has engaged in any transactions with Lending Club and as such there is no record of his activities within our system. The people he spoke with were part of the fraud scheme. The application fees delivered by Mr. [redacted] were not sent to Lending Club; it was sent directly to the fraudsters.
The Lending Club Fraud Department has spoken to Mr. [redacted]. He now understands that he is a victim of this scam. Lending Club recommended that Mr. [redacted] add a fraud alert to his Credit bureau report as well as file a complaint with the FTC.
To date, to our knowledge, these fraudsters have not been found and continue to prey upon their victims.
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: IXXXXXXXXXXXXXXXX, FTC Complaint Id: XXXXXXXX). The United States Secret Service (San Francisco chapter) met with Lending Club on 11/13/13 to discuss this issue. The USSS has launched their investigation.

Initial Business Response /* (1000, 5, 2015/12/08) */
Thank you for giving Lending Club the opportunity to respond to [redacted]'s Revdex.com (Revdex.com) complaint. We understand that Mr. [redacted] is disappointed, and we would like to clarify the application process.
Lending Club...

uses information provided by credit bureaus, including credit score, outstanding debt, payment history, and recent credit activity, to identify potential borrowers and send pre-approved loan offers. As part of the application process, Lending Club may perform income verification to validate the income stated on the loan application. Based on the information provided by Mr. [redacted], Lending Club was unable to validate the information required to move forward with the loan. Lending Club attempted to contact Mr. [redacted] by phone on 11/27/15 to explain the process and apologize for any confusion.
Loans originated through the Lending Club platform are underwritten and made by WebBank, Salt Lake City, UT, member FDIC. Lending Club delivered the adverse action letter to Mr. [redacted] on behalf of WebBank.
Please be advised that an application for a loan through Lending Club's marketplace does not affect an applicant's credit score because it is not reported to credit bureaus as a hard credit inquiry. Mr. [redacted] is eligible to apply again for a loan through Lending Club's marketplace in the future.
To comply with Mr. [redacted]'s request, Lending Club
has removed all names associated with his address from our marketing list. If there are further questions regarding this matter, please have Mr. [redacted] contact Lending Club directly by email at [redacted]@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat 6am-5pm PST.
Initial Consumer Rebuttal /* (2000, 7, 2015/12/14) */
(The consumer indicated he/she ACCEPTED the response from the business.)

I applied for a loan from lending club and I got approved for $35,000.00.
I am at a point where I have to summit some additional documents and I stopped right there. I feel they are trying to ripe me off. It cost me way much more than I thought it would to borrow money.

On the letter I received it says " no application fees " and "no hidden fees"
There is a $1,700.00 and change fee that is being deducted upfront from the $35,000.00 I got approved for?
Then, I have an excellent credit score, around 750 and so does my wife but I'm being charged a high rate of 27% when on the letter it says rate as low as 5.99%.

I have never had worse service from any institution. I was locked out of my online account (over a month on and I am still not sure why or how to resolve this). And due to this the payment I made was a small bit shy of what it should have been, because they have also stopped sending me postal mail.
Their collection people have been calling me for three days every 10 minutes. It took me three days to figure out who they were because they call from numerous different numbers and always while I am at work. They do not leave messages, and once I was able to answer the woman lied to me about their legal ability to do so.
How is this not considered harassment? I understand that I shorted them on my last payment, but I had been trying through emails to get it sorted. Completely unprofessional, and makes me feel like a terrible person for mistakenly owing $50.

Thank you for giving us the opportunity to respond to [redacted]’s Revdex.com complaint.
While Lending Club appreciates the circumstances of [redacted]’s financial situation, we are unable to  modify loan payments or the terms or her loan.  On 5/15/2017, Lending Club attempted to reach out to [redacted] to speak with her about establishing a direct relationship with us again, but we were unsuccessful.
Lending Club strives to provide the very best service to all of our customers, and we’re sorry we didn’t meet [redacted]’s expectations
Should [redacted] have any additional questions, please have her contact [redacted] directly by phone at [redacted].

Initial Business Response /* (1000, 5, 2016/01/05) */
Thank you for giving Lending Club the opportunity to respond to [redacted]'s Revdex.com (Revdex.com) complaint.

The loans offered through the Lending Club marketplace are fixed rate, fully-amortizing loans. Equal monthly payments...

are due and payable over the loan term, generally 36- or 60-months. The payment amount and payment due date are disclosed in the Truth in Lending disclosure and can also be found in the borrower's online account summary. Lending Club allows borrowers to make additional payments, in whole or in part, without penalty or premium at any time. Any partial prepayment is applied to the principal amount outstanding and does not postpone the due date of any subsequent monthly installments. This policy was communicated to Ms. [redacted] on several occasions via phone.
Lending Club conducted a thorough review of the payment history on Ms. [redacted]'s account. It appears there was some confusion regarding a check in transit and instructions for how it was to be applied to the account. We apologize for this confusion. In an effort to provide excellent [redacted], Lending Club is crediting Ms. [redacted]'s loan for the amount of the misdirected payment. To prevent similar occurrences in the future, we recommend that Ms. [redacted] send one check for her monthly payment on or before her due date to the address below, or enroll in ACH payments:
Lending Club Corporation
Dept. XXXXX
P.O. Box XXXXX
San Francisco, CA XXXXX
Lending Club attempted to contact Ms. [redacted] via phone upon receipt of this complaint and was unable to reach her. To the extent that Ms. [redacted] has further questions, please have her contact Lending Club directly at Payment Solutions team at (XXX) XXX - XXXX between Monday - Friday 6:00 a.m. - 5:00 p.m. Pacific Time.

Thank you for giving Lending Club the opportunity to respond to [redacted] Revdex.com (Revdex.com) complaint. Under the Fair Credit Reporting Act (FCRA), consumer credit reporting agencies, such as [redacted] and [redacted], are permitted to include a consumer's name on lists used by...

creditors or insurers to make firm offers of credit or insurance not initiated by the consumer ("Firm Offers"). Under these same rules, Firm Offers must include instructions for how the consumer may opt-out of receiving future offers. Lending Club must have the name and address as it appears on the mailer in order to ensure that a consumer no longer receives direct mail solicitations. Lending Club spoke with [redacted] via phone on 3/11/2016 and confirmed her contact information. Based on that information, we have removed her name and address from our marketing list effective 3/11/2016. [redacted] should allow three to five weeks from the effective date to no longer receive mail from Lending Club. We apologize for any inconvenience this may cause. We thank you again for the opportunity to respond to this complaint brought to your attention by [redacted]. To the extent that [redacted] has further questions, please have her contact Lending Club directly by email at [redacted] or phone at [redacted] Mon-Sat 6am-5pm PST.

Initial Business Response /* (1000, 5, 2015/11/18) */
Thank you for giving us the opportunity to respond to [redacted]'s Revdex.com complaint.
Mr. [redacted] contacted Lending Club on 10/19/15 stating he sent in a check to pay off his loan through Lending Club. He also...

advised the check cleared his deposit account on 10/14/15, but that his Lending Club account did not reflect the payment. Upon further research, Lending Club discovered the check had been received and processed by Lending Club's processing bank; however, the check was missing information which prevented the timely application to Mr. [redacted]'s loan.
A Lending Club representative reached out to Mr. [redacted] to obtain information and discuss the issue in detail. The funds have been applied to his account as of 11/17/15, with an effective date of 10/14/15, and his loan is now paid in full. We have adjusted the account so that interest did not accrue after 10/14/15. Additionally, Mr. [redacted]'s payments have been reported as on-time to the credit bureaus.
We thank you again for the opportunity to respond to this complaint brought to your attention by Mr. [redacted]. If there are further questions regarding this matter, please have Mr. [redacted] contact Lending Club directly by email at [redacted]@lendingclub.com or phone XXX-XXX-XXXX Mon-Sat 6am-5pm PST.
Initial Consumer Rebuttal /* (2000, 7, 2015/11/23) */
(The consumer indicated he/she ACCEPTED the response from the business.)
This situation is resilved