The borrowers that have already benefited from Myinstantoffer.com Lending Club are large in numbers.
And they are all optimistic while having the services of a peer-to-peer organization. But complaints about Lending Club check the loan aspirants to avail its services.
Complaints about Lending Club are compounded with positive reviews.
However, some complaints are authentic while others are the result of frustration. So, here we will point out the common complaints about the Lending Club.
You should have the knowledge that Lending Club is different from other financial institutes.
As investor invests their money at Lending Club that is collected and managed by WebBank. The bank then gives out the loan to the qualified ones.
The maximum loan amount for which you can apply is $40000 that you are to repay within 3-5 years depending upon the lender.
Five Recent Complaints About Lending Club
Here, we will inspect common problems that have faced by the borrowers at Lending Club.
More risk factors than allegations while applying and if you successfully go through the eligibility criteria, then you can smoothly get your loan from lending club.
- Loan Applications with Large Amount are Refused
This the most recorded complaint about Lending Club. Mostly borrowers hesitate to get a loan from Lending Club because its eligibility criteria and application process is very strict.
Being a beginner, you need to have a credit score of 600. This is the most important feature to follow if you want a loan from Lending Club.
Together with your credit score, your income, financial history, loan repayment capability, loan the amount and other factors are also considered.
Therefore, if you don’t meet any of the feature and criteria then not only your loan will be rejected but also you will not get the desired amount.
After this, you can avail the services of other platforms. But remember this you can get quick loans only at Lending Club.
- High Interest Rates
The minimum interest rate that Lending Club charged is 7% however it can go up to 14%. And this happens when you don’t manage your finances.
To save your thousand dollars, you need to do this:
- Upgrade your credit score.
- Don’t apply for large loans if you are not capable to repay.
- Do prefer for short term loans, like 36-month instead of 60-month time.
- Don’t shop with credit cards. As for more credit, you request it lowers your credit score.
- High-Priced Loan Repayments
Some individuals find it difficult while repaying for their loans because they cannot manage the payment.
The maximum amount that lending club offer is $40000 with a higher monthly payment of $1000.
It is hard for most of the borrowers to meet this high loan payment.
To avoid this type of situation, it is advised to take the loan with necessary amounts.
- Displeasing Customer Services
Mostly, the borrowers forget or fail to pay monthly. So, the borrowers are notified by the Lending Club through email or telephone.
But if the borrower still ignores and not pay off its payment, then it gets the loan in the collection from Lending Club.
Assume that if you don’t accept the telephone call and answer the email also don’t repay on your loan.
Then Lending Club contacts you through agents which remind you about the missed loan payment.
This aspect of Lending Club is the most annoyed one for the borrower and most of the complaints are about this.
To compete in this situation properly you need to pay on time. And if you miss for some reason then manage it in one or two days.
- Loan is not available in all state
Lending Club is available in all the states of America expect the mentioned ones. So, if you don’t live in the available area then Lending Club services are not for you.
In such situation, you may use the other lending platform.
What is the Better Business Bureau opinion?
The Better Business Bureau has positive reviews about Lending Club and has given it A+ amongst the online lending service providers. Also, it gets the certification of credibility.
CBS News words about Lending Club
CBS news reports also praise the collection returns on the loans taken by the borrowers. The reports revoke the complaints about Lending Club and said that both the investors and borrowers are satisfied with the services.
Complaints observed on other Websites
Some complaint websites are made to diminish the credibility of any business organization. The names of observance are anonymous, and the complaints are not from an authentic source.
And most of the complaints that are recorded on such sites are pertinent to pre-approval.
The complaints about lending are varied with borrowers. If you thoroughly read the complaints, then it will be clear that faults are gone with borrowers rather than an organization.
The borrower is to look through all the terms and conditions before getting the loan.