Lending Club

shiningstar · ‎04-24-2010

Has anyone borrowed money from the Lending Club? My son was thinking of borrowing, but not quite sure if I trust giving personal information on line or by phone. Banks won't give him a loan so he wants to try it this way. Any advice will help. Thanks

AKgirl2 · ‎05-24-2016

I've never had the experience, but I would Google LC's reviews and check them out with BBB for sure before anything is done. Interest rates must be thru the roof. I just don't trust anything about these types of lending companies. Be wary!

libbyannE · ‎10-27-2010

It sounds as if your son might be digging a hole that he will have trouble getting out of. If banks won't loan him money, he is already over- extended or a bad risk for some reason. He probably needs to get hold of that problem and turn things around before borrowing, especially at super-high interest rates which I have to assume such p,aces would charge. That sounds harsh, but if he is having trouble, borrowing more and paying too much for that money probably will make his situation worse. I say that out of genuine concern, not criticism. Some people end up in such circumstances due to no fault of their own-- job layoff, etc. I am wishing him all the best.

chrystaltree · ‎05-10-2010

I'm sure the interest rates are astronomical. My guess is that it's slippery slope and the borrowers have hard time digging themselves out the pit they put themselves in.

AuntG · ‎03-09-2010

I'd help my son out before I'd let him dig himself into a deeper hole.

fthunt · ‎12-24-2010

Stop the presses! I just read the mostly negative replies here - I INVESTED over $3,000 in Prosper Lending Company about 8 yeas ago.. This money was loaned to 30 to 50 people who asked for loans and I evaluated each and every person and their debt load and their employment record. Overall my experience most people were dedicated and made regular monthly payments - and I made money on my money. However, there were a few who obtained loans but just walked away and Prospect didn't seem to have teeth in assisting us (the loaners) to get our money back. I quit after 3 years and even today I'm still getting small amounts paid to me from those accounts. If you like adventure it is an interesting experience to loan money and get fair to excellent return on interest - and if you need help - and are honest - I say..............go for it!

fthunt · ‎12-24-2010

P.S. Your son is one who determines the interest rate he is willing to pay. Let's say for $5,000 he accepts paying 18%. People like me would decide if I wanted to invest in him or pass or - give him only $25 toward his loan. Each loan could have 10 to 35 different people investing in your son - some for $25 or $75 or $3,000. Your son sets the interest rate and it's up to the investors to accept that or just pass.

I hope this helps.

151949 · ‎03-09-2010

OP - it sounds like neither you or your son are very savvy about money. These deals are rip offs. 18% - holy cow!!!! Unless his need is life or death he needs to forget about this.

granny me · ‎09-05-2014

@151949 wrote:
OP - it sounds like neither you or your son are very savvy about money. These deals are rip offs. 18% - holy cow!!!! Unless his need is life or death he needs to forget about this.

If you would have read she said the bank would not give him a loan. You don't know the reasons, but maybe this would be a good way to buiild his credit and get him the money he needs. You are always so quick to judge, why would you say they aren't money savvy? You don't know what life has handed them.

151949 · ‎03-09-2010

@granny me wrote:
@151949 wrote:
OP - it sounds like neither you or your son are very savvy about money. These deals are rip offs. 18% - holy cow!!!! Unless his need is life or death he needs to forget about this.
If you would have read she said the bank would not give him a loan. You don't know the reasons, but maybe this would be a good way to buiild his credit and get him the money he needs. You are always so quick to judge, why would you say they aren't money savvy? You don't know what life has handed them.

There are very good reasons banks will not loan people money. When you are unable to borrow from a conventional source you need to not borrow AT ALL unless it is simply a matter of life & death. He most likely would be way better off to get involved with a ctredit counselor who would help him get himself out of whatever his situation is. Certainly I would not be encouraging my son to get into some rip off situation.