It offers borrowers quick loans at comparatively low-interest rates. We`ll talk about Lending Club Complaints and problems faced by borrowers when applying for a loan in this article.
Problems Faced by Lending Club Borrowers
Problems faced by borrowers when applying for a loan are discussed here. By reviewing these Lending Club complaints, you can apply and get a low-rate loan from Lending Club without facing any problem.
- High-Interest Rates
When applying for a loan through Lending Club, the interest rate for some borrowers can be really high. If you are applying for $10,000, then you will have to pay an interest rate of 7%. But this can be high for some people up to 14%. Users can lower their interest rate through various ways. So people can save thousands of dollars through given below ways:
- Better credit score can result in lower interest rate.
- High amount of loan can result in higher interest rate. So try to apply for least amount that you need.
- Try to get a loan only for 3 years rather than 5.
- Large Number of Applications are Rejected
Other considerable complaint made by borrowers, when applying for a loan is that a large number of applications are rejected. So in order to get approved for a loan by Lending Club, the borrower must have a good job with decent salary. Also, they should have interest rate more than 660.
- Unavailability of Loans in few States
Lending Club offers loans in all states of America, except Iowa and West Virginia. So if you`re living in these two states, then it can be difficult for you get approved for a loan by Lending Club. This complaint is usually made by borrowers from these two states when applying for a loan.