Comments on: An Interview with LendingClub’s Rob Garcia

By: Mike S.

Mike S. — Wed, 06 May 2009 13:10:13 +0000

So i was contacted by the DR.net admin (thank you!), saying that Rob Garcia from Lending Club would like to clarify this situation and resolve it. I was glad to hear that, hopeful that may be I was wrong in my assessment of the LC business model. I called Rob first thing on Monday. He sounded surprised at the situation and said he will investigate it. I noted that i needed the loan soon, and he said he would get back to me by COB that same day. Now, two business days later, I still have not seen any emails, gotten no phone calls… nothing. Lending Club has failed yet again at ethically conducting its business.

I also did some more research with other people that have used LT/LC and their experiences were negative. From poor communication, to excessive fees, to fees charged BEFORE the load was provided and a hellish process they had to go through to get it refunded when customer decided not to take the loan based on LC work ethics.

I dont need to be contacted by Lending Club to resolve this. I would not do business with them at this point anyway. To future readers, if you are trying to research your next loan and stumbled upon Lending Club, please, do yourself a big favor and do some more research. Try to find a better, more professional lending institution. Go to your bank and avoid the HUGE loan related fees. Good luck!

By: RobG

RobG — Sat, 02 May 2009 01:22:17 +0000

Mike S:

I’m very sorry to hear your experience with us. This is not our standard practice. The offer you got is the same you should have seen on our site. I asked DR to give you my contact information so we can resolve the situation. Please contact me at your earliest convenience.

Thanks
Rob G from Lending Club

By: Mike S.

Mike S. — Thu, 30 Apr 2009 19:27:08 +0000

These guys at Lending Club are using the bait and switch tactic to get your business. When i applied for an auto loan on Lending Tree, they responded with a 7.370% fixed APR. This was after verifying all my info and running a credit check. When i followed the link they sent in the welcome email, i once again had to fill out the loan “paper”work on their site. I am sure another credit check was completed, so that’s TWO inquiries on my credit history. And the worst part is they gave me a rate of 12.66%! Plus they charged me $450 (or more) fee for the loan. Great business tactics! Bait and switch like some low-life used car dealer or gray market online electronics store.

By: Arpi

Arpi — Wed, 14 Jan 2009 21:00:46 +0000

Great interview DR! After reading all your articles about LendingClub I decided to join today. So far it looks like a unique way to beat bank interest rates and still feel good about helping others. Thanks for the inspiration!