Comments on: An Interview with LendingClub’s Rob Garcia

By: Michael Phillips

Michael Phillips — Mon, 19 Sep 2011 01:19:53 +0000

@Jim Leatherman
Don’t be so hasty. The API supplied by Prosper is restricted. They disable certain (useful fields) from being search-able. They also limit responses to 2000 elements. It will hardly fulfill your “dream”. I thought I could write an automatic loan buying application, but the API doesn’t supply functionality even close.

The fact is neither platform is very friendly to developers at this point in time, but Prosper certainly wins if you had to choose. I really can’t blame them, once they open up the system with an API they are introducing many potential security issues.

It would be like your bank creating an API to the public to let people query their accounts or even more risky, make transfers!

Although this sounds cool, I also see this introducing a whole new host of abuses and security issues.

By: Jim Leatherman

Jim Leatherman — Wed, 10 Aug 2011 01:46:53 +0000

It has been over two years since Rob Garcia indicated an API was on the roadmap for investors at LendingClub — that API is still just a dream in my opinion at this point. Prosper has better tools for their investors. I will need to switch from LendingClub to Prosper for investing solely because of the lack of an API that can be used with VB.NET or Excel.

By: Mike S.

Mike S. — Wed, 06 May 2009 12:10:13 +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 18:27:08 +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!