Lending Club Complaints – Read Real Issues of Myinstantoffer Complaints

There are number of Lending Club complaints facing the issues & problems with borrowers.But when you need a safe and easier loan then LendingClub is most approachable and convenient option to cling on.

Lendingclub is a trustee organization that make the cash easy to access across the board. It puts its efforts to gather borrowers and lenders on same table and get them to a conclusion point.

LendingClub strives its best to keep things settled and maintain inconvenience at as minimum as possible yet customers might have some queries and complaints about working environment and conditions. This article is here to present possible situations and problems associated with them as reported by people.

SITUATION # 1 Getting your loan denied.

One of major disappointments is getting your loan denied. It feels really discouraging at the time when you have put your effort in getting the amount approved. But, this will not happen without a reason. It is your profile which qualifies you for a loan. There might appear some attributes which lower down your credit score. But, do not worry. There is a second option in this circumstance, which is Prosper. They have quite easy conditions and one can get even lower rate than at Lending Club.

SITUATION # 2 Interest rates offered by LendingClub are too high.

In instance, you have applied for a loan and Lending Club presents your loan offer to you, then your interest rate might be higher than what was expected. The situation can be understood with the help of some points.

The interest rate offered depends upon various factors. To understand these, let’s ask yourself a question that; “What are things that make a good borrower?”

We can list out some of the possible answers;

  • A healthy history of paying back loan can add to your credit score.
  • A sound job can ensure timely installments in future which marks you a competent borrower.

There can be some others points as well but most important of them are credit history and income. Let’s have a look on them one by one.

Option A: Better credit history with a lower score

Credit history carries maximum points in race for a competent borrower. You must take care of your credit history to ensure timely loan. We can enlist some helpful rules to take care of it. The three most effective ways to enhance credit history include:

  • Get your credit history downloaded.
  • Check for some possible errors and weak points.
  • Ensure installments of your previous debts.

You can visit AnnualCreditReport.com and can easily save a copy of your report. Look for your account details and any spam account opened on your behalf. This is rare care but if it happens then do not delay even a second to contact person through given contact number on your credit report to get it resolved.

In case, you have paid previous loan on your credit history well in time but still it shows late submission then you may contact personal for correction of error. This will help to improve your credit score.

Having a bad interest rate can be a reason of your denial for loan. You can correct or modify it by thoroughly going through your report by spending some reasonable time over it. Once, you have double checked everything then you will be more confident about your borrower status.

You can really boost your credit score by addressing issues titled as “In Collections” or “Late” or any other negative remark.

Option B: Looking for some side business to improve score

If you could qualify for a new and better employment status, then it will aid in your credit score and will descend your interest rate. Here are some tips to do that. Be considerate about all your side jobs which earn you some extra dollars round the year. If you have not any such record, then do opt out for some side jobs which will aid to your financial credibility. You can also give a thought to launching some side business by investing in with your abilities. You can always have a check on your credit score through LendingClub.

SITUATION # 3 Monthly payments is very high.

A most common complaint report is that the LendingClub advertise great loans I email fliers but when they check the offer status then the monthly income is far more than their level. It can be frustrating at moment but you can handle the situation by considering simple steps.

  • Only burrow the amount which exactly matches your need.
  • Increase the time period over which you will return the amount.

SITUATION # 4 Loan from LendingClub is too late

People complain about their loan being late with Lending Club. This can be either due to your credit score which needs to be improved or due to some essential bank details that you have not updates over time. You can always contact LendingClub for trouble being caused and get your interest rate lower by mentioning your veteran status (Military veteran get a reduced interest rate)

 SITUATION #5 LenidngClub is asking for gifts or extra credit.

At times, thre is chance of scammed by skeptical people by being asking you for gifts or extra money on behalf of LendingClub. If this is the situation, then do not pay attention to these gift calls. LendingClub will never ask you for these.

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