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LendingClub Business Loans

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LendingClub Business Loans Review

    Erica Seppala
  • 3 comments
  • Updated on:
Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
Erica Seppala

Erica Seppala

Expert Analyst & Reviewer at Merchant Maverick
An expert in accounting, finance, and point of sale, Erica has been researching and writing about all things small-business since 2018. Erica's insights into personal and business finance have been cited in numerous publications, including MSN, Real Simple, and Reader's Digest. She is a graduate of Limestone College.
Erica Seppala
View Erica Seppala's professional experience on LinkedIn.



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3 Comments

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    Phil Phan

    We went through the online app and was PRE-approved for 84,000. We chose 40000 to borrow for 36 months to do some remodeling. We then were asked to provide tax doc, 3 months of bank statements, and we uploaded the docs as requested. A few days later, the rep asked through email, “what does your business do?” Our name and info on the app and tax doc should indicate the kind of business we are in. Anyhow, after all the trouble, they sent an email of denial, “..we do not service your type of business.” We operate a convenience store with gas station with revenue of around 3.5 mil per year and with excellent personal and business credit. WHY NOT POST A LIST OF BUSINESSES THAT THEY DO NOT SERVE. IT WOULD SAVE PEOPLE TIME AND A LOT OF CONFIDENTIAL DATA NOT NEED TO BE GIVEN OUT FOR NO REASON. Our local bank is too small to service our need and there is no national bank in our town.

    1

      This comment refers to an earlier version of this review and may be outdated.

      Jeff Keeger

      How can you not mention the scandal enveloping LC?!

      https://www.valuepenguin.com/2016/06/lendingclub-scandal-its-time-take-closer-look-marketplace-lending

        This comment refers to an earlier version of this review and may be outdated.

        Bianca Crouse

        Hi Jeff,

        When we heard about the events occurring at Lending Club last May, we decided that it would not have an effect on our rating because we are reviewing Lending Club from a borrowing perspective, whereas the events that transpired were a problem on the investor end.

          This comment refers to an earlier version of this review and may be outdated.

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