What is the LendingClub scandal? This question is about LendingClub

What is the LendingClub scandal?

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This question is about LendingClub

Gino Rodriguez, Writer

@gino_rodriguez • 02/01/23 This answer was first published on 12/12/22 and it was last updated on 02/01/23.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The LendingClub scandal refers to when LendingClub was sued by the Federal Trade Commission in 2018 for falsely promising loans with "no hidden fees," telling consumers they had been approved for a loan when that was not true, and making unauthorized withdrawals. LendingClub allegedly failed to provide required privacy notices, too.

LendingClub settled the charges for a total of $18 million in 2021, and the FTC issued payments totaling more than $17.6 million to eligible LendingClub customers. LendingClub customers who took out a loan before January 6, 2017 and repaid what they borrowed were eligible for refunds and should have received an email from the FTC explaining the refund process.

LendingClub has not had any major scandals since being sued by the FTC in 2018. For more information, check out reviews of LendingClub on WalletHub.

Answer Question

Can LendingClub be trusted?

Yes, LendingClub can be trusted because it has a “A-” rating from the BBB and has been an accredited business since 2008. LendingClub also has an average rating of 4.4/5 among users on WalletHub, and WalletHub’s editors gave the company’s personal loans a rating of 3.5/5.

Why LendingClub Is Trustworthy

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LendingClub has a A- rating from the Better Business Bureau.

LendingClub has been BBB-accredited since 2008.

LendingClub has an average user rating of 4.4/5 on WalletHub.

WalletHub’s editors gave the company’s personal loans a 3.5/5 rating.

The company lists product terms and conditions on its website.

The company’s website is secure.

To read more, check out the full LendingClub personal loan review on WalletHub. Then, you can estimate your potential rates with our free pre-qualification tool.

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Why did LendingClub get sued?

Is there a lawsuit against LendingClub?

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