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| Lending Club GetMyOffer.com False Offer, Don't Bother Applying San Francisco, California |
| 12th of Dec, 2011 by User563199 |
| As the title says, don't bother applying here if you could actually use the money for what they suggest. This company is representative of what is wrong with the lending industry and the credit reporting model in general. I have a strong income, and I have NEVER had a late payment recorded to my credit, let alone any delinquencies or write-offs. Because my balance-to-limit is high right now, they claim that is a reason (#1 of 2) they denied me. Even though I had the same balances at the time they made their offer, "pre-approved based on my credit", so the propaganda says, now suddenly it's a problem. Isn't this exactly the situation that a loan for debt consolidation/credit card payoff would be for? Reason #2 of 2 they denied me was because of too many recent inquiries. They mean the auto loan I received on a vehicle I bought two months ago, which lowered my payment, and then a recent refinancing, which made my payment even lower. And the huge slap in the face is that this false offer will now show yet another inquiry on my credit. I realize the debt is my own and I will be paying it off with or without the help of a consolidation. However, I don't believe it is right for them to send an offer that they have no intention of honoring, especially when applying further impacts my credit score. I did enough research on this company before the fact to find out that they aren't an outright scam, however, subsequent research has turned up that they are only bound to give you a loan if you want a small amount, have good credit AND low balances, and, according to other reports, they want you to cosign with other people even with good credit and high income. |
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| Thanks for the tip ... I won't be applying, another scam sent to a quality consumer. These companies should be smashed, so should the credit reporting agencies and the ridiculous rating system. |
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| Thanks for the heads up! I almost went for it until I read your post. |
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Katzarr
Thank you, thank you, thank you, ; I almost fell for this also.; am so glad I read everyone on the internet.; God Bless, and your family. We will make it thru this cc mess, without another kind of problem with scam ppl. like this. |
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All your comments are so ignorant. You all obviously do not comprehend in the slightest on how there process works. Maybe before you slam an American company you should do your research just a little more. Yes they have stringent borrowing requirements, but why wouldn't they? Its an unsecured loan, meaning high risk for them. These are all terrible reviews and no one should even bother taking them into account. My advise to you, Mr or Mrs reader, go to there website hit the incredibly helpful "Help". This is all the information you need. I'll even provide you a link: http://www.lendingclub.com/kb/index.php?CategoryID=33. If you do not meet borrowing requirements why would you apply? You're going to get turned down, as you would with most unsecured loans. So before you flame, troll, complain... educate yourself on what you are applying for. Also for everyone who states they applied and had a "ding" on there credit reporting for no reason, the process in which they check your credit is done as a soft inquiry (see: http://credit.about.com/od/creditscorefaq/f/what-is-a-soft-inquiry.htm).
Personally companies like lending club, prosper, and many other p2p lenders are revolutionizing our nations financial structure for the better.
Hope this post helps all of you who are researching this company.
PS this is coming from someone whom has also been denied a lending club loan. No sweat off my back, just have to learn to budget better and control my spending. I feel that Adverse Action they provided me was more of an eye opener than anything else. You go Lending Club! Thank you for the life advice in the form of a legal document! You rock!
I say g'day! |
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| @lookin2borrow I completely agree, great post! Thank you for the links. |
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| Wow. Shame on you Lending Club! So easy to get sucked in. Thanks for the heads up. Not quite as dumb as we seem on the Springer show her in Ky. Loramo |
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| Saved by the bell of these postings. Thank you all for your comments/advice and may the force be with you |
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