Consumer complaint received 2020-05-19
Company: Lending Club Corp
State: MN
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Struggling to pay your loan

Complaint:
This complaint is regarding the overall conduct of Lending Club during the COVID 19 pandemic, as well as their customer service and error rate when working with customers regarding payments. I think it's particularly important that this information be published online considering their acquiring of XXXX XXXX. Customers need to know exactly what they are in for if they choose this bank for lending/borrowing and other services. 

I have two installment loans with Lending Club in the amounts of {$18000.00} and {$8100.00}. I've never missed payments and have been diligent about knowing the status of my note terms and payoff dates. My first issue with their service arose when I changed my due date to the end of the month to coincide my my other payments to creditors. I was assured multiple times by at least two reps that there would not be a double payment due to the change falling within certain parameters. I thought this odd, but having had it verified by more than one customer service rep, I accepted this. To my surprise, I started receiving collection calls from their internal collections department stating I had fallen behind. When I informed the collector of the situation, I was informed by her that she could clearly see the error documented in the notes and that she would have a supervisor call me that afternoon ( never happened ) and while the error was theirs, I still had to make the payment. I had to swiftly move finances around to come up with double payments on my loans very quickly, which caused significant hardship but I still did it to keep my credit rating intact. They also have had intermittent issues with technology properly reflecting your payments as they apparently ( or so I was told ) migrated over to a new payment system. Therefore, the data you would be seeing regarding upcoming and pending payments did not accurately reflect the status of your loans. These have not been isolated incidents ( misinformation from customer service and inaccuracies in the record keeping ), and I will never trust their customer service reps/online platform again. 

Their response to the COVID 19 pandemic has been nothing short of disastrous. While my other creditors have proactively reached out to their customers to get a feel for their finances and ability to pay, Lending Club completely dropped the ball. In other words, great customer service. Lending Club was reactive, and their response came significantly later and no proactive outreach was made to customers until much later than my other lenders. It also took me sending a scathing email through their online portal to be offered a two month deferment on payments as I navigate a furlough and possible unemployment. This is obviously not enough given the economic circumstances and uncertainty facing customers as this pandemic will not be just " go away '' anytime soon. I will likely default on my loans if they do not offer additional concessions or options. I tried to email them, and I received a canned response advising to call. I followed this directive and made several attempts at phone contact, but I am unable to get through to a customer representative as they not properly staffed to handle call volumes. 

I would strongly advise not doing business with this organization at all costs. There are other online lenders that likely treat their customers much better.

Company response to consumer: Closed with explanation