Consumer complaint received 2021-12-05
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: Lending Club Corp (CA)

Synopsis : I procured a loan from Lending Club through my dentist 's office. It was advertised to me as a no-interest loan. When I received the first statement, I saw that I was charged 17.9 % interest. After several calls to Lending Club and my dentist 's office, the loan was cancelled. To date, the monies paid toward the loan, including the interest charged, has not been returned to me. 

History : On XX/XX/2021, I procured a loan through my dentists office for dental work. It was advertised to me as a no-interest loan for {$11000.00} through loan Lending Club XXXX However, when I received my first statement from Lending Club, I noticed that the interest rate for my loan was 17.9 %, a stark difference from the no interest loan that was advertised to me. I immediately called my dentist office to correct this mistake and was told that I need to contact Lending Club. On XX/XX/21, I contacted Lending Club to correct the mistake. The representative told me that my account would be changed to a 2 year loan with no-interest. Then, I received the following months statement. Again, I was saw there was a 17.9 % interest charged to my account. I called Lending Club again and was told that the last representative was incorrect in saying that I could change my loan to a 2 year no-interest loan. The representative told me that my loan was currently a 5 year low-interest loan, despite the statement I received indicating a 17.9 % interest rate. 

In XXXX 2021, I lodged a complaint with Lending Club. I was told to contact my dentist office and to ask the dentist office to contact Lending Club to resolve the issue. I contacted my dentist office again per the instruction of Lending Club. When there was no resolution, I asked my daughter to contact Lending Club on my behalf. My daughter called Lending Club and offered to payoff the loan amount in an attempt to avoid further interest charges on the account. She was told to wait pending the result of the complaint that I had lodged in XXXX. I received my next statement from Lending Club, again showing a 17.9 % interest rate charged to my account. My daughter called Lending Club again and was instructed to have the dentist office cancel the loan by returning the money it had received from Lending Club and then to obtain a new loan through the dentist office as a separate transaction. She was assured that all monies paid toward the loan, including the interest for the last 2 months would be returned to me. 

On my behalf, my daughter contacted my dentist office and asked them to return the monies received by the dentist office to Lending Club. XXXX, an employee of my dentist, said that she would speak to XXXX XXXX and Lending Club regarding the same. XXXX called my daughter back to say that XXXX XXXX will return the money to Lending Club. She also said that she had spoken to Lending Club and was reassured that the all monies paid on the account up to that time, including interest, would be returned in a few days. After a week elapsed and I had not received my refund from Lending Club, I contacted them as to its status. I was told that I had a credit of {$450.00} in the account, which was cancelled. I complained that I did not want a credit to a non-existent account and that the amount to be refunded was incorrect. I should have been refunded {$1000.00} ( check XXXX and XXXX ), which was the amount that I had paid to Lending Club. Later, I received a check in the mail in the amount of {$450.00}. I have not cashed the check because I do not agree that this is the amount due to me and to this date, I have not settled this dispute with Lending Club.