Consumer complaint received 2019-05-14
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: Lending Club Corp (UT)

In XX/XX/XXXX we applied online for a 5 year debt consolidation loan from Lending Club in the amount of {$33000.00}. At the time of approval the interest rate was 17.99 %. Even with credit scores in the mid 700 's. When we realized this would not be a good idea we were given no option to deny the loan before it was approved. The money was deposited into our bank account minus fees totaling over {$3000.00}. By the time the loan paid off in 5 years the total amount paid to them would have been over {$660000.00}. When we got our first statement we noticed the rate had change to 27.99 %. While applying for the loan it stated there were no pre-payment penalties. On XX/XX/XXXX we applied for a debt consolidation loan from XXXX to pay off Lending Club. We got the payoff amount of {$32000.00} from XXXX 's statement, such as we have several times in the past when paying off our other creditors. We were approved for the loan from XXXX with an interest rate of 8.99 % with no loan fees. The loan funded on XX/XX/XXXX. We assumed the loan was paid off until we started receiving robocalls from Lending Club on XX/XX/XXXX. There was no prior contact from them until that date. When there has been any issues with payments such as a lost check they conveniently didn't receive until the day after the check had been cancelled by our bank because the statement was made by a customer service rep they don't like to be paid by check, they contact you at the last possible moment to inform you there is an issue by robocalls. On the first attempt to contact them the automated system stated there was a balance owing of {$840.00} with a payment of {$70.00} due on XX/XX/XXXX, On the third attempt after speaking with a Rep the automated system recording had been changed to state the full balance owed of {$840.00} is due by XX/XX/XXXX. We have spent several hours on the phone speaking with different Reps who can't give us a straight answer as to why such a large balance is owed after we apparently paid off this loan. They all stated they didn't know this was a payoff. It was not our intent to have two loans. One with an outrageous interest rate. They have no supervisors you can speak with and during one conversation it was heard them discussing our loan and laughing about it. One Rep whom we have recorded the conversation with stated it was because they received the payoff check on XX/XX/XXXX and not on the XXXX, which was the loan payment due date, we owe interest for a whole month and it will keep accruing daily. She stated they had customers who missed their payoff by {$.00} and still had to pay a month of interest. This happened to a lot of their customers. We were told we should have used the payoff button on the website to get the payoff amount. To the best of our recollection we don't recall seeing any payoff button. If there is it is hidden and hard to locate. We can't verify any of this information because we can't access our online account. It has been closed. They state there is no issue with it and that we are logging onto the wrong page, which is untrue. When attempting to log onto the Member account Sign-in it brings up a page asking us if we want to apply for a loan. This leads us to believe our account was paid in full and closed when the payoff was received. We have never had this issue with paying off past creditors. If there was an unpaid balance left owing it was interest that had accrued daily not monthly.