With a company like Lending Club there are always going to be naysayers and those that are quick to say that the business is a scam. If you have any doubts whatsoever the best thing to do is to check into the standing of Lending Club with the BBB. Anyone who is even the least bit familiar with the Better Business Bureau knows that they are extremely thorough with their investigations and they don’t take complaints from customers lightly at all. That is why having a good standing with them is very important to a successful business.
In January of 2008 the Better Business Bureau gave Lending Club their seal of approval with a B+ rating. There are not many (if any) businesses operating that are approved by the Better Business Bureau with a B+ rating that are actually scams. This is probably the biggest piece of evidence that can be used when discussing whether or not Lending Club is a reputable company.
This approval from the Better Business Bureau was granted before Lending Club went into their quiet period and since then they have come back even stronger than ever and have really improved on many parts of their business. This means that their business is even better and more reliable now than it was back when they were initially approved.
Some might ask why the BBB only gave Lending Club a B+ instead of an A+. According to the report there were 6 complaints about the company all of which have since been resolved. While 6 complaints is never a good thing, when you consider how many clients the company has and the fact that it is impossible to please everyone, 6 complaints is not that bad at all. The fact that they have all been resolved is great as well. Other things affecting the company’s score is the length of time that Lending Club has been in business. 5 years is a relatively short amount of time as far as businesses go, but that is not anything Lending Club has actually done wrong and that part of the rating will only get better with time. To see the full report head over to BBB.org.
With Companies like Lending Club doing such a good job at helping people borrow money in these tough times it is good to know that there are trusted resources to verify Lending Club as a reputable business. Looking up Lending Club BBB is all you need to do.