Lending Club and Sign up issues

I am a lender on Prosper and I kept hearing about Lending Club so I decided to try that out too.

Lender Sign up is Easy

It was easy enough to join as a lender until I saw what they did to verify the account. Normally, when you have to verify an account online the place you are trying to verify sends a small deposit to your account.

Not Lending Club!!!

They actually withdrew a small amount from my account.

What?

This amount was then kept in my balance as part of the funds I would have available to lend in the future.

I thought this would be another way that I could possibly make money online once I got the system (and the money) down.

Borrower Sign up is Not So Easy

I then thought that I could also help myself to save some money by applying for a loan here so I clicked on the borrowing tab.

STOP.

Lending Club wants me to register again with a DIFFERENT email address (and user name) to become a borrower. Talk about confusing.

I finally got it set up and I just have to go home to check my email to get the activation link since I cannot access my email at work.

I am looking for alternative sources of income that will help with the bills especially since I got LASIK and I have this upcoming surgery at the end of February.

Author: Lulu

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4 Comments

  1. I couldn’t agree with you more.. I’ve made a loan couple of years ago.. How difficult it is, to be a borrower. Verification is rigourous and most of the time it can be unpredictable.

    Colin Joss
    East Lothian, Haddington, United Kingdom

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  2. I guess they make it difficult to try to scare away people who are trying to scam the system.

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  3. I thought the same thing when I tried to sign up. Withdraw money to verify my account? I stopped right there. Let us know how that works out. If it seems beneficial, I’ll suck up and do it.

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  4. Well LB the loan has now been fully funded and they are just verifying my info so that the funds can be released.

    If all goes well I should have the money by the end of this week.

    Use my referral to sign up pretty please!!!!! 🙂

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