Lending Club, the biggest debt consolidation company in the US, is at the center of a major scam, but its not their fault. I know this sounds weird and confusing but you will understand what I mean in a moment.
Is Lending Club Legit?
You better believe it! They have been around for over a decade and have funded more than 20 billion in loans. Their transparency and consumer friendly practices have led to them ranking at the top when it comes to debt consolidation companies.
They are also a BBB (Better Business Bureau) accredited business, which means a lot. And they have an A+ rating from the BBB. If you know much about the BBB and their ratings, you will know that an A+ is something you don’t come across all that often.
But even with all of this legitimacy, why am I still saying there is a Lending Club scam? How can they be a scam if they are legitimate?
What Is The Lending Club Scam?
The Lending Club scam isn’t actually a scam that is being carried out by Lending Club itself. False representatives are going out and calling people claiming to work for Lending Club, but really they have nothing to do with them. They are simply jumping on the opportunity to rip people off by easily faking their identity.
Usually the scammers will tell you that you have to pay for something (which you will be refunded) before you can get the loan. The whole thing is a lie. They will take your money and run.
This type of scam isn’t that uncommon
Scam telemarketers are everywhere. It seems that damn near every large company has been false represented by scammers at some point. Don’t think that this wouldn’t happen to a large authoritative company like Lending Club. It happens to the IRS all the time! And look at the power they have.
Have You Received A Scam Phone Call From “Lending Club”?
One common trick that telemarketing scammers often use is computer generated phone numbers. They call from randomly generated numbers. This way you cannot block them because they will just call from a different number. And also you can’t call them back, so its like they are untraceable.
If you have received a strange phone call from Lending Club that you think seems suspicious, try calling the number back. If the number doesn’t exist the its a scam.
Final Words On This Scam
Its nothing more than a case of a legitimate company being false represented by scammers. Unfortunately, there are a lot of negative reviews being posted all over the internet about Lending Club because people are getting these scam calls and thinking that its actually Lending Club that is calling them. But its not, they are scam calls.
There are plenty of other scams just like this debt consolidation one out there so be careful. If you receive a call that sounds strange, you might want to hang up.