LendingClub Reviews

Cons

I can't think of any Cons at this time.

Cons

Many operational changes happen quickly

Cons

The company has survived several devastating shocks, including our CEO committing fraud and being ousted by the Board in 2016. That, in turn, created more shocks. Taken together, it's meant the past few years have seen a huge amount of change and turnover in personnel. As the company shifts its business priorities, it causes disruption for the people working there. If your boss leaves and you don't like your new one quite as much, you might leave. That causes your friends and colleagues to reconsider things, etc. Change is hard and it's not over yet.

As the business and personnel change, even at the top, it means the executive team isn't always in agreement. It can cause even more disruption as initiatives are created or killed, especially if the communication around it isn't perfect.

For all the facts that it's publicly traded, 1800 people, and 11 years old, this is still a large startup. If you want something more stable, Visa, Wells Fargo, and Blackrock are all nearby.

Cons

Sometimes, you’re not able to get credit for the work you do. Prospects call back but at times, they don’t get to you and someone else gets the credit for selling the loan.

Cons

too much work load, no work life balance

Cons

Conservative; Short-term thinking, maintaining instead of innovating

Cons

monotonous work, Terrible upper management

Cons

Need more structure, Stock is climbing very slowly

Cons

DO NOT work in Member Support unless you are desperate for a job or changing careers. LendingClub's operation team (Customer Development, Credit, Payment Solutions, and Member Support) have a crazy high turnover rate. I was working in Member Support for almost a year and I was one of the longest term employees in the department. They hire in large groups (10-15) monthly. Of the 10 people are started with, only 8 made it out of the 1 month training and only 3 people were remaining after 3 months.

You are expected to be on the phone 93% of the day and your productivity is tracked down to the minute. If you need to use the restroom or if your call goes into your break, it will negatively affect your score. You are also graded on QA (they listen and grade two of your calls per week), Customer Surveys, and Average Handle time. You are nothing more than a number working here. The managers and supervisors don't care how burned out we get taking back to back calls for 7.5 hours a day. T

 Although the supervisors here were nice enough, they were pretty much useless. They pretty much sit at their desk all day, and no one actually knows what they're doing all day. If you need help with a customer or have a general question, you just get redirected to a member of the Assist team. It got to a point where I wouldn't even bother the supervisors and go straight to the Assist team anytime I needed help.

During the hiring process, they mentioned that after 6 months you are able to transfer to a different department. What they didn't mention is that the departments you can transfer into are just lateral moves within operations. In my 1 year working here, I did not see anyone actually get promoted to a higher role.

SIDE NOTE : The Member Support team is currently expanding to a branch in Las Vegas, Syracuse and Jamaica. The cost of running a call center is much cheaper at those locations, so if you're looking for job security, this is not it.

Cons

Treated like a number, high turnover rate
Never valued as an individual as much