LendingClub Employee Reviews about "lc"

Updated Jul 20, 2021

To filter reviews, or .

Found 38 of over 783 reviews

3.7
67%
Recommend to a Friend
77%
Approve of CEO
LendingClub President and CEO Scott Sanborn
Scott Sanborn
363 Ratings

The latest conversations about Finance

Join the conversation on

Finance

61.7K Members 

Ask candid career questions

-1 - https://www.fishbowlapp.com/bowl/finance/posts?cf=gd&utm_medium=Glassdoor&utm_source=glassdoor.com&utm_campaign=Reviews&utm_content=Industry-content-prominent-Reviews&utm_term=LendingClub~349061
Join the conversation on

Top Review Highlights by Sentiment

Pros
Cons
  • "Management is bad.(in 39 reviews)
  • "Managers can be good but are overworked so they tend to provide minimal input and I often don’t hear from mine for more than a week.(in 21 reviews)
  • "Connection with senior leadership was really the only piece missing from my initial experience with Lending Club.(in 14 reviews)
  • "Hardly any communication between upper management, other departments and member support.(in 12 reviews)
  • "Low salaries for anyone not at management levels.(in 10 reviews)
Pros & Cons are excerpts from user reviews. They are not authored by Glassdoor.

Ratings by Demographics

This rating reflects the overall rating of LendingClub and is not affected by filters.

Want more demographic options?

Reviews about "lc"

Return to all Reviews
  1. 5.0
    Current Employee, less than 1 year

    Great company culture and values...!!

    May 3, 2019 - Credit Associate in Lehi, UT
    Recommend
    CEO Approval
    Business Outlook

    Pros

    I love how they treat their employees. The culture of LC is awesome. They really care about every individual who works for them.

    Cons

    The traffic is a little hard here in Lehi area.

    Be the first to find this review helpful
  2. 3.0
    Former Employee, more than 1 year

    Great People. Some great teams left. Little Innovation.

    Feb 22, 2021 - Lead Engineer 
    Recommend
    CEO Approval
    Business Outlook

    Pros

    I'm rating this from the perspective of an engineer that left LC back in 2020. Great people, you'll love everyone. They really are great. Decent Pay, def not top of market but decent for Sr, Lead, Principal, Architect + levels. Company perks were nice pre covid. Managers were, maybe still are spectacular. I liked almost every engineering manager I've met. They are, were, really great.

    Cons

    Unfortunately, most of the talented engineers & leaders have already left the company. Seriously, not exaggerating, my tenure was peppered with monthly goodbyes from great people. Since I started, I counted 73 of my working piers leaving the company since starting. Not because of dire situations but because they could be doing more elsewhere... And that leads me to my next point: If you join as an engineer, you'll most likely join a team with little documentation with no seniority on the project. Be prepared if you do you'll be managing the plumbing more than writing new features. Vertically, engineering leadership is now lacking (although there are still great managers). At the C & VP level, engineering leadership in building a great engineering culture does not exist anymore. It's really in maintenance mode since covid started and I hope that now as a bank, LC sees the inevitable and either does what other banks do and hires all engineering offshore to do the core lifting (super unlikelyy)... or 2... actually innovate. Innovation at LC was becoming a bank when I was there because honestly, peer to peer lending failed. What will the next evolution at LC bring? I think unless leadership is serious about innovation, of which all evidence suggests otherwise, I wouldn't recommend joining the company anytime soon.

    2 people found this review helpful
  3. 2.0
    Current Employee, more than 3 years

    Of Course It's Because of Management

    Jul 20, 2021 - Analyst in Lehi, UT
    Recommend
    CEO Approval
    Business Outlook

    Pros

    A jacket or backpack may be given from time to time.

    Cons

    You get to hear where the CEO stands as far as the timeline to get his hair and beard trimmed. It leaves me on the the edge of my seat every All Hands Meeting. LC leased a brand new building in Lehi and spent a fortune in this pseudo-sanctuary for itself and now to save face and despite everybody WFH at 1/3 or less the workforce capacity pre-covid, is forcing everybody back to work because of "need of collaboration" between teams. The raises I've gotten don't qualify as COLA because they are less than the yearly rate of inflation. They've laid off about 1/3 of the workforce after covid hit, and my department went from about 34 to 17 people. We kept up the workload for over a year despite this reduction. Now because of the Radius Bank acquisition, they are only onboarding contingent workers as they are pushing to automate its treasury/finance department and lay off the rest of the department. Managers have experience w/ data manipulation and analytics, but there are no people managers. There is no one acting on behalf of and for the benefit of the employees. They employ the stick method of management visibility and good luck if you ever need to be out sick or go on vacation. LC pushes this culture of everyone being part of this "Club," but like all other company cultures, LC is firstly and lastly a job. There is no additional benefit to this "Club Culture" they push. A word of advice to those who are not customer service phone jockeys: LC Lehi is a call center, therefore the vibe is a call center. If you're not into wearing pajamas or sport attire at work, your department may still participate in its "fun, culture-promoting" activities. LC was the first company where I felt lovebombed when I first onboarded. But as with all cults, the thin veneer of pure joy eventually wears off. And you realize they're no different than many other companies, and for a company that touts a lot of innovation, they seem reticent in explaining why they follow trends instead of creating their own path when it comes to treating employees better. I've witnessed a steady exodus of employees since October of 2019, and I never understood why until I've seen how things are really done on the inside. I am not a bitter employee writing a trolling review, I am just disappointed.

    Continue reading
    4 people found this review helpful
  4. 3.0
    Former Employee

    Fast paced

    Mar 23, 2021 - Recruiting Coordinator in San Francisco, CA
    Recommend
    CEO Approval
    Business Outlook

    Pros

    LC was fast-paced, good growth, snacks, good team culture, and included a gym.

    Cons

    LC offered low paying wages compared to other companies.

    Be the first to find this review helpful
  5. 2.0
    Former Employee, more than 1 year

    Micromanagement

    Aug 4, 2020 - Customer Development Representative/Sales in Lehi, UT
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Loved the office we worked in and worked with some amazing people! I worked in CD prior to COVID-19, and loved the sales atmosphere; it is more encouraging rather than a typical cut-throat sales job like I had previously in Lehi. Prior to COVID-19, I did think there was potential to move up and help from my supervisor to do so.

    Cons

    While at LC, I felt there was little respect paid to the employee. Agents are often told they are replaceable. There is no remediation if a borrower is extremely abusive to an agent, only suggestion is to apologize to the borrower, "not take it personally," and how we were "lucky to even have jobs." The PS role included borrowers using profanity towards agents every day, and borrowers were able to do so every with no repercussions. Of course, with the current state of the world it is understandable that everyone is frustrated, but I do not like the idea that little is done to protect agents from this behavior. Additionally, agents are micromanaged, leading to this "us versus them" mentality. As an example, I did not have a scheduled break for 4 hours (break @8 AM, lunch @ 12:30 PM) which led to me taking a bathroom break for 3 mins. For reference, time away from your station without it being a designated break goes against you and if extremely frequent could lead to no commission. I came back to my desk with messages from my supervisor saying "Why aren't you on the phones? Why aren't you in "ready"? What are you doing?" This sense of distrust towards employees exemplifies that mentality and creates a work environment where distrust is expected. There is also a gap with communication towards employees. There are constant changes, especially with COVID-19, and updates take a long time to trickle down to agents, which leaves us catching up while on the phone with borrowers. The Work From Home Kit is very complicated and agents are blamed for tech issues and if there are many tech issues, you have to use PTO to cover it. For reference, LC uses Windows 2012 and a 40 part set up, so of course there are many issues. With the absence of sick days, agents have to accumulate PTO. I had an immediate family member have a life or death emergency unexpectedly and because this happened and I had not accumulated PTO; in turn, I could not visit family for holidays after although I had bought plane tickets for myself and others and paid for housing. There should be more understanding versus choosing between keeping a job and loosing money from planned travel time. I would have happily taken away future PTO. With COVID-19, borrowers usually call in for assistance. Management encouraged we avoid being completely truthful to them and to instead only help the company’s bottom line, against LC's own mission statement.

    Continue reading
    2 people found this review helpful
  6. 1.0
    Former Employee, more than 3 years

    Terrible company in final tailspin

    Jun 25, 2020 - Product Manager in San Francisco, CA
    Recommend
    CEO Approval
    Business Outlook

    Pros

    there once were many now there are none

    Cons

    Here is the story that many at LC now are piecing together - the way LC went down: it started with the firing of Renaud Laplanche by the board. Total overreaction designed to appease regulators. He was a visionary CEO with amazing sense for storytelling and the media loves him (he just raised Series D round for his LC copycat Upgrade at $1B valuation while meanwhile LC's valuation has plummeted to less than $350M). Scott Sanborn - a nice guy, who had never run anything bigger than a small lending operation before is promoted to CEO by the board and hires the former CFO of WaMu's mortgage operation which was seized by regulators in 2008 under his watch . Scott then makes precarious hire #2 by bringing in as a President one of the worst imposters in the industry - Steve Allocca who was pushed out of PayPal and before that out of Well Fargo. Steve clashes with Tom as well as with the COO Sameer Gulati - a talented and charismatic strategists almost immediately. The COO leaves and Steve starts plotting how to take over the CEO job from Scott by positioning himself as a visionary who's hands are shackled by lack of authority to re-orient the company. Steve creates utter chaos around a fairy-tale story about LC as the financial messiah spreading wellness to the masses despite the fact that the company knows too well that the credit scores of 75% of its customers deteriorate and debt levels rise precariously after customers take a LC loan. For a few years Steve manages to string the board along with this fairytale but fails to produce a substantive plan of how exactly that plan of his work. Then Scott makes mistake #3 and hires an absolute nightmare of a CTO - Bahman Koohestani - a fixer with zero product or technology skills but with profound absence of charisma and penchant for intimidation. An exodus of talented product and engineering leaders and credit professionals ensues. Scott, Tom, Bahman and Steve proceed to cut costs and weaken what's left of LC's core competency in service of the fairy-tale that Steve created to turn LC into a financial-wellness provider. After almost 3 years of pain and "destroying what is working" the board finally loses patience and fires Steve Allocca in the middle of the COVID epidemic which practically shuts down LC's only revenue producing business - personal loans. With the company now left with a skeleton staff and a pale shadow of its former self, Scott and the board hunker down to try and survive COVID until the bank acquisition deal materializes after which there will be no more LC left.

    Continue reading
    17 people found this review helpful
  7. 3.0
    Former Employee, more than 1 year

    Great people on operations level, execs don't care about operations

    Sep 27, 2019 - Operations in San Francisco, CA
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Awesome people on the operations level. Everyone was fun, supportive, and smart. Lots of new college grads. I joined as a new college grad and loved it because I worked with people my age. All of my supervisors were very supportive and always talked to me about growth. Lots of snacks. Many people made "LC" lunches from the bread, cereals, and cup noodles (before they stopped having them). Free gym on the bottom floor. Free icecream, free coffee, free alcohol. Pay isn't that great. Health/vision/dental benefits are actually really great!

    Cons

    Upper management doesn't care about operations. Treated as a number in a very metric-driven space. Member Support reps are practically chained to their desks. Upper management didn't even realize (or care to notice) that customers were waiting nearly 2 hours to talk to a representative, for almost a year. CEO literally never walked onto any operations floor and did not show up at the large meetings that were held about layoffs.

    Continue reading
    4 people found this review helpful
  8. 5.0
    Current Employee, less than 1 year

    Awesome company culture, perks, and mission

    Jul 6, 2015 -  in San Francisco, CA
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Best company i've ever joined! Everyday I am amazed by the company culture - people are constantly smiling, super welcoming, and willing to help! It's amazing that the CEO, Renaud, is putting a lot of effort into keeping this strong company culture. For example, LC just installed a Happy Hours every Tuesday - Thursday with beer and wine on tap. Every month we have a "Hello my name is__" so we can get to know the rest of the company. LC is growing so rapidly. it's nice seeing the other teams! During the orientation, they really try to drill in the mission of the company so that everyone understands that we have one common goal - it's great! We also have a free onsite barista, free massages, spa room, manicures, sleep pods, amazing benefits, and a free gym membership!

    Cons

    We are growing so rapidly that it is difficult to know everyone in the company, but it's nice that there are company HHs to help us get to know the new people.

    Continue reading
    6 people found this review helpful
  9. 3.0
    Current Employee

    Better elsewhere

    Nov 21, 2015 - Member Support Representative in San Francisco, CA
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Convenient downtown/FiDi location, easy access to BART. Mostly good people working in Operations/Support department. If you like free snacks, you'll probably love it. Room for advancement if you know the right people and suck up.

    Cons

    You definitely feel like you're only a number in the Support department. You're tracked with metrics indicating if you're following adherence and staying in queue; don't want to fall under 93% or you'll get a lecture. Most of the reps are actively looking for other work; no one seems to be genuinely happy doing the work. LC likes to promote their Yoga classes and Massages you can get but good luck getting off the phones to be able to take advantage of any of that stuff. You spend all day talking to people who are not really financially savvy & sometimes they don't realize what they're getting themselves into. LC has a very aggressive (maybe even manipulative) marketing tactic to get people to apply for these loans. If you've been in one call center, you've been in them all. Pay is on the lower scale for similar jobs w/ other companies.

    Continue reading
    9 people found this review helpful
  10. 5.0
    Current Employee, less than 1 year

    Groundbreaking Product and UNLIMITED Upward Mobility!!!!!

    Sep 14, 2015 - Loan Sales Executive in San Francisco, CA
    Recommend
    CEO Approval
    Business Outlook

    Pros

    I am proud to say I've been a Lending Clubber for 6 months now after coming from a diverse background in Finance across investment banks, traditional lenders, and the like, and I have never seen a company that practices what it preaches like here at LC. Not to mention the fact that the product we offer is groundbreaking! From an employee standpoint, the company values are implemented at all stages of the operation from the newest rank and file hire, all the way up to the Executive Team. Our leadership team is committed to the career development of it's employees and ensures they are provided opportunity to grow, whether it be within their current role/department or another Employee feedback on day to day operational issues is heard and implemented at the senior most levels, which allows for an inclusive type employment environment that breeds for collaboration and teamwork and is fun and exciting to be a part of. Hard work is not only recognized but rewarded and all it takes to be successful here is belief in the company we work for and the customers we serve. The benefits are awesome and the workplace perks are second to none! From a customer standpoint, I feel we are disrupting the banking industry one conversation at a time by delivering real value to their financial situation and by not pushing products or services that customers realize no benefit from. There have been, in my short time here, so many instances where customers have called in tears, just so thankful for the peace of mind and financial victories they were able to achieve by using our platform. Those types of calls make it very easy to be here every day! I am so excited for the future of our company as we grow into the 2016 and BEYOND!

    Cons

    Honestly, during my time here, I haven't found many. I find that if you just show up, have the right mindset, and do what you're asked, you should have no problems being very successful here. We are on an amazing path....

    Continue reading
    20 people found this review helpful
Viewing 1 - 10 of 38 Reviews

Popular Careers with LendingClub Job Seekers

JobsSalariesInterviews

Work at LendingClub? Share Your Experiences

or