LendingClub Small Business Customer Success Stories
Without LendingClub, we wouldn't have been able to start our business two years ago
In 2012 I decided to start my own business, but didn’t have the capital I needed to get started. Banks wouldn’t lend to me because I didn’t have any collateral, and I had already borrowed from my 401k. I then learned about LendingClub, applied online, and that night I was able to get a personal loan through LendingClub to start my business. Bison Supply started with just me working in a spare bedroom and storing materials in my garage, and today, our business has grown to seven employees with over $4 million in revenue. Now in our second year in business, I decided to get a business loan through LendingClub to help us increase our inventory and purchase larger quantities, which in turn will save us money and increase our profit margins. Without LendingClub, we wouldn’t have been able to start our business two years ago, and without our recent small business loan through LendingClub, we wouldn’t be able to purchase more inventory efficiently expand our business. I would recommend LendingClub to any business owner who is looking for a loan with competitive interest rates, streamlined process and speed.
Supreme Accounting & Tax SVC
I was surprised by how straight-forward the process was, and how quickly my loan was funded
We were ready to open a new tax service location, but we didn’t have the capital to fund it. I applied for a loan through LendingClub and was surprised by how straight-forward the process was, and how quickly my loan was funded -- less than a week! Now we have the opportunity to expand our marketing budget and open our new tax location. Thank you LendingClub for making it possible to continue to growing our business.
Champions on Display
None of the lenders I've tried could match the $100,000 loan with a 7.9% rate
LendingClub's combination of an easy to use online platform, a knowledgeable client advisor and affordable rates is a trifecta that is unique to other sources of financing I've checked out in the past. None of the lenders I've tried could match the $100,000 loan with a 7.9% rate that I was able to borrow through LendingClub's platform.
GC Fasteners, Inc
Plus, LendingClub's customer service is unparalleled
Owning a small business can be stressful, and saving time and money are vital. We’ve worked in this industry for 20 years, so when we started our own business out of one of our garages 10 years ago, we knew what we were up against. We run a wholesale distributer of fasteners for the construction industry, and we work with all the major construction companies in the Bay Area. We applied for our first business loan about nine years ago when we were just getting our business off the ground. We went to a bank, which offered us a loan and a line of credit. But the process then was a lot easier then than the same process today. Nowadays, lenders need to know all the ins and outs of your finances, like how much money your child has in their college fund, before they decide whether or not to actually give you a loan. We just don’t have that kind of time to waste. One day we were checking out LendingClub’s site to see if we could invest in their personal loan platform when we saw on their website that they also offer small business loans. Their application process was straightforward and easy – they were only interested in the true numbers behind our business, and we appreciated that. Once LendingClub saw that we were eligible for a loan, we were able to move forward right away with giving them more information about our finances and credit. The whole process was fast – we received the funds in less then two weeks from when we started the application! Plus, LendingClub’s customer service is unparalleled. Our Client Advisor was always available, and we appreciate how they took our business’ story into consideration as we applied. Their attentiveness is really impressive. Our $50K loan through LendingClub not only helped us pay off our bank loan, but it helped us increase our inventory by over $150K and increase our sales volume as a result. We couldn't have grown this much without the loan we got through LendingClub. When we needed funds, we could depend on LendingClub to get them for a reasonable rate and fast. And when we can depend on LendingClub, our customers can depend on us.
Khodr-Private Car Wash
I plan to come back to LendingClub for another loan to expand my business
The key to growing a small business is finding the niche and filling it. I started this business when I was 21 years old by going door-to-door and asking if people wanted their car washed. I moved on to become a mobile business, washing vendors’ cars in shopping malls while they were busy at work. Now, 8 years later, we are a successful and growing business bringing our service to your door. I have a long-term relationship with a bank, but I recently needed extra help increasing our inventory and growing our sales volume fast. When I got $20K with my loan through LendingClub, I was able to get ahead of my business plan by about 6 or 7 months. Plus, the loan let me buy a new vehicle to help deliver service quickly to customers, hire four new employees, and buy a new water recycling machine which reduced our costs by about 60%. All together, my loan through LendingClub let me invest in my business to ultimately double our profit. I plan to come back to LendingClub for another loan to expand my business even more as soon as I pay off my first one!
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So I tried LendingClub, and was immediately impressed by its clean and easy website
I live in a small community in Alaska, so you have to be a year-round jack of all trades if you want to run your own business here. I started a zip line course on 120 acres I own, and that did so well, I’m building another one on the Seward Peninsula, south of Anchorage. But the tourist season here is so short -- from May through September – that I only have five months to generate income, then I need to rely on my savings account to support me for the rest of the year. I needed money as a line of credit to first get me to the starting line of a new tourism season, then cover the costs incurred for opening up a seasonal business again. But it’s not an easy environment for small businesses – you have to jump through hoops to get a loan, or grow bigger through other sources of money for lenders to look at you. I started by looking at one online lending company that wanted to look at my last three months’ worth of statements, but that was October through December, which is the worst time for me to make money. They didn’t want to look at June through August, when hundreds of thousands of dollars come in. So I tried LendingClub, and was immediately impressed by its clean and easy website, I just started entering info, and I moved through the process quickly. I was asked about my cash flow, and Travis, my Client Advisor, could easily see how my business works, and that I had a strong credit rating. In fact, as I went farther through the process, LendingClub realized how solid my business and credit rating were, so they gave me a lower interest rate than originally quoted. They did their research, they trusted me and said they could work with me. That was a great feeling. I also am interested in the other half of LendingClub’s businesses – getting investors to take bets on small businesses like mine. It may not be long where I am on the other side of that wall, and can be an investor in promising companies. I like the way LendingClub works, and I’m fascinated by how they fill the niche that established lending institutions of lending are unable to. There’s that statistic that the average small business closes after five years in business. I am starting my fifth year in business, so I am still in the realm of possibility of not succeeding. Getting access to capital at the right time is everything, so LendingClub fills a basic need for lots of small business owners like me.
The difference of experience... is enormous
The difference of experience in getting a loan facilitated through LendingClub versus other banks is enormous.... Completing the online application and getting approved took less than 5 minutes and I was fully funded only a few days after being approved. I would recommend small businesses looking for working capital to try LendingClub.
BSG New Jersey LLC
LendingClub filled the gap that was stopping us from a critical project for our business, and now we're back on track
We’re a small IT consulting firm that started in 1998 with myself and two other partners. A few months ago, a client asked us to build a data center, and we took out a construction loan from a traditional bank to build it. Once under construction, we realized we didn’t have adequate funding to finish the project. We were in a crunch — without $60,000 we couldn’t finish the project and we couldn’t wait the 30 to 60 days that it would have taken to get a loan through traditional ways. A friend recommended that I check out LendingClub, which I quickly realized could provide exactly what we needed. An hour after applying online, we received a call from a Client Advisor who helped us through the process, and nine days later our loan was fully funded. LendingClub filled the gap that was stopping us from completing a critical project for our business, and now we’re back on track.
PT McGraw Trucking LLC
I've been in business for a long time and getting a business loan through LendingClub was so much better than the traditional way...
I’ve been in business for a long time and getting a business loan through LendingClub was so much better than the traditional way of getting business loans in the past. Everything was up front and straight forward from beginning to end. Other companies ask you for an application, then your tax returns, then a week later we need this or that and 6 weeks have gone by and you don’t have anything. I completed the entire application process and got my loan within a week. With my loan, I can expand my business -- add 3 new employees which will help grow my customer base and ultimately increase my revenue and profitability -- a real game changer for my business. You can't beat 10% for a working capital business.
Michael Sullberg Wines
I would recommend LendingClub to any small business owner who is seeking funds
My father started our family’s wine business in the early 80’s and in 2011 I became the sole proprietor. Our winery, Michael Sullberg Wines, is based in Healdsberg, California, and I’ve been excited to expand our portfolio to growers in Oregon and growers in Italy. In order to expand, I needed more capital. I looked into loans from other banks and other marketplace lenders, and LendingClub provided the best solution - I was able to get the loan amount I needed with the terms that worked best for me and my business. Applying online took only a few minutes and my client advisor was very knowledgeable, accessible and provided superb customer service. I would recommend LendingClub to any small business owner who is seeking funds.
The online application process with LendingClub was unbelievably fast and very efficient
I thought I didn't have any other options, but thankfully I found LendingClub. The online application process with LendingClub was unbelievably fast and very efficient. My Client Advisor was there every step of the way. Getting a loan through LendingClub was a relief -- it helped keep my business moving when we were in a bind and now we are able to move forward with getting more clients to grow our business.
You could not have made my experience better
My business partner and I started our business on credit cards and tried many different companies to consolidate into one payment. Nobody was interested in helping. We applied on your site (which was extremely easy to understand), we were approved and we immediately paid off our credit cards. I liked the larger payment and short term for the loan.
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I never thought LendingClub would be my main source of funding for our rapid growth
LendingClub loan made our acquisition of 4th location possible six month early.
Day and Night Care Inc.
Loaning me what I requested would have helped but I was quite satisfied
Other lenders loaned more but wanted daily payments and my bank takes too long and want more. When someone need funds and is capable of paying it back, they don't want a lot of hassle. This was a hassle free experience.
I found that all other online lenders offer ridiculous rates and/or payment terms.
Langstaff Agency, LLC.
We'd been turned down by the only bank, a regional, we've used without a hitch for two companies for over 10 years
We really needed help to get to the end of the year, so we researched and rejected several non-bank options before finding LendingClub. LendingClub's application and approval processes were easy and fast. If I'd anticipated the funds transfer would be so fast I'd have asked for a delay.
I cannot think of anything that The LendingClub could have done to make our experience any better
We have never experienced a loan procedure that was so easy & quick. I am still in shock because of the great job your company did for us. If the money had not been deposited into my business account, I would think it was too good to be true! Thanks you for your help with our business plan.
Crazy Combs INC.
I had my reply within five to six business days, with LendingClub
I have applied to other companies for business loans, with whom I do business, it took a month to get a rejection letter. After weeks of "one more document". I am creditworthy with a long history of business & repayment of loans. I had my reply within five to six business days, with LendingClub, the rate may be higher than other financing companies but for my needs reducing higher interest debt and website developement, it was a fast and painless process. Thank you!
I would use LendingClub again
Brian is a great rep. He helped me get through the process and was very helpful. This made it very easy and fast to get my loan.
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