Safety & Privacy

At Lending Club Your Safety is Our Priority

Lending Club is committed to protecting your financial security. We believe the success of the marketplace is tied to your financial safety and strive to exceed industry standards for privacy and security. To learn more about how we protect your financial information please review our Privacy Policy.

Technology and innovation are making it easier than ever to understand and manage your finances. Unfortunately, they can also enable criminals to create new ways to deceive and steal from you. Fortunately, a few simple steps and common sense will protect you from most incidents of financial deception.

Identity Theft and Advance Fee Scams are two increasingly common techniques that criminals use to target potential victims.

Understanding Identity Theft

Identity theft is when another person obtains your personal or financial information and uses it to make purchases or obtain credit under your name for their benefit. For example, you may notice a charge for a new television that you didn't purchase on your credit card statement, or someone may even try to obtain a credit card or loan in your name.

Criminals can get the information they need to assume your identity from a variety of sources including, stealing your wallet, rifling through your trash, or by stealing your credit or bank information. They may approach you in person, by telephone, or on the Internet and ask you for the information. There are many sources of information, but you can minimize your risk by following these simple tips.

  • Shred ATM receipts, credit statements, credit cards, or bank statements before you throw them away.
  • Never give your credit card number over the telephone unless you make the call.
  • Review your bank account and credit card statements monthly. Notify your bank or credit card company of any unauthorized transactions.
  • Review a copy of your credit report at least once each year. Alert the credit bureau in writing of any questionable transactions, making sure to follow-up until they are removed.
  • Keep a list of telephone numbers to call to report the loss or theft of your wallet.

Check out the below video made by the Federal Trade Commission, a government organization that is in charge of protecting American consumers. It provides some useful tips on how to prevent identity theft.

How to Respond

Remember, identify theft can often be avoided by knowing how to protect yourself. If you are concerned that identity theft has occurred in connection with Lending Club, you should:

  1. Call Member Support immediately at (888) 596-3157.
  2. Contact one of the three major bureaus and ask that they put a fraud alert on your credit report. The first bureau is required to contact the other bureaus to place the alert on all your files. You can contact the three major credit bureaus here:
  3. Request a copy of your credit report. You can obtain a free copy of your credit report every twelve months by visiting
  4. Review your credit report and close all fraudulent accounts. Contact a member of the fraud department of each company where a fraudulent account was opened in your name. Ask for written confirmation that the accounts have been closed.
  5. File a police report. This will serve as proof that a crime has been committed and will provide additional support for the credit reporting agencies and creditors to help repair your credit.
  6. File a complaint with the Federal Trade Commission (FTC). Filing a report with the FTC helps the government track and respond to identity theft. You may file a report by calling 1-877-439-4388 or online.

Understanding the Advanced Fee Scam

The second type of financial deception we want you to be aware of is consumer fraud, which is the act of illegally deceiving a consumer for financial benefit. There are several different types of consumer fraud, but one increasingly common example is the Advanced Fee Scam. Here's how it works:

You receive a call from a company that you have never contacted, offering you a loan with attractive terms. The caller may represent themselves as calling from a major financial services company. To obtain the loan, they instruct you to purchase a prepaid debit card (frequently a Green Dot® prepaid card or Vanilla Visa® gift card) for several hundred dollars, which they claim will be used to deposit your loan.

They will ask you for the card number to verify the account and transfer the loan funds to you. However, they instead use the card number to withdraw the funds you have deposited on the card, without any intention of ever providing you with a loan. (Often times, they will then request additional fees to resolve alleged problems they have encountered with your social security number, credit report or outstanding issues with the I.R.S.) The Advance Fee Scam often targets victims with poor credit who have recently had multiple loan applications declined, offering them a large loan at a low rate. Remember, if a loan offer comes out of the blue and seems too good to be true, it probably is.

The good news is that you can completely protect yourself against the Advance Fee Scam by knowing what to look for and taking simple precautions. Remember that it is very uncommon for a lender to guarantee that you will receive a loan before you apply, or before they have checked out your credit status, especially if you have bad credit or no credit history at all. Here is some additional guidance on how to protect yourself against the Advance Fee Scam.

  • Don't pay money for the "promise" of a loan. Ignore any advertisement or hang up on any cold caller who "guarantees" a loan in exchange for a fee paid in advance.
  • Beware of anyone who pressures you to "act immediately" by sending money or personal information.
  • Never send money, whether by prepaid debit card, wire or money orders prior to receiving the actual proceeds of the loan. Most lenders won't ask you to send funds in advance, and you will have little to no protection through these methods.
  • If you are not absolutely sure who you are dealing with, get the company's contact information directly from their website and call them to make sure you're dealing with the company you think you're dealing with. And if they have an online presence, check there too. In the past, some scam artists have pretended to be the Better Business Bureau or another legitimate organization; on- or offline, you should always make sure you are dealing with a reputable party before you give out sensitive financial information.

How to Respond

At Lending Club, we pride ourselves on providing a safe, transparent online lending experience. Lending Club will never ask you in advance to provide payment for any type of insurance, application fee or fee to obtain a loan. You can apply for a loan for free here.

If you believe you may be a victim of an Advanced Fee Scam in connection with Lending Club, you should immediately take the following steps:

  1. Do NOT provide account information for a prepaid debit card to an unknown caller. Lending Club will never request this information from you.
  2. Call Member Support immediately at (888) 596-3157. We can verify the identity of Lending Club employees.
  3. File a complaint regarding internet-related fraud with the Internet Crime Complaint Center.
  4. Report the scam to your state's Attorney General. You can find your state's contact information here.

We Are Here for You

Remember, you are the first line of defense in protecting yourself against identity theft and consumer fraud. But in the event that you need us, we are always here. Please contact Member Support with concerns, comments or questions at Contact Us Now or toll free at 888-596-3157.

To learn more, check out our blog about Safety & Privacy