The popular peer-to-peer lending company, Lending Club, has earned a “B+” rating from San Jose’s division of the Better Business Bureau. This news comes on the heels of Lending Club’s primary competitor, Prosper Marketplace, earning an unsatisfactory “D+” rating from the BBB.
Lending Club received its “B+” rating because of the relatively low number of complaints that the company received over the past 36 months and because of the company’s response to the complaints that it has had. In total, Lending Club received just 6 complaints. Out of those, Lending Club responded in 3 of the cases by, as the BBB says, “Agreeing to perform according to their contract.” With another one of the cases, Lending Club chose to “Refuse to adjust, relying on terms of agreement.” There were also two complaints that did not have specific responses.
Lending Club’s primary competitor, Prosper Marketplace, earned a “D+” rating from the San Francisco area Better Business Bureau. The company received the low rating because the company received 43 complaints during the last 6 months and because of the company’s relative newness in age.
Lending Club was also merited by the BBB for having no government action taken against the company, no claims in regards to the company’s truth in advertising and the company’s accreditation with the Better Business Bureau.
Thanks to The Little Venture Capitalist for the tip about Lending Club’s rating by the San Jose BBB.
