Lending Club FAQs
FREQUENTLY ASKED QUESTIONS
What is Lending Club?
Lending Club is a public company that operates an online marketplace (www.lendingclub.com/coastalstates) which brings together consumers in search of lower cost unsecured consumer installment loans and investors to fund the loans. Lending Club has operated its online marketplace since 2007. Through extensive use of proprietary technology and an efficient origination and funding process, Lending Club has been able to lower operational costs and deliver an attractive alternative to consumers for their unsecured lending needs in lieu of higher rate credit cards and other financing alternatives. In order to compete with the largest banks and credit card companies, Lending Club is focused on partnering with community banks, including CoastalStates Bank.
Why should I use this program to take out a loan through Lending Club?
CoastalStates Bank is pleased to be able to offer (as a result of its partnership with Lending Club) its customers these types of loans. CoastalStates Bank has determined that loans obtained through this partnership can represent a significant savings relative to a typical credit card interest rate. Additionally, Lending Club has represented that borrowers in this program may benefit from a better FICO score through a lower debt burden.
Who will my lender be if I borrow through this program – CoastalStates Bank or Lending Club or someone else?
Lending Club will service your loan and be the entity with which you deal including regarding payments. You should contact them directly with any questions.
Who can I talk to about my Lending Club loan regarding questions, payments or modifications? Can CoastalStates Bank help me answer questions about the loan?
We are happy to help you with your banking needs. Since Lending Club services this loan, Lending Club is where to turn with any questions or issues. However, to ensure you receive the highest quality of customer service, CoastalStates Bank has arranged with Lending Club to set up a dedicated customer service desk for our customers. If you face an issue that you are having difficulty resolving, please contact this special customer service team at (844) 880-2178.
Can I make a payment on the loan at any CoastalStates Bank branch?
No, all payments must be made directly through Lending Club.