LendingClub Reviews

- Why do all of the positive reviews just mention free snacks and video games (that no one has time to use) hmmmm? - Adding human capital to address core business issues rather than leveraging best of breed technology and scaleable processes - Iterates on product at a glacial pace - "No raise policy" unless you get a new title - Compensation in the 50th percentile among comparable companies - Too much middle management Here's the deal: Lending Club bills itself as the innovator and pioneer within the burgeoning online lending sector. Working here you will quickly realize that it feels more like a traditional financial services company than it does an innovative and iterative fin-tech company. I question whether or not the company is able to attract top tier engineering talent because of the nature of the product itself. The core product hasn't changed much in the last 12 months while headcount has grown more than 100%. The company seems to have chosen a path of throwing more people at the problem as opposed to intelligently focusing on product development. Just look at the UI/UX for any of the loan products - I mean vector images on the website, seriously? Charles Schwab did that in the early 90's I think. Customer facing reps are constantly asked to get feedback regarding product improvements and then it takes the product team 6-9 months to add a single field on a web page. The company's client facing and internal technology strategy is completely in question. Meaningful product changes take forever, leaving borrowers, investors and partners feeling very frustrated. You'll constantly be told it will take a long time to replace the applications that were developed to build the business 7 years ago. In the interim you'll take on manual processes to support your customers, partners etc that are driven by spreadsheets and email. It's just hard to believe... Internally the Google app suite was replaced with MSFT and Cisco products that employees find incredibly frustrating - you're forced to work harder rather than smarter. If you haven't experienced Office 365 before I hope you don't ever have to. If you're in a customer facing role you're treated like cattle - just a number. Member Services, Loan sales, investor services, Small Business advisors. It's always just about more calls per day, reporting back to management on everything you do and at the end of the day you're in a dead end role where you're essentially incentivized to look internally for an exit or that rare chance to move up by title and get a negligible comp increase. Some of these things are well beyond growing pains. Sr. Management needs to recognize that people have options in a strong job market (especially software engineers in the bay area)- offering mediocre compensation and RSU's isn't going to cut it. While it's normal to expect an outflow of talent that's fully vested after 4 years, it's concerning that so many smart, accomplished people that started in the last 12-14 months are hitting the exit. It's just kind of funny because I think the external perspective on Lending Club is that it's one of the most amazing places to work in the city. Again, look at the brevity of the recent positive reviews here - no substance. When I run into colleagues in the elevators, hallways etc the consistent theme is stressed, overloaded, underpaid relative to experience, tenure etc. It could be so much better. Lots of issues to solve for currently...mainly around employees feeling valued and fairly compensated for the effort.

1. The most political company I've ever worked for. Don't bother working your butt off, because no management acknowledges performance. Promotions are based on being at the right place at the right time. 2. No support from HR for career advancement. They say they will, but it's just to keep you quiet for the time being. 3. The poorest employee morale. Everyone backstabs and throws each other under the bus. Including upper management. 4. Salary is NOT at market