Friday, May 2, 2008

Subliminal message from LendingClub

Readers may recall that on April 23rd I asked LendingClub if they could produce the promissory notes on the loans I bought on their site. Some time went by before they answered that they would open a support case. Well, I sent them a follow-up note and about 24 hours later I got a reply - the same reply as the initial reply indicating that a proper response would be forthcoming in 24 business hours. Not only did the boilerplate response take 24 hours, I noticed something interesting in the contents. See if you can spot the incongruity:

In case you don't get it, let me spell it out. They're sending email with a sender and reply-to address of, but then warns you that incoming email to that address cannot be accepted - you should send your email to - wait for it - Duh!

Catch-22 at its finest.

And in the interim I'm still waiting to find out where my promissory notes are. It can't be that hard to tell me, so I must assume that either they've cut back on their support staff to the point that support doesn't exist or that they are unable to produce my promissory notes, which is somewhat disturbing.


Anonymous said...

I've requested that someone higher up than support contact you ASAP. This will also help me figure out where their loyalties lie with me as well. Let me know if you hear from him/her today (via post of new entry on blog of course).


Rob said...

Old Stump:

Thanks for being a lender with Lending Club.

First, the issue in the email has been resolved. Please try it again. We had been making some changes to the customer service automated messages and email addresses and missed this discrepancy.

Second, apologies on the delay regarding the promissory notes. It took us a few days to figure out why they were not showing in your account. I already sent you a note earlier today, but for the benefit of other lenders reading your blog, this is what you need to do to get to the promissory notes:

Log into your account, and from My Account summary page, click on the "all loans" view. The loan ID should be a link. When you click on it, the promissory note should show.

Best regards
Rob from Lending Club

PS: Great job picking loans. Your Lending Club IRR looks fantastic!