LendingClub Increasing Interest Rates

LendingClub is increasing their interest rates to new borrowers ranging from 2% to 4% depending on the loan grade; LendingClub also noted that investors may see fewer C and D grade loans made available on the platform; LendingClub wrote in a blog post, “We continue to take immediate, proactive and temporary action and may continue to adjust as needed while we navigate the rapidly changing environment.” Other changes for the company include tripling their staff that are available to help over the phone and adding new hardship plans; to date they report that borrowers requesting hardship plans amount to under 2% of loans outstanding. Crowdfund Insider

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