LendingClub’s Update to Borrowers and Investors Amid COVID-19 Pandemic

Given LendingClub is a platform serving borrowers and investors there is a lot of transparency on what changes they are making related to COVID-19; on the borrower side LendingClub is temporarily waiving fees and has ramped up collections and servicing capabilities; one of the other changes includes hardship plans which allows eligible borrowers to make interest only payments; this process can be completed by the borrower online and LendingClub then responds to the request within 7-10 days; LendingClub recently posted a blog post for investors where they shared that interest rates have increased between 2-4%; they have also tightened underwriting and are encouraging investors who invest in high risk loans to consider the impact of cash drag on their portfolio. Lend Academy

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