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Our investor service fee is one percent (1%) of the amount of any borrower payment received within 15 days of the payment due date. LendingClub will also charge investors a collection fee of 18% of the amount recovered if a collection action must be taken with respect to a loan and no litigation is involved, or 30% of hourly attorneys’ fees, plus costs, if litigation is involved. When borrowers miss payments and loans become late, LendingClub uses best practices from the banking industry to bring delinquent loans back to “current” status. Learn more about the tools LendingClub has to deal with delinquent borrowers.
Please note the collection fee described above is a reduced collection fee, which may be discontinued at any time. The normal collection fee is a percentage of the amount recovered: up to 35% if a collection action must be taken in respect of a loan and no litigation is involved; or 30% of hourly attorneys’ fees in the event of litigation, plus costs.
All fees are calculated to the tenth decimal place and will appear rounded to the nearest whole cent in your account. To see the full amount of the fees calculated to the tenth decimal place, you can hover your cursor over the dotted line below the rounded number.
As a result of rounding, there may be instances when you see a fee of $0.00 in your account or other apparent inconsistencies. For example, you might see a service fee of $0.01 but no apparent change in your account balance. This is a result of rounding or truncation. Here is an example:
Service and collection fees are deducted from payment proceeds at the same time (or immediately after) they are deposited into your account. If the fees are deducted after the payment is deposited, you will see the fees as a “pending withdrawal” for a short time.
Learn more about how the service fee is charged.