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Our investor service fee is one percent (1%) of the amount of any borrower payment received by the payment due date or during applicable grace periods. LendingClub will also charge investors a collection fee of up to 40% on all amounts collected on a delinquent loan (net of legal fees and expenses) to the extent any litigation has been initiated against the borrower, or up to 30% on all amounts collected on a delinquent loan in all cases not involving litigation. 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 fees described above are the collection fees currently in effect, which may be changed from time to time.
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.