LendingClub services borrower loans and collects payments from borrowers. Any collected payment is then distributed (net of the 1% service fee) to all investors who hold a Note associated with the loan. Remember that when borrowers make a payment, it will take 4 full business days from the date a borrower’s bank receives the ACH request for the payment to arrive at LendingClub. (The loan performance page will indicate “processing payment” during this time).
Payments and Fees
- Changes to grace period interest accrual
- Why was my first monthly payment smaller than the others?
- What is accrued interest and when is it credited to an account?
- Why is there a “pending withdrawal” in my account?
- How are borrower payments received?
- Why did the interest rate change on one of my Notes?
- What happens if a loan is repaid early?
- How is the service fee collected?
- How long does it take for a borrower payment to show up in an account?
- Are borrowers allowed to change their due date?