Every six months, we review your account and make adjustments as needed to the terms of your line of credit. This process ensures you are being charged the correct rate for your line, based on your current circumstances. A couple of notes of re-underwriting:
- Lending Club will contact you if anything is required from you.
- We may need you to submit documentation to verify the current financial state of your business.
- The terms of your line could stay the same, or they could change. We will notify you of any changes to your terms, and you’ll need to accept any terms that are different than your current terms.
- The new line terms do not apply to your previous draws, only to future draws.