At LendingClub, we’re committed to doing the right thing for both borrowers and investors. As part of our response to the December 2018-January 2019 U.S. federal government shutdown, we’re offering a payment relief program for personal loan borrowers who notified us that they’ve been affected.
This payment relief program is available to borrowers whose loans were in good standing as of the beginning of the shutdown on December 22, 2018. It allows borrowers to skip up to two payments of principal and interest, although interest accrues on the principal owed during the missed payment period.
Borrowers can choose to make up their missed payments after the relief period concludes, which would bring them back to their original amortization schedule. However, if borrowers choose not to make up the missed payments, their loan term would be adjusted to account for the payment(s) they missed. For example, if a borrower chose to skip one payment on their 36-month term loan, their new term would be 37 months plus the interest accrued during the one month they skipped the payment.
Keep in mind that loans on a payment plan may perform differently than other loans with the same status.