Last update: April 15, 2020
At LendingClub, we are closely monitoring the public health and economic impact of the coronavirus (COVID-19) pandemic and want you to know that the health and safety of our members and employees is our top priority.
In times of market volatility, it’s important to consider the risks and returns of your investments, and to understand your options. Learn more.
We also understand you may have questions related to your LendingClub investment account amid COVID-19. The table below summarizes some key actions we’ve taking thus far. We plan to refresh this page with new updates as we continue to adjust our actions given the rapidly changing environment. If you have any additional questions, please email.
We’re here to help our community through this pandemic as best we can and are encouraged by how many of our investors have reached out to see how they can help too. In partnership with our investors and borrowers, we can get through this together!
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We are helping our borrowers experiencing financial hardship by offering: |
Potential impact to investors: |
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15-day grace period on personal loan payments, with no penalty. |
Investors may see an increase in loans in the grace period status. Please note, interest will still accrue during grace period. |
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Payment deferment plans for up to 2 months |
Interest will still accrue, and deferred payments will be added to the end of the original loan(s) term. |
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No new late fees on missed payments from April 1 to May 31 |
We have traditionally waived late payment fees as it increases the chance of receiving the loan payment due from a borrower. Throughout this time interest will continue to accrue. |
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Rapidly added new collections and servicing capabilities |
Helping our members have access to tools to provide flexibility to make payments during this period of uncertainty. |
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Actions we’re taking to help our investors: |
Potential impact to investors: |
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We've reduced approval rates for certain higher-risk borrower populations and increased income and employment verification requirements. |
As we focus on borrowers with higher credit quality, investors may see fewer grade C loans available on the platform. Grade D loans will no longer be issued and available, effective April 10, 2020. Investors who are allocated to grade D should review the effects of cash drag on their portfolio and consider reallocating to be aligned their investment objectives. |
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Effective March 30, 2020, we have increased interest rates for new borrowers ranging from 2% to 4%, depending on loan grade. Learn more. |
We raised interest rates with the goal of helping with investor returns. |