Lending Club is a peer-to-peer lending service. LendingClub has been in business since 2006, led by CEO Scott Sanborn from its headquarters in San Francisco, California. Lending Club offers loans to consumers in two different formats. Traditional direct-to-consumer loans are offered via the site, through affiliate WebBank which is headquartered in Salt Lake City, Utah, including automobile refinancing. The primary focus of LendingClub, however, has always been unsecured personal loans from investors to consumers. Consumers may request a loan between $1,000.00 and $40,000.00 with a term of between 1 and 3 years. Investors make money off the interest on the loans, while LendingClub makes its money from origination fees charged to consumers and service fees charged to investors making the loans.
Borrowers pay interest rates ranging from 6.95% to 35.89% APR depending on their credit score, the amount being borrowed, and the amount of outstanding debts to other creditors. The origination fee per loan will be an amount ranging from 1% to 6% of the loan amount based on the borrower’s credit score. The origination fee is a one-time fee charged only at the time the loan is received. Investors pay service fees to LendingClub in the amount of 1% of the amount that is loaned to a borrower. Investors may cancel their accounts at any time. Borrowers may cancel at any point after their loan is repaid to the investor. There is no monthly fee for being a member of LendingClub for investors or borrowers. More information about canceling your LendingClub account can be found elsewhere on this page to assist you.
Lending Club CANCEL GUIDES
Get together the following account information:
First Name
Last Name
Phone Number
Email Address
Username
Password
Billing Address
City
State/Province/Region
ZIP/Postal Code
Country
Reason for Cancellation
Last 4 Digits of Card
Date of Last Charge
Amount of Last Charge
E-Mail
Follow these steps:
Compose an email and include your account information
Advise the rep that you need to cancel within the body of the email
Be sure to get a confirmation number or email for the cancellation in reply to your email
