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Can I Sue Lendingclub?
You are in danger of being treated improperly by debt collectors if you do not have a written complaint. You will be sued at the very end. It is unlikely that LendingClub will let you borrow from them for good because their loans are unsecured, which means you’ll need a court judgment to make a claim. After that, they can garnish your wages or take the money from your accounts.
Is Lending Club Right For You?
Are you an investor looking to earn more than the going rate?
Are you a borrower wanting to pay less than what the banks are charging?
Lending Club had been transforming the banking system because of their peer-to-peer lending model that made those exact promises. And after I got my first taste of P2P investing, I realized I had to do a Lending Club review. It was a service suitable for those looking to invest as little as $1,000 or as much as $20,000. And they offered a multitude of loan products, from personal to medical to business — many collateral-free.
That said, there are some downsides, or at least things to be aware of.
I’ll cover the in and outs of peer-to-peer lending through Lending Club from 3 different perspectives:
- The investor
- The borrower
- My personal experience
Options for avoiding a debt lawsuit
Settling the debt
If you’ve defaulted on a LendingClub loan, one of the best choices is to settle. This is common because lenders will often look to settle if you have not paid on your debt. They would rather get something than nothing. Despite this, you will need to have enough to pay for the settlement, which is usually around 30% of the total amount. Although you can try, LendingClub still does not have to agree.
Refinancing the debt
It is possible to refinance the debt with another lender. The only way this may not work out is if your credit score is damaged and very low due to the missed payments. You most likely will not get better terms on this loan in this case. If this is what your situation is, you may be able to work out a payment plan instead.
Does The Ftc Give Money?
Answer. In a small number of cases, the FTC can recover all of the money. A large number of refunds will be given by the FTC if that occurs. In most product liability lawsuits, the damages amount will be in the range of what the defendants can afford to pay, what the court orders, and how many people bought the product.
About the FTC
Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity.
Advice and Guidance
Learn more about your rights as a consumer and how to spot and avoid scams. Find the resources you need to understand how consumer protection law impacts your business.
The Bottom Line
Lending Club is really geared for borrowers with good to great credit scores. Their loans are a real boon to small business owners and others who have been affected by the banks tightening all their lending criteria.
The size of the company and the now several years of experience as a lending marketplace allow both borrowers and investors to know they are working with a solid entity. While the approval process takes a little longer than with some of the other P2P lenders, this is because they are dedicated to allowing individuals pick the loans they want to invest in rather than keeping a large pool of money from investors.
Take a look at Lending Club today and see if it’s right for you!
Please note: This article contains affiliate links that may result in providing me with a commission for you signing up for the services listed. Still, my opinions are my own and I wouldn’t steer you wrong.
Disclaimer: All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at lendingclub.com