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Does LendingClub Have Prepayment Fees or Penalties?

Last Updated June 8, 2023

You can partially or fully prepay your loan at any time with absolutely no prepayment penalty or fee.

Any payments made in addition to your contractual monthly payment will be applied towards a reduction in the principal balance of your loan. Additional payments towards your principal balance allow you to repay your loan early by reducing the total amount of interest you'll pay. A full prepayment of your outstanding principal balance, plus any accrued interest or fees, will pay off your loan and bring an end to your monthly payments.

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Unless otherwise specified, all credit and deposit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Credit products are subject to credit approval and may be subject to sufficient investor commitment. Credit union membership may be required. Deposit accounts are subject to approval. Deposit products are FDIC-insured up to $250,000 per depositor, per ownership category.

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