LendingClub services all personal and small business loans. As we receive payments from borrowers we securely transfer the funds received to pay investors in the corresponding Notes. We also work with third-party collections agencies to manage delinquent loans.
Who Is Servicing the Loans?
Last Updated June 8, 2023less than a minute read
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Related FAQ's
While several factors, including early loan payoff, can affect returns on your Notes, the biggest impact comes when members miss loan payments or stop making payments entirely.
LendingClub ended the purchase of new Notes on December 27, 2020, and retired the Notes platform on December 31, 2020.
Each Note in your account lists a status corresponding to the loan associated with the Note.
LendingClub makes every effort to bring late Notes back to "current" status. We'll update you with any collection activity related to your Notes through the Loan Performance page in your Member Center.
You can assign or reassign your Notes to different portfolios in your account from the My Notes page in your Member Center.
Related Glossary
{noun} A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.
{noun} The total annual cost to borrow money, including fees, expressed as a percentage.
{noun} The amount of unpaid interest that has accumulated as of a specific date, either on a loan or an interest-bearing account or investment.
A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.
{noun} An interest rate that remains the same for a set time, usually for the life of the loan.
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