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FTC SENDS PAYPAL PAYMENTS TO ELIGIBLE LENDINGCLUB BORROWERS

The FTC is sending PayPal payments totaling $10.2 million to more than 15,700 borrowers who were charged hidden fees by online lender LendingClub Corporation.

The FTC sued LendingClub Corporation, and the company agreed to settle. According to the FTC's lawsuit, LendingClub falsely promised loan applicants that they would receive a specific loan amount with “no hidden fees,” when in reality the company deducted hundreds or even thousands of dollars in hidden up-front fees from the loans.

If you receive a PayPal payment, please accept it within 30 days. If you don't have a PayPal account, and would prefer to get a check, please call 1-833-630-1417.

You can find answers to common questions about refund payments on our FAQ page. If you have any other questions, please call 1-833-630-1417.