FTC Sends Payments to Eligible LendingClub Borrowers Who Filed a Claim
The FTC is sending 61,990 payments totaling $9.7 million to LendingClub borrowers who were charged hidden fees and filed a valid claim before the deadline. This is the agency's second distribution in this matter and brings the total amount refunded to consumers to more than $17.6 million.
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.
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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.