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LendingClub Reacts to Federal Trade Commission Complaint

LendingClub Reacts to Federal Trade Commission Complaint

LendingClub is dedicated to delivering a superior consumer experience and appreciates and supports the significant part the FTC plays in motivating appropriate requirements and greatest techniques. Nevertheless, we think that the allegations within the FTC’s problem are legitimately and factually unwarranted. Furthermore, many of them derive from issues and policies that people had currently formerly enhanced included in the normal length of company. We fundamentally disagree utilizing the FTC’s grievance that LendingClub will not disclose the origination properly fees it charges to borrowers.

In this forum we’d love to offer facts that are important through the FTC’s problem.

Claim 1: Origination Fee Disclosures.

Our disclosures are clear and clear and are prominently disclosed throughout our web site. For instance, our “Rates and costs” tab explains to borrowers precisely how their loan will be able to work.

Rates & Costs page

In addition, our origination charge disclosures are duplicated through the entire application for the loan procedure. Significantly, we make use of government-approved kind called the reality in Lending Act Disclosure, that allows borrowers to understand how much their loan will definitely cost them.

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