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For those who are looking to borrow money from the lending platform Lending Club, there are a few key points to keep in mind before you begin the process. One of the most important considerations is the process of refunding amounts from the platform. It’s important to understand the process and what you need to do in order to receive a refund.
Refunding is the process of returning a portion or all of the loan amount that has been provided by a lender to the borrower. This is done when the borrower is no longer able to make the payments or chooses not to continue with the loan. In some cases, a lender may offer a partial refund if the borrower is able to make the payments. It’s important to understand the refunding process and what you need to do in order to receive a refund.
The refunding process is relatively simple. First, the borrower will need to contact their lender and explain their situation. The lender will then review the borrower’s documentation and determine if a refund is warranted. If the lender determines that a refund is warranted, they will send the refund via check or direct deposit to the borrower. The borrower will then need to deposit or cash the check and the refund will be credited to their account.
In order to receive a refund, the borrower must meet certain requirements. They must have a valid reason for requesting a refund and must provide documentation to support their claim. The borrower must also be current on all other loan payments. Additionally, the borrower must provide contact information for themselves and the lender in order for the refund to be processed.
In some cases, the lender may charge a processing fee for issuing a refund. It’s important to understand any fees associated with the refunding process before beginning. Additionally, some lenders may require the borrower to pay a penalty fee if the borrower does not complete the loan repayment as agreed.
If the borrower does not receive the refund within a reasonable amount of time, they should contact the lender and inquire about the status of the refund. If the refund is not received, the borrower may need to take additional steps in order to receive the refund. The borrower should also contact their state’s department of consumer affairs to file a complaint and to seek assistance.
It’s important to understand the refunding process from Lending Club before beginning the borrowing process. Knowing the requirements and fees associated with the process can help to ensure the borrower is aware of their rights and responsibilities when it comes to receiving a refund. Additionally, it’s important to contact the lender if the refund is not received in a timely manner in order to seek assistance.
The timeline for refunds will vary depending on the lender and the situation. Generally, the lender will process the refund within a few days of receiving the borrower’s request. However, in some cases, the process may take longer if additional documentation is needed or if the refund needs to be verified. It’s important to contact the lender to get an estimated timeline for the refund.
Borrowers should be proactive in ensuring they receive a refund from Lending Club. This includes providing accurate and thorough documentation to support their request, staying current on all other loan payments, and following up with the lender to make sure the refund is processed in a timely manner. Additionally, borrowers should keep all documentation related to their loan, including emails and bank statements, to ensure they can track the refund process.
Refunding can be beneficial for both the borrower and the lender. For borrowers, it can help them avoid paying more in interest and fees if they are unable to make their loan payments. For lenders, it can help them recoup some of the funds they have loaned out and avoid having to pursue more drastic measures, such as legal action, to recover the funds.
FTC LendingClub refund Because of all that, the FTC announced in recent days that it's returning more than $10 million to customers who were charged undisclosed fees by LendingClub. The commission is distributing refunds directly to more than 15,000 LendingClub customers.
The FTC will be sending 86,752 checks averaging about $56 each. People who receive checks should deposit or cash them within 90 days, as indicated on the check. Recipients who have questions about their checks can call the refund administrator, Epiq, at 800-591-4238.
The FTC is sending a second round of payments to eligible LendingClub borrowers who were charged hidden fees and filed a valid claim before the deadline.
The FTC sued LendingClub in 2018 over the allegations that the company falsely promised loan applicants that they'd get a specific amount without hidden fees. The company, the FTC charged, had deducted hundreds or even thousands of dollars in hidden up-front fees from the loans.