Is LendingClub Dead?
The company that pioneered peer-to-peer lending is making a big change. Last year, LendingClub announced that its signature Retail Notes -- that is, the ability of everyday people to fund loans for peers -- would be shutting down before the end of 2020.
This is why you need to be aware of your rights regarding how debt collectors may treat you. Finally, you will be sued. LendingClub loans are unsecured, which means they will need a court judgment to get their funds from you. Then they can garnish your wages or go directly into your accounts and take the money you owe.
How to Beat a Lending Club Charge Off | SoloSuit Blog
Is LendingClub out of business?
In October 2020, the company ceased all new loan accounts on their website as part of restructuring into a neobank after the acquisition of Radius Bank. As of December 31, 2020, Lending Club will no longer operate as a peer-to-peer lender.
LendingClub - Wikipedia
Companies that sell their P2P lending operations or loan books. Some P2P businesses have sold their operations and even their existing loan books to a financial institution, which then discontinued the online lending platform. This is another soft close, leading to a return of individual lenders' money.
What Happened To P2P Lending Companies That Closed? - 4thWay