What Happens If I Stop Paying Lending Club?

Does Lending Club ruin your credit?

No, checking your rate and applying for a loan with LendingClub Bank won't affect your credit score. It generates a soft credit inquiry to provide insight into your creditworthiness. You'll see that soft inquiry on your credit report, but others who access your report won't see it.

What we report to credit bureaus - LendingClub

What happens if you dont pay lending club?

You owe late fees: For each payment you miss, LendingClub will charge 5% of the payment amount or $15, whichever is greater. ... LendingClub reports late payments to the credit bureaus once they are 30 days past-due. And if you don't pay at all, your debt may get sold to collections or charged off.

What Happens if You Default on a LendingClub Loan?