LendingClub Corporation, America’s largest online lending marketplace connecting borrowers and investors, officially launched the Member Center, one centralized location where personal loan members can find assistance and support while managing their financial lives through the novel coronavirus (COVID-19).
The Member Center offers an arsenal of resources and personalized tools to help members improve their personal finances and provides access to partners who may be able to help them cut costs and earn more money. The Member Center is available to all LendingClub borrowers as part of LendingClub’s continued effort to help Americans regain control of their finances during the global health crisis.
“We know our members are experiencing high levels of anxiety, with many wondering how long this challenging environment will last and if they will keep their jobs,” said Scott Sanborn, CEO of LendingClub. “We are uniquely positioned to offer real support to members of our LendingClub community and are committed to helping them navigate this storm.”
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As part of LendingClub’s long-term strategy to help its Club members get out of debt and onto a path towards saving, the Member Center offers:
Resources that Provide Immediate Relief
- Borrowers looking for relief can find information about the resources LendingClub offers to help ease the financial pain associated with this pandemic. These flexible solutions are designed to support members in their time of need and help them maximize payment success over the long term.
- In March, LendingClub launched a new payment deferral plan that allowed eligible members in need to skip up to two payments without having a negative impact on their credit scores.
- To help these members further, LendingClub continues to expand its suite of payment options providing greater flexibility and a path back to a normal payment schedule.
New Tools to Help Manage Personal Finances
- Credit Profile, available for existing members, is designed to give borrowers clarity and insight to help them manage their immediate financial needs today while improving their credit for a better tomorrow. Credit Profile uses data to provide members with a guided experience of their financial lives, highlighting important credit decisioning and pricing factors like debt-to-income ratio, credit utilization and credit score.
- More than 200,000 members have already started tracking their finances through Credit Profile, including Aleta Clark, a LendingClub member from Pennsylvania who stated:
“You would almost have to be a bookkeeper to get your information presented the way it is in the Credit Profile if you didn’t have the tool. This information is not available anywhere like this that I’ve seen, and it makes a big difference in me being able to see what I need to do to meet my financial goals.”
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