Press Release

LendingClub Launches COVID-19 Focused Member Center to Help Members Regain Control of their Finances

05/28/2020
Offers Access to Resources that Provide Opportunities to Save and Earn

SAN FRANCISCO, May 28, 2020 /PRNewswire/ -- Today, LendingClub Corporation (NYSE: LC), 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."

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."

New Partnerships with Opportunities to Save and Earn

  • LendingClub's financial health ecosystem continues to grow and address the pressing needs of its members with the launch of two new partnerships, Trim and Steady1. These partnerships are designed to help members put money back in their pocket, through cost cutting and earnings opportunities. 
    • Trim saves members both time and money by acting as their financial assistant, for example, calling a cable company on their behalf to potentially negotiate their bill down. The average Trim user saves $1562 per year on recurring costs such as cable, internet, and phone bills. 
    • Steady matches people with employment opportunities that suit their preferences such as where and when they can work. On average, Steady has helped their members earn more than $4,0003 per year. 

Helpful content

  • A COVID-19 Resource Center which provides information to members looking to better understand their financial options as well as actionable content, external resources, tips and tools to help customers better navigate this uncertain time.

The Member Center illustrates a principal benefit of LendingClub's marketplace model – the ability to quickly adapt to changing market conditions while meeting the needs of its borrowers and investors. 

This speed of execution has helped so many in need, including Kervis Dunhoo, a LendingClub member from Arkansas who stated, "LendingClub is the best especially during this global health crisis that has caused hardship to many of families. They have truly helped me during this horrible time of financial difficulty."

As a platform rooted in the idea of people helping people, LendingClub has witnessed that spirit shine more brightly during this crisis as investors have asked how they can support members through these challenging times. It is this spirit of people helping people that distinguishes our marketplace.

Since LendingClub's founding in 2007, it has facilitated over $55 billion in loans to more than 3 million members. Learn more about Member Center through LendingClub.

About LendingClub
LendingClub was founded to transform the banking system to make credit more affordable and investing more rewarding. Today, LendingClub's online credit marketplace connects borrowers and investors to deliver more efficient and affordable access to credit. Through its technology platform, LendingClub is able to create cost efficiencies and passes those savings onto borrowers in the form of lower rates and to investors in the form of competitive risk-adjusted returns. LendingClub is based in San Francisco, California. All loans are made by federally regulated issuing bank partners. More information is available at https://www.lendingclub.com.

Safe Harbor Statement

Some of the statements above, including statements the functionality and helpfulness of the Member Center are "forward-looking statements." The words "anticipate," "believe," "estimate," "expect," "intend," "may," "outlook," "plan," "predict," "project," "will," "would" and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements those factors set forth in the section titled "Risk Factors" in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K, each as filed with the Securities and Exchange Commission. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Information in this press release is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Media and Investor Contacts
For Investors: IR@lendingclub.com
Media Contact: Press@lendingclub.com

1 LendingClub is compensated for referrals to Trim and may receive compensation from Steady for accounts created through this partnership. By clicking one or both links, users are leaving LendingClub's website. LendingClub is not responsible for the content of Trim or Steady's website(s). LendingClub does not represent either the third party or the member if the two enter into a transaction. Privacy and security policies of the alternate website(s) may differ from those practiced by LendingClub.
2 Source: Ask Benjamin, Inc., DBA asktrim.com
3 Source: steadyapp.com viewed here on 5/22/20

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SOURCE LendingClub Corporation