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This settlement is closed!
Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!
LendingClub, an online lender, has agreed to a settlement with the Federal Trade Commission (FTC).
More than 15,700 borrowers will be receiving PayPal payments worth a total of $10.2 million from the FTC.
The FTC had accused LendingClub Corp. of falsely promising loan applicants that they’d receive a certain loan amount with “no hidden fees,” even though the company deducted up to thousands of dollars in hidden up-front fees from these loans.
In addition, the FTC alleged LendingClub told consumers they were approved for loans when they were not and took money out of consumers’ bank accounts without obtaining authorization.
LendingClub customers who took out loans before Jan. 6, 2017, and repaid those loans should have received the FTC email explaining the process for requesting a refund. Those who believe they are eligible but did not receive an email should contact settlement administrator Rust Consulting at 1-833-630-1417.
Many PayPal payments have already gone out, and must be accepted within 30 days. Those who would prefer to receive a check should contact the settlement administrator.
In addition, the FTC is encouraging other consumers who believe they may be eligible for compensation under the LendingClub settlement to submit a claim form for a refund.
The amount of each claimant’s refund will depend on how much that individual paid in hidden fees and the number of people who submit claims.
The deadline to apply for a refund under the LendingClub settlement is Feb. 16, 2022.
Who’s Eligible
LendingClub customers who took out loans before Jan. 6, 2017, and repaid those loans should have received the FTC email explaining the process for requesting a refund. Those who believe they are eligible but did not receive an email should contact settlement administrator Rust Consulting at 1-833-630-1417.
Potential Award
Varies
Proof of Purchase
No proof of purchase applicable
Claim Form
NOTE: If you do not qualify for this settlement do NOT file a claim.
Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.
Claim Form Deadline
02/16/2022
Case Name
Federal Trade Commission v. Lending Club Corp., Case No. 3:18-cv-02454 in the US District Court for the Northern District of California
Final Hearing
N/A
Settlement Website
Claims Administrator
Rust Consulting
833-630-1417
Class Counsel
N/A
Defense Counsel
N/A
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24 thoughts onLendingClub Hidden Fees FTC Settlement
I received my check yesterday for $34.94, yet close to $300 was deducted from my loan. Disappointing.
I received a payout via PayPal today.
They kept 750 dollars in hidden fees on a loan I had for 15,000 I spoke to someone in their office and said I was getting 174.00 back I think the whole lawsuit is a scam!!!
I still have not received my refund for this settlement. My loan was 5+ years ago. I feel that I should also get intrest on the money that they took fraudulently !! Probably won’t see anything.
Emailed the administrator and they said this (6/21/2022):
“We are currently in the process of validating all claims that were submitted.
The amount of your refund will depend on how much you paid in hidden fees and the number of people who request a refund.
We do not have a distribution date at this time.”
They have backtracked from what they originally said in April which was claims should be paid 8-12 weeks from the submission deadline.
I’m about to give up on waiting for this payout.
Still no payment it was suppose to be weeks ago what’s gonna on
I called last week and was now told they are waiting for approval to release the money. I think the whole thing is sketchy-
Have not received my check yet?? I was told by a member of your staff that I would receive a check before May 21st, I have yet to receive anything, would like to know when I will be receiving this check!
I just called and checks are being issued by the end of this month we should receive check in the mail.
anyone get a payout yet from this?
Nothing yet. I emailed the refund administrator and they said, “We are in the process of validating all claims that were submitted.
We anticipate payments will be sent 8 to 12 weeks after the claim deadline.” The 12 weeks would be May 11th so here’s to hoping it’s soon.
Hi, I filed a claim the same day I got the email and haven’t heard a word