COVID-19: Help and Support for Our Members

April 8, 2020

A message from LendingClub CEO Scott Sanborn—April 8, 2020

I hope you and your families are staying safe and healthy during this unprecedented time. There isn’t a community that hasn’t been affected in some way, and all of us are feeling anxious about what will happen next. We’re all concerned about our families and neighbors, whose jobs and health may be at risk. So, I want to let you know about the steps we’re taking to be here for you—at a time when you need us most.

We Are Here For You

Our mission is to provide a path to financial success for every member and every American, and our commitment hasn’t changed. If you are a LendingClub member who is experiencing financial difficulties, we may be able to help.

For our personal loan borrowers

  • Start with our online COVID-19 Help Center which has immediate answers to some of the most common questions we receive.
  • We are also available by phone. We have tripled the number of call center staff available to help over the phone—all of whom are now able to work from home. As we adjust to this new way of working and the increased demand, we ask for your patience if our service does not yet meet the level you have rightfully come to expect from us.

For our small business borrowers

  • If you have a small business loan and your business has been impacted by COVID-19, please call us at 855-846-0153, Monday-Friday 6am-5pm (Pacific), to talk about a hardship plan.

For our auto borrowers

  • Auto loan payment relief programs may be available through your loan servicer (who you make your payments to each month). For assistance, please contact your servicer by calling the number on your monthly auto loan statement.

As unemployment claims reach new highs, you have likely seen the news that the federal government enacted a $2.2 trillion stimulus plan that is unprecedented in both size and speed. It includes expanded unemployment benefits, a cash payment to many Americans, aid for small businesses, and Tax Day deferral (among other things). Note that some of the direct-to-consumer and small business benefits have broader eligibility than traditional state unemployment benefits because they may also apply to non W-2 workers (e.g., self-employed, freelancers, gig workers, and independent contractors).

You may also want to read this article from us with helpful tools and tips on how to make the most of your personal finances during this stressful time, including how much you might receive from a stimulus check from the federal government, how to get mortgage or renter’s relief, and how to preserve cash.

Keeping Our Employees Safe So They Can Continue to Serve You

Taking care of our employees during this crisis is critical to providing you with the services you need and expect. As COVID-19 has spread, we’ve taken pre-emptive and deliberate actions to protect the physical well-being and financial security of our employees so they are in a position to care for their health, while also supporting our members.

All of our employees are now working from home. Many of them have been remote since early March. We have extended crisis pay to our hourly employees so that they won’t need to choose between getting paid or protecting their team members and families if they should become sick, or have to look after children or other family members. As we navigate this period together and try to balance employee safety with providing the service you have come to expect from us, we appreciate your patience and understanding.

People Helping People Is the Foundation of Our Business

Our business is rooted in people helping people in a fair and transparent way. We got our start because people were looking for help during the Great Recession. Because we’re a marketplace, we’re able to connect our borrowers and investors–and that connection is real. In fact, we’ve heard from many of our investors who want to help during this difficult time for borrowers.

It is during times like these that courage, generosity, and resilience make a difference. Since the investor community provides the fuel that powers our marketplace–the money that gets invested in loans and allows our members to achieve their financial goals–we are also working tirelessly to keep them up to speed on what we are doing, and we’ve taken a number of immediate, proactive, and temporary actions aimed at protecting their ongoing investments in borrowers. We will continue to keep our investors updated and encourage them to reach out to us with any questions at investing@lendingclub.com.

A Heartfelt Thank You

On behalf of everyone at LendingClub, I want to thank you for being a member of this community. I truly believe we’re stronger together. Many of our members are first responders and healthcare workers on the front lines of treating and protecting us from this virus. If you are one of those members, we want to say an extra special thank you. We sincerely appreciate you for doing the difficult and sometimes dangerous job of keeping the rest of us safe and healthy.

While the news lately has been alarming, remember that the pandemic (and economic chaos) will end. We’re all in this together, and we’re working on ways to help you in every way we possibly can. Thank you for placing your trust in us, and for being a member of the Club.

Scott
CEO, LendingClub

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