We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Lending Club deceived customers, FTC alleges in suit

The Federal Trade Commission sued the Lending Club for allegedly deceiving customers into taking out loans with a false promise of “no hidden fees.” The FTC also said the peer-to-peer online lender double-charged consumers in some months.

In its complaint, the agency said the Lending Club has persisted “in this conduct despite warnings from its own compliance department that Defendant’s concealment of the up-front fee is ‘likely to mislead the consumer.’”

“Defendant also has misled consumers about whether their loan applications have been approved, stringing consumers...

Subscription required to view this article.

This content can only be accessed by FTCWatch subscribers. If you are an FTCWatch subscriber, please login to access this content

If you do not currently subscribe to FTCWatch please contact us for subscription information:
Email: customerservices@ftcwatch.com
Phone: 202-909-2156

FTCWatch is delivered in the following formats: via email alert and online at mlexwatch.com/ftcwatch
Current Issue: 944
Next Issue: Aug 21, 2018

On This Day

  • 2014 The Antitrust Division filed a lawsuit against Berkshire Hathaway for violating the Hart-Scott-Rodino Act notification requirements when it aquired USG's voting securities
    Berkshire Hathaway agreed to pay an $896,000 civil penalty