LendingClub Tightens Lending Policy, Raises Interest Rates

October 14, 2016, 11:36 PM UTC
Courtesy of LendingClub

(Reuters) – Online lending platform operator LendingClub said it had raised interest rates for some of its loans and tightened credit policy that would result in certain high-risk borrowers being denied loans.

The company’s interest rate hikes were mostly for loans deemed relatively more risky by the company, chief investment officer Siddhartha Jajodia wrote in a letter to investors on Friday.

LendingClub (LC) said it expects loans originated from the second half of 2016 to benefit from these changes.

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