LendingClub cuts approval rates for high-risk borrowers as coronavirus spreads

Reuters

Published Mar 30, 2020 • Last updated Mar 30, 2020 • < 1 minute read

LendingClub Corp on Monday cut loan approval rates for some high-risk borrowers and increased income and employment verification requirements, in a sign that alternative lenders could pull back from lending as the coronavirus crisis deepens.

The online lending pioneer also said it had increased interest rates from 2% to 4% for new borrowers, depending on the loan grade. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini Ganguli)

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