LendingClub launches member centre to support borrowers through Covid-19

US peer-to-peer lending platform LendingClub has launched its member centre, a hub of resources and tools to support its borrowers through the uncertain time caused by the Covid-19 pandemic.

Borrowers can find information about what LendingClub offers to help those impacted by the coronavirus, including its payment deferral plan the platform launched in March.

This allows eligible members in need to skip up to two payments without having a negative impact on their credit scores.

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The member centre also contains a credit profile, designed to help borrowers manage their financial needs while improving their future credit. More than 200,000 members have already started tracking their finances through this.

Furthermore, LendingClub has partnered with firms which, via the member centre, may be able to help borrowers cut costs and earn more money.

The platform has partnered with Trim, which acts as a financial assistant for the lender’s members, for example, by calling a company on their behalf to potentially negotiate their bill down, and Steady, which matches peoples’ job skills to their preferences, such as where they want to work.

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“We know our members are experiencing high levels of anxiety, with many wondering how long this challenging environment will last and if they will keep their jobs,” said Scott Sanborn, chief executive of LendingClub.

“We are uniquely positioned to offer real support to members of our LendingClub community and are committed to helping them navigate this storm.”

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