Author Topic: Is there a transfer fee?  (Read 4804 times)

fliphusker

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Re: Is there a transfer fee?
« Reply #15 on: March 26, 2016, 12:13:59 PM »
You are reading it incorrectly.  "Our investor service fee is one percent (1%) of the amount of any borrower payment received within 15 days of the payment due date."  It is not referring to early payment, it is just stating about payments made within 15 days after the due date.

I checked some of my notes. I don't see any where they don't take a fee. (Except if the extra payment is in the first 12 months because of some other special rule.)

To be fair though, they DON'T say they don't take a fee the other half of the month.

https://www.lendingclub.com/account/loanPerf.action?loan_id=40288194&order_id=99422896&note_id=70070926

https://www.lendingclub.com/account/loanPerf.action?loan_id=38352103&order_id=92543930&note_id=66324125

https://www.lendingclub.com/account/loanPerf.action?loan_id=34333722&order_id=85124537&note_id=62259187

https://www.lendingclub.com/account/loanPerf.action?loan_id=34492821&order_id=93267795&note_id=62120042

Any payments that are made to your account, are going to be charged a fee, no matter if it is made 15 days early, 15 days after the due date, or a payment made 60 days after it was due.
Not exactly sure where your confusion is on this. 

GS

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Re: Is there a transfer fee?
« Reply #16 on: March 26, 2016, 09:10:51 PM »
The fee is one percent if the payment is made within 15 days of the due date, or 18% if it is made late after 15 days.  The exception is that if a large payment or full payoff is made in the first 12 months, they only charge the regular installment payment fee.  If a large payment is made after 12 months, they charge 1% of the payment.