Author Topic: Investor and Late fees  (Read 61854 times)

jheizer

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Investor and Late fees
« on: June 30, 2016, 10:58:40 AM »
I know there has been some discussion on why LC never seems to want to charge late fees, but in this specific case I'm more curious why the investor fee seems to bouchange.  Some payments take out $.01 and others $.10?

https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=50173379&order_id=69491684&note_id=82726333

There hasn't even been a single LC initiated Collection log entry.
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anabio

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Re: Investor and Late fees
« Reply #1 on: June 30, 2016, 12:39:46 PM »
I know there has been some discussion on why LC never seems to want to charge late fees,

This has been one of my pet peeves for a long time. I have one loan that has paid late 16-30 days for over 7 months in a row. LC charges me the "extra" collection fee  but has never charged them a late fee. I called LC a few months ago asking why they weren't charging late fees and they said late fee's were a tool they "prefer not to use" (my paraphrasing) but was told they would look into it. I got a response back a few days later saying that they had reviewed the loan and LC's actions were within guidlines.

Maybe I'm being a cynic...but with other lapses in "ethics" at LC that have come to light in the past month I wonder if that loan was taken out by someone who either works at LC or knows someone at LC???
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Fred93

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Re: Investor and Late fees
« Reply #2 on: June 30, 2016, 02:08:24 PM »
I got a response back a few days later saying that they had reviewed the loan and LC's actions were within guidlines.

Suggest you ask them for a copy of these "guidelines".