Consumer complaint received 2020-12-21
Company: Lending Club Corp
State: OH
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Struggling to pay your loan

Complaint:
I would like for the CFPB to look into Unfair, Abusive, Deceptive Acts and Practices ( UDAAP ) regarding the COVID and default assistance options offered and lack thereof and Predoatory Lending for my second loan. I became impacted by COVID XX/XX/XXXX. I was let go from my job and it took 5 months to get unemployment. At that point, I was struggling with rent and car payments as those are priority to provide for my family. I then contracted the XXXX  tin XXXX and was in the hospital, on XXXX XXXX  at one point. I finally made it and made it home in XX/XX/XXXX. On XX/XX/XXXX, while I was in the hospital, my husband died from XXXX. On XX/XX/XXXX, my daughter then died from the XXXX. My only source of income is unemployment that is about to end. 
I have many issues now that I am in a position to understand my accounts and what is going on. First though I GET A CALL TODAY XX/XX/XXXX ( FOUR DAYS UNTIL XXXX XXXX AND THEIR RESP TELL ME THERE IS NO COVID OR REGULAR HARDSHIPS OPTIONS AVAIABLE FOR ME NOW! ARE THEY NOT AWARE THE PANDIMIC IS AT ITS WORST RIGHT NOW? THERE ARE HARDLY ANY JOBS AND I JUST LOST HALF MY FAMLY! IT IS JUST ME AND MY SON! THEY THEN PROCEEDED TO TELL ME, WELL IF YOU DONT PAY, YOUR CREDIT WILL BE RUNIED AND YOUR ACCOUNT WILL GO INTO COLLECTIONS! LENDING CLUB NEEDS TO OFFER ME SOMETHING! BY THE GRACE OF XXXX, I HAVE BEEN ABLE TO SELL THNGS TO MAKE MY INTEREST ONLY PAYMENTS OF {$600.00} BETWEEN TWO ACCOUNTS FOR THE PAST FOUR MONTHS! 
I have remained in contact with Lending club, as I could each month. I have taken advantage of a few COVID options offered through Lending Cub ; One being Skip-a-Pay and the other interest only payment. The CFPB needs to be aware and investigate I as well as others did not fully understand the full downstream impacts of accepting said offer. During each call, I was always told something different therefore, the associated disclosures were inadequate. In addition, Lending Club does not currently proactively communicate with customers in order to apprise these consumers of their opportunity for self-remediation ; I have to call and battle for assistance. In addition, Lending Club does not have an established programmatic process to adequately handle customer inquiries, concerns, and/or provide workout options. 
How can you stop offering assistance for accounts holders who are doing their best to make ends meet in the height of a pandemic?! 
Furthermore, regarding the assistance options offered. My loans balances have went up over {$4000.00} each!!! I know I skip two payments for XXXX and XX/XX/XXXX and those would be added, plus interest for those months, but nothing to these amounts should ever been added!!! It was only until I entered the interest only payment options ( I was in the hospital at the time ) did they tell me the amount that would be added to the end of my loan I had no choice but to accept the interest only option as it was that or go into default. When I asked, if I am paying the interest each month why is my balance increasing over {$1000.00}? They HAD NO EXPLAINATION AND JUST SAID, WELL THATS HOW IT WORKS. 

Regarding the predatory lending- they gave me two loans with over {$1200.00} in monthly payments at high rates! 
Loan # XXXX current balance is {$11000.00} Monthly payment {$560.00} Loan # XXXX current balance is {$15000.00} monthly payment {$600.00} Lending club needs to come to a SETTELELNT AGREEMNT WITH ME BEFORE MY CREDIT IS RUNIED and provide me with a payment amount I can afford and that is reasonable with the pandemic. It is days before XXXX, and they are telling me they have nothing to help me! Their position is, well, the account will just go into default, we will ruin your credit and make you suffer more than you already are! I need my credit! Its just me now! This company needs to be made to have options for assistance until this pandemic is over!! I have clearly tried my best ti keep up on this account! They also need to adjust my balances back to where they were pre-COVID aside from the two months where I skipped payments, because I know I owe those amounts and understood what was disclosed. There have been several litigations cases against lenders for their lack of proper disclosure to consumer when entering into a Skip a Pay or other assistance option! 

Also- Better train their Reps! They keep telling me, we only know what the computer tells us We dont have any options for what the Computer tells us. I asked to speak to a manager 15 times and they said there is now way to do that!

Company response to consumer: Closed with explanation