Consumer complaint received 2020-10-28 00:00:00
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: Lending Club Corp
State: MD

Complaint narrative:
I took the deferment option as identified in the CARES Act. I deferred my payment for 2 months ( XXXX ). I resumed my payments in XXXX and I noticed that my FULL payment was being applied ALL towards the interest. I emailed and called LendingClub for 3 days trying to get an answer. A supervisor tried to explain to me " what they meant '' by the email that I received, however, what the say in the email is the opposite for what they are doing. Below is the section of the email that I received regarding the extended payments : Extended loan term : The term ( length ) of your loan will be extended to account for any deferred payments and interest accrual. Interest will continue to accrue daily on your outstanding principal balance based on a 360-day year, resulting in an increase to the cost of your loan over time. AS you notice, this says that my loan is being extended to account for deferred payments AND interest. So when I asked the lender WHY they are applying my entire monthly payment to interest, they continued to try and explain to me " what they meant by the email ''. Effectively, they have broken the rules and regulations identified in the CARES Act. I AM being penalized to the tune of almost {$2000.00} because they have taken that amount from me and lined their pockets. There are no managers available and only supervisors. I asked for a full financial accounting, they refused. I should not have to pay interest on the front and the back when their email says something totally different. This is putting me in MORE of a bind as opposed to the intended purpose which was to HELP. This has been a nightmare, this company I predatory, they lie and deceive their customers. 

This is and update to my original complaint. In review of my account, this company continues to apply MORE money towards the interest on the account that they should. Even after my payments were restored, they are STILL stealing money from me and this needs to be stopped. My interest payment should be going DOWN, yet for TWO months they stole my entire payment and applied it towards interest and on the THIRD month they continued to take nearly 80 % of my payment and apply it towards interest and that is NOT the intention of the deferment. HOW are you going to let them get away with this? If they are stealing from me, they are stealing from everyone else and SOMETHING has to be done about this. This is crazy that you allow this type of predatory lending practices. And on top of stealing my money up front, you are going to charge me interest AGAIN on the back end. BUYER BEWARE!! LendingClub is a predatory lender, they will steal from you in your face to line their own pockets and they could care LESS about the consumer. They should be sanctioned and shut down for taken financial advantage of people. 

For some reason, this company feels like that dont have to respond to my compliant. I want something done about this predatory organization.

Company response to consumer: Closed with explanation