Lending Club promised customers 'no hidden fees,' but actually collected hundreds or even thousands in up-front fees, says FTC
Lending Club banners hang on the facade of the New York Stock Exchange for it's IPO in New York, on Dec. 11, 2014. Lending Club's stock plunged after FTC's announcement on Apr. 25. DON EMMERT/AFP/Getty Images
WASHINGTON—The Federal Trade Commission (FTC) has sued one of the largest online lenders, Lending Club Corp., for misleading consumers.
The company is accused of making “no hidden fees” claims a centerpiece of its marketing but then deducting hidden up-front fees from the loans.
Emel Akan
Reporter
Emel Akan is a senior White House correspondent for The Epoch Times, where she covers the policies of the Trump administration. Previously, she reported on the Biden administration and the first term of President Trump. Before her journalism career, she worked in investment banking at JPMorgan. She holds an MBA from Georgetown University.
