What if I’m late in making a payment?
Late payments, missed payments, or other defaults on your account may be reflected in your business credit report, as will a record of on-time payments.
If the business is unable to pay, the full responsibility for any outstanding principal, interest, and/or fees will shift to the guarantor, at which point the personal credit bureaus may be contacted and collection activities and default remedies can be taken against the guarantor.
If payment isn't received on time, a late fee will be charged, and depending on how late your payment is, Lending Club will report this to credit bureaus and may work with third party collection agencies to recover the amount owed on your line.
For more details on fees and pricing, see the link below:
If you're having a problem making your payments, contact your Client Advisor immediately at email@example.com or reach out to your Client Advisor directly.
Is this information useful?