LendingClub Cancellation Policy: Refunds and Cancellations Explained

When it comes to managing finances, it's crucial to understand the terms and conditions of any financial agreement. For those considering a loan with LendingClub, it's important to know the cancellation policy in case your circumstances change. The LendingClub cancellation policy offers a straightforward process for canceling a loan and securing a refund under certain conditions. Whether you're a new customer or a returning borrower, this guide will help you understand the steps to take if you need to cancel your loan with LendingClub.

What Is The LendingClub's Cancellation And Refund Policy?

LendingClub provides different cancellation and refund policies depending on the type of loan you have taken out. For personal loans and lines of credit, you have a small window to cancel, usually within 5 calendar days of loan funding. For auto refinance loans, the timeframe extends to 10 calendar days. Meanwhile, LendingClub Patient Solutions loans must be refunded in full within 30 days of funding to waive interest, provided no services have been performed. It's imperative to understand these timelines to ensure you can act promptly if you need to cancel.

How Do I Cancel My Lendingclub?

To cancel your loan application with LendingClub, you need to contact them directly via phone. The cancellation must occur within the specified timeframe for your loan type. Keep in mind that once a loan is funded, you must ensure that the loan amount remains in your account for withdrawal by LendingClub within 5–7 business days. Failing to have the funds available could lead to additional complications.

Can I Cancel My Loan Once Approved?

Yes, you can cancel your loan even after approval, but you must act within the defined cancellation period specific to the loan product. For most loans, this period is relatively short, so it's essential to make a decision quickly and follow the proper procedures to ensure a smooth cancellation process.

Can I Cancel My Loan Application?

Cancelling a loan application before it is funded is generally simpler than cancelling a funded loan. If you have second thoughts before the loan is finalized, contact LendingClub immediately to stop the process and discuss any potential implications.

How Do I Get My Money Back From Lendingclub?

If you have received loan funds that you wish to return, you must inform LendingClub of your intention to cancel and ensure that the full loan amount is available in your account for withdrawal. LendingClub will initiate the withdrawal process to retrieve the funds, which typically occurs within the aforementioned 5–7 business days.

Can You Return Money From A Loan?

Returning money from a loan is permissible within the cancellation period. However, you must return the entire amount, not just a portion, to avoid being responsible for the loan repayment, fees, and accrued interest.

What Happens If You Don't Pay Back Lendingclub?

If you fail to return the loan amount within the cancellation period, or if you default on your loan payments, LendingClub may pursue repayment through collections. This can negatively impact your credit score and lead to additional financial consequences.

How I Can To Contact Lendingclub?

To cancel a loan or for any inquiries, LendingClub's customer service can be reached at specific phone numbers depending on the loan product. Personal loans and lines of credit require calling 844-557-2551, auto refinance loans at 888-845-0010, and Patient Solutions loans at 800-630-1663. Make sure to call during their business hours, which differ by department.

The Wrap-up

If you need to cancel your loan with LendingClub, you don't have to worry. Just follow these simple steps and timelines to get your refund without any hassle. The most important thing is to keep in touch with LendingClub and let them know as soon as possible if you change your mind. LendingClub's customer service is always happy to help, so feel free to contact them within the deadlines if you want to cancel your loan.