Lending Club

[corymcd88]

Does any one know if lending club will do a loan modification to lower the payment each mouth?

[ecxpa]

Kinda doubt it given their lending model.  I would think they would have to get approval from all the individuals who funded your loan.  You may want to apply for a second loan with them and see if your interest rate improves and use the second loan to pay off the first.   Just trying to be creative..........good luck

[budwiser]

No,

It is a set payment that you can select based on a 3 or 5 year payback. It is almost like having an installment loan. Just this is not a car.

[Anonymous]

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@corymcd88 wrote:

Does any one know if lending club will do a loan modification to lower the payment each mouth?

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No, they won't do it.  If your credit has improved, you will be have apply for a new loan with a lower interest rest and then close the old one.  Peer to Peer lending does not do modifications and it is in their disclosures.