Friday, April 25, 2008

LendingClub responds - sort of

You may recall that I've asked LendingClub a question about where to find my Promissory notes or other legal documents for the loans I've made on their site.

They promised to respond within 24 business hours.

Well, I've got an answer - sort of. Today they sent me the following follow-up email.



First of all, I guess it gets them off the hook on the 24 business hour response undertaking. Note that this time they didn't say when they'd send me a real response.

Secondly, I guess their first-level support doesn't know where to find the promissory notes either. Could that mean that the promissory notes aren't available to lenders?

5 comments:

Beachey said...

This is what I think you were looking for. Why LC couldn't point you there?

http://www.lendingclub.com/info/legal-agreements.action

112233 said...

they must be buying time HO. Since you created that thread (you know where), they changed the agreement. I quoted a interesting piece from it, and not it's gone.

I guess they don't want any of their own MNH reports :)

112233 said...

my bad. the text is still there ..

Old Stump said...

@beachey: Those are the generic or boilerplate agreements. They are not specific to any loan. You could not, for instance, go to court with those documents.

On Prosper, you have a folder with a promissory note for each loan that you bought. That forms the basis of your legal contract with the borrower and also your legal proof of ownership of the loan should a dispute arise or if, in the worst case, the company cease to exist.

Jeff said...

OS,

Email me (see your info about me blog-side) and I'll get you the name and email address of the appropriate person to contact about this. Support is just some monkeys in a room reading scripts (no offense Loan Chimp).

Thanks,
J