LendingClub Boosts Interest Rates, Tightens Standards for Loans
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LendingClub Corp., under pressure to bolster investor confidence in the loans it arranges online, is boosting interest rates and tightening criteria for borrowers to qualify.
Interest rates will increase by a weighted average of 55 basis points, the company said Tuesday in a regulatory filing, minutes before it was to start its annual shareholder meeting. The San Francisco-based firm also lowered the ratio of debt-to-income that it allows applicants to have.