Proving the old adage that troubles never travel alone and instead choose to hunt in packs – LendingClub is facing yet another headwind in the hurricane they’ve experienced since spring.
The newest problem? Their borrowers – and the fact that they aren’t so much paying back their loans.
Charge-offs – loans that a lender has written off as non-collectable – are up 38 percent since 2013 for LendingClub – a curious outcome, since consumer credit on the whole during that time period was on the uptick.