FTC Sues Lending Club for Hidden Fees

FTC sued Lending Club, a company offering personal loans online, for deceptively marketing loans with “no hidden fees” but charging a significant, hidden up-front fee. The lawsuit alleges that Lending Club says it will give customers a loan for a certain amount, but when it provides the loan, it deducts that undisclosed up-front fee. The FTC also says that Lending Club falsely told consumers they have been approved for loans when they have not, makes unauthorized withdrawals from consumers’ bank accounts, and failed to properly provide customers with required privacy notices. Andersen Sleater Sianni's attorneys represent consumers who have been misled or victims of companies' deceptive practices. Click here to learn more about the FTC lawsuit.