(Reuters) – Online lending platform operator LendingClub said it had raised interest rates for some of its loans and tightened credit policy that would result in certain high-risk borrowers being denied loans.
The company’s interest rate hikes were mostly for loans deemed relatively more risky by the company, chief investment officer Siddhartha Jajodia wrote in a letter to investors on Friday.
LendingClub (LC) said it expects loans originated from the second half of 2016 to benefit from these changes.