Marketplace Lending Association Members Take Steps To Help Borrowers During The Coronavirus Crisis

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Marketplace Lending AssociationMembers of the Marketplace Lending Association are taking steps to alleviate financial pressure facing borrowers during the recent crisis.

“This includes providing impacted borrowers with forbearance, loan extensions, and other repayment flexibility that is typically provided to borrowers impacted by natural disasters. During the time of payment forbearance, marketplace lenders are also electing not to report borrowers as ‘late on payment’ to the credit bureaus,” a letter to senior members of Congress signed by Exec Director Nathaniel Hoopes states. “Members are also waiving any late fees for borrowers in forbearance due to the COVID-19 pandemic, posting helplines on company homepages, and communicating options via company servicing portals.”

Full letter here

Members of the MLA include:

  • Affirm
  • Avant
  • Funding Circle
  • LendingClub
  • Marlette Funding
  • Prosper
  • SoFi
  • Upstart
  • College Ave Student Loans
  • Commonbond
  • LendingPoint
  • PeerStreet
  • Yieldstreet
  • Arcadia Funds, LLC
  • Citadel SPV
  • Colchis Capital
  • Community Investment Management
  • cross river
  • dv01
  • eOriginal
  • Equifax
  • experian
  • Fintech Credit Innovations Inc.
  • FutureFuel
  • Laurel road
  • LendIt
  • pwc
  • Scratch
  • SouthEast bank
  • TransUnion
  • tuition.io
  • VantageScore
  • Victory Park Capital
  • WebBank
Last modified: March 17, 2020

Category: Online Lending


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