October 14, 2016 / 9:36 PM / 9 months ago

LendingClub tightens lending policy, raises interest rates

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Oct 14 (Reuters) - Online lending platform operator LendingClub Corp 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. (bit.ly/2egvzCm)

LendingClub said it expects loans originated from the second half of 2016 to benefit from these changes. (Reporting by Sudarshan Varadhan and Sruthi Ramakrishnan in Bengaluru; Editing by Shounak Dasgupta)

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