LendingClub was sued Wednesday after federal regulators said the peer-to-peer lending website falsely promised “no hidden fees,” but charged them anyway. The Federal Trade Commission says the company deducted hundreds or thousands of dollars in hidden up-front fees from its loans. LendingClub also allegedly double-charged consumers and continued to charge those who cancelled automatic payments or paid off their loans, according to the FTC. A borrower cannot receive a LendingClub loan without reviewing and acknowledging the company’s fee disclosure, according to the company. The FTC also says LendingClub failed to get consumers’ acknowledgment of its information-sharing policy, as required by law.

Source: Forbes April 25, 2018 19:38 UTC