These web based Lenders Relax Rules for Hurricane-Hit Customers

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Online lenders including Avant, LendingClub and Prosper have announced temporary measures to support their existing customers impacted by Hurricane Harvey.?Lenders also told NerdWallet they may do the same within the wake of Hurricane Irma.

The measures include waiving late fees, adjusting payment schedules and allowing qualified borrowers to take hardship plans, that make payments easier to manage.

Borrowers who live in states impacted by the hurricanes should contact their lenders directly when they anticipate they’ll have trouble making payments. If you’re already behind in your payments, call your lender to discuss your situation.

Here’s a roundup of the changes announced by each lender and contact information:

Avant

Discover

LendingClub

LightStream

Marcus

Mariner Finance

OneMain Financial

Prosper

Upgrade

Wells Fargo

Avant

From Aug. 15 through Sept. 30, 2017:

  • All late fees is going to be waived for borrowers impacted by Harvey in the Houston metro area and surrounding affected counties
  • Loan payment modifications and payment date extensions might be distributed around all customers in need of assistance who live in the Houston metro area and surrounding affected counties
  • The lender is dealing with credit agencies to ensure that borrowers’ credit history aren’t affected because of missed payments during this period
  • Customer support: Email [email protected] or call 800-712-5407

 

Discover

  • The lender is providing late-fee adjustments, deferred payments and due-date alterations in borrowers
  • Customer support:?Call 877-256-2632 to discuss your options

 

LendingClub

  • Borrowers who’re affected must have already received an e-mail in the lender outlining their options, based on a LendingClub spokeswoman
  • Late fees will not be charged for those who reside in affected ZIP?codes in Texas and Louisiana from Aug. 23 through Sept. 30. Borrowers and also require been charged late fees since Aug. 23 will be credited by the lender.
  • Borrowers can ask LendingClub about going on a hardship plan that enables them to temporarily make interest-only payments. The lending company has relaxed its eligibility criteria for all those in affected ZIP?codes.
  • For borrowers who become delinquent, the lending company will add an email to credit agencies indicating that they have been impacted by an all natural disaster
  • From Aug. 26 through Sept. 15, debt collectors from LendingClub won’t call people to delinquent borrowers who live in affected ZIP?codes. The lender also will not send direct mail and email collections notices to people borrowers until Sept. 30.
  • Customer support: Call 888-596-4478 to discuss your options

 

LightStream

  • The lender says it features a payment-deferral arrange for those impacted by the hurricane
  • It won’t report late payments to the credit bureaus
  • Customer support: Email [email protected] or call 866-635-1330

 

Marcus

  • Borrowers can opt in to defer their monthly payment without any penalty, the lending company says
  • Customer support: Call 844-627-2871

 

Mariner Finance/Pioneer Credit Company

  • Through Sept. 30, no late fees will be charged for borrowers who reside in government-designated counties affected by Harvey
  • Borrowers may be able to defer their debts with a month, extending the loan term
  • Customer support: You can visit your local branch or call 800-373-4004

 

OneMain Financial

  • OneMain’s website says it has hardship possibilities for borrowers affected by the hurricane, but doesn’t offer specifics
  • Customer support: You can go to the local branch or call 800-742-5465

 

Prosper

  • Prosper will not charge additional fees or?fees for insufficient funds, and can?waive unpaid fees that may have already been applied
  • Payment schedules will be adjusted so borrowers don’t accrue late fees
  • Customer support: Borrowers can call 866-615-6319 or email [email protected]

 

Upgrade

    • Upgrade says it has suspended late fees and collections calls and isn’t reporting delinquent payments to credit bureaus
    • Borrowers can call to ask about going on a hardship plan
    • Customer support: Call 855-997-3100

 

Wells Fargo

  • The bank recommends those who have a loan account to call its customer support and discuss his or her individual situation
  • Those who’ve mortgages also have to call and ask for a disaster relief option, which might suspend negative credit agency reporting, additional fees, collection calls and foreclosures, and provide payment options
  • Customer support: Call 800-869-3557 (or 800-TO-WELLS) for all types of loans; mortgage-holders should call 888-818-9147

More help from NerdWallet

  • Read NerdWallet’s financial guide for natural disasters
  • Start monitoring your credit report to check on for negative marks from lenders

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