These Online Lenders Relax Rules for Hurricane-Hit Customers

Loans, Personal Loans, Personal Loans Reviews
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Online lenders including Avant, LendingClub and Prosper have announced temporary measures to support their existing customers affected by Hurricane Harvey. The lenders also told NerdWallet they may do the same in the wake of Hurricane Irma.

The measures include waiving late fees, adjusting payment schedules and allowing qualified borrowers to go on hardship plans, which can make payments easier to manage.

Borrowers who live in states affected by the hurricanes should contact their lenders directly if they anticipate they’ll have trouble making payments. If you are already behind on 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 will be waived for borrowers affected by Harvey in the Houston metro area and surrounding affected counties
  • Loan payment modifications and payment date extensions may be made available to all customers in need who reside in the Houston metro area and surrounding affected counties
  • The lender is working with credit bureaus to ensure that borrowers’ credit reports are not affected due to missed payments during this period
  • Customer support: Email support@avant.com or call 800-712-5407

 

Discover

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

 

LendingClub

  • Borrowers who are affected should have already received an email from the lender outlining their options, according to a LendingClub spokeswoman
  • Late fees will not be charged for those who live in affected ZIP codes in Texas and Louisiana from Aug. 23 through Sept. 30. Borrowers who may have been charged late fees since Aug. 23 will be credited by the lender.
  • Borrowers can ask LendingClub about going on a hardship plan that allows them to temporarily make interest-only payments. The lender has relaxed its eligibility criteria for those in affected ZIP codes.
  • For borrowers who become delinquent, the lender will add a note to credit bureaus indicating that they have been affected by a natural disaster
  • From Aug. 26 through Sept. 15, debt collectors from LendingClub will not make calls to delinquent borrowers who live in affected ZIP codes. The lender also will not send direct mail and email collections notices to those borrowers until Sept. 30.
  • Customer support: Call 888-596-4478 to discuss your options

 

LightStream

  • The lender says it has a payment-deferral plan for those affected by the hurricane
  • It will not report late payments to the credit bureaus
  • Customer support: Email customerservice@lightstream.com or call 866-635-1330

 

Marcus

  • Borrowers can opt in to defer their monthly loan payment with no penalty, the lender says
  • Customer support: Call 844-627-2871

 

Mariner Finance/Pioneer Credit Company

  • Through Sept. 30, no late fees will be charged for borrowers who live in government-designated counties affected by Harvey
  • Borrowers may be able to defer their payments by 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 options available for borrowers affected by the hurricane, but does not offer specifics
  • Customer support: You can visit your local branch or call 800-742-5465

 

Prosper

  • Prosper will not charge late fees or fees for insufficient funds, and will waive unpaid fees that may have already been applied
  • Payment schedules will be adjusted so borrowers don’t rack up late fees
  • Customer support: Borrowers can call 866-615-6319 or email support@prosper.com

 

Upgrade

    • Upgrade says it has suspended late fees and collections calls and is not 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 anyone who has a loan account to call its customer service and discuss his or her individual situation
  • Those who have mortgages also have to call and ask for a disaster relief option, which may suspend negative credit bureau reporting, late fees, collection calls and foreclosures, and offer payment options
  • Customer support: Call 800-869-3557 (or 800-TO-WELLS) for all types of loans; mortgage-holders should call 888-818-9147

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