LendingClub closing its core notes platform

www.crowdfundinsider.com/2020/10/167680-lendingclub-files-8-k-indicating-it-will-cease-offering-and-selling-retail-notes/

This is a dramatic change in LendingClub’s business. It is no longer going to be involved in peer-to-peer lending.

It also eliminates another source of positive returns for investors. The company claims it will offer current investors on the platform preferential access to a new high-yield savings account, but the rate is unspecified and is unlikely to be anywhere near the 5-7% return offered through peer-to-peer lending.