How to turn off autopay on Lending Club: 2 Best Methods

Last updated on November 20th, 2024 at 11:11 am

If you’re wondering how to turn off autopay on Lending Club, you’re in the right place. Autopay is convenient for many borrowers, helping them avoid missed payments and late fees. But if your situation has changed, or you simply prefer more control over each payment, turning off autopay on Lending Club is easy and manageable. In this guide, we’ll walk you through every step, ensuring you have clear, simple instructions to manage your payments just the way you want.

What is Lending Club’s Auto Payment Feature?

Lending Club’s Auto Payment Feature simplifies the repayment process, offering a hassle-free experience for borrowers. With this feature, there are no penalties or fees if you choose to pay off your loan ahead of schedule. Your monthly loan payment is effortlessly managed through automatic deductions from your linked bank account.

This means you won’t have to worry about remembering to send a check or manually initiating a payment each month. The Auto Payment Feature streamlines the repayment process, making it convenient and worry-free for borrowers.

How to turn off autopay on Lending Club?

Turning off autopay on Lending Club can sometimes lead to missed payments if you’re not careful. When autopay is on, your monthly payment is automatically taken from your bank account, which helps you avoid late fees and makes things easier to manage. However, if you still want to turn off autopay, there are two simple methods you can follow below.

Method 1: Using the Official Website

You have to visit the official website of the Lending Club from where you applied for the loan. After going to that website, you have to log in by entering your ID password.

After logging in, you have to click on the settings option. And there you will see the option of Autopay. As soon as you click on it, the option of turn on and turn off will appear there. From that option, you have to select the option of turn off and click on save.

Within 24 hours, this setting gets fully applied and your auto pay turns off. It is a very easy process but you should not tamper with its setting before having complete information.

Method 2: By Calling the Lending Club

Step 1: Prepare Your Account Information

Before calling, have your Lending Club account number or any identification details ready, as you might need them to verify your account.

Step 2: Call Lending Club’s Customer Support

Dial 844-227-5011 to reach Lending Club’s customer support team. Their support team can guide you through the autopay cancellation process.

Step 3: Request to Turn Off Autopay

When connected, inform the representative that you would like to cancel the autopay on your account. They’ll verify your account information and proceed to turn off the automatic payment feature.

Step 4: Confirm Autopay is Turned Off

Ask for confirmation that autopay has been disabled on your account. Some users may receive a confirmation email, so check your inbox for any notifications from Lending Club.

Benefits after turning off autopay on Lending Club

Turning off Lending Club’s autopay doesn’t do you much good. But if you have such a condition that you do not like auto debit or autopay. So you can turn it off. By turning off Lending Club’s autopay, you don’t have to worry about your EMIs getting bounced. Now it is in your hands to deposit your EMI online before the due date and every month you will have to deposit your EMI manually.

Due to this, bounce charges will not be levied on your bank account, apart from this, you will have your EMI in your hand, if you want, you can also deposit an EMI advance of 1 or 2 months. There are many other benefits of getting autopay turned off.

For example, after turning off auto pay, you can keep any amount in your account. None of that EMI will be deducted. Whatever EMI summit will be done by you.

How do I stop automatic payments on the Lending Club?

To discontinue automatic payments on Lending Club, You can contact their customer support team at 844-227-5011. They will be able to assist you in turning off autopay. Alternatively, if you prefer to manage it yourself, you can follow these steps:

1. Access your Lending Club Member Center.
2. Navigate to the “Make a Payment” section.
3. Look for the option to “Turn Autopay On” and select it.
4. Follow the instructions provided to disable autopay.

Remember to carefully review the information and ensure that you are selecting the correct options to turn off automatic payments. If you encounter any difficulties or have further questions, don’t hesitate to reach out to Lending Club’s customer support for personalized assistance.

Step-by-Step Guide to Disabling Auto Payment.

We have told you the complete method above to disable the auto-debit of Lending Club. You can disable your autopay by reading it in detail and following step by step. But if you still want to know step by step, then we have given the complete process below. We have explained to you step by step how you will disable Lending Club Autopay.

• Log in to your Lending Club account at the Lendingclub Website
• Go to the Settings option.
• Click on the “Auto Pay” option.
• Click next to Auto Pay to “ Turn Off”.
• Confirm the change by clicking Save
• These settings will apply to your account within 24 hours.

Conclusion

Turning off autopay on Lending Club can offer more control over your finances, allowing you to manage payments on your own schedule. Whether you choose to disable autopay through the website or by calling customer support, the steps are simple. However, make sure to stay organized and remember your due dates to avoid any missed payments or late fees. With careful management, you can enjoy flexibility while ensuring timely loan repayments on your terms.

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Disclaimer: This article is for informational purposes only and does not constitute legal advice. Readers are advised to consult with Lending Club for guidance specific to their situation. The information provided may change; always verify with the official Lending Club resources.