LendingClub tightens lending policy, raises interest rates

October 14, 2016 6:16 PM EDT

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(Reuters) - Online lending platform operator LendingClub Corp said it had raised interest rates for some of its loans and tightened credit policy that would result in certain high-risk borrowers being denied loans.

The company's interest rate hikes were mostly for loans deemed relatively more risky by the company, Chief Investment Officer Siddhartha Jajodia wrote in a letter to investors on Friday.

LendingClub said it expects loans originated from the second half of 2016 to benefit from these changes.

(Reporting by Sudarshan Varadhan and Sruthi Ramakrishnan in Bengaluru; Editing by Shounak Dasgupta)

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