The FTC also alleged that LendingClub misled consumers about whether their loan applications have been approved, "stringing consumers along by, for example, telling consumers, ' Hooray! Investors Have Backed Your Loan ' when Defendant knew that many such consumers would never receive a loan." In addition to the $18 million payment, the settlement prohibits LendingClub from making misrepresentations to loan applicants and requires the company to clearly and conspicuously disclose the amount of any prepaid, up-front, or origination fee and the total amount of funds that borrowers will receive. In a statement, Samuel Levine, Acting Director of the FTC Bureau of Consumer Protection, said, "Companies that profit by preying on consumers don't just harm the families they cheated — they also harm their competitors that play by the rules. LendingClub fleeced consumers looking for a loan online, and will pay $18 million for its alleged misconduct.