<div id="readability-page-1"><div>Fitch Ratings-New York-10 December 2025:Fitch Ratings has assigned ratings and Rating Outlooks to the notes issued by LendingClub Rated Notes Issuer Trust, Series 2025-P3 (LENDR 2025-P3) as listed below.LENDR 2025-P3----Class A ; Long Term Rating; New Rating; AAAsf; Rating Outlook Stable----Class B ; Long Term Rating; New Rating; AAsf; Rating Outlook Stable----Class C ; Long Term Rating; New Rating; Asf; Rating Outlook Stable----Class D ; Long Term Rating; New Rating; BBBsf; Rating Outlook Stable----Class E ; Long Term Rating; New Rating; BBsf; Rating Outlook Stable----Class F ; Long Term Rating; New Rating; Bsf; Rating Outlook StableKEY RATING DRIVERSSolid Receivable Quality: The LENDR 2025-P3 pool comprises entirely prime loans assigned the lowest internal risk grades: P1 (75.02%) and P2 (24.98%). P1 represents the highest credit quality/lowest risk, followed by P2. The LENDR 2025-P3 pool has a weighted average (WA) FICO score of 735; 12.36% of the pool has a FICO below 700, with a minimum FICO of 662. The obligors in the pool have a WA debt-to-income ratio (DTI) of 18.99%. The WA interest rate of the pool is 10.74%, and the pool has a WA remaining term of 51.05 months with close to negligible seasoning.Stabilizing Default Rate Trends: LendingClub's go-forward approved default rates for its prime loan portfolio, which collateralizes the capital structure, began to increase early in vintage year 2021 and saw a notable rise by vintage year 2022. The cumulative gross default (CGD) rate for the P1 risk grade in vintage 1Q21 was approximately 3.13% and peaked at approximately 5.91% in vintage 3Q22. However, since initiating corrective measures that included cutting originations to higher-risk grades, performance in subsequent 2023 vintages has been improving qoq.Fitch's WA base case default assumption (the default assumption) for LENDR 2025-P3 is 9.23%. The default assumption was established based on data stratified by LendingClub's proprietary risk grade and loan term. In setting the expected case (default assumption), Fitch considered performance trends from vintage year 2021 and recognized the improving default curves in vintage year 2023, which have continued into 2024.Credit Enhancement Mitigates Stressed Losses: Credit enhancement (CE) consists of overcollateralization (OC) and subordination for the senior tranche. Initial hard CE totals 42.01%, 29.64%, 17.89%, 9.51%, 5.27% and 1.03% for the class A, B, C, D, E and F notes, respectively. Although the transaction does not have a reserve account, initial CE is sufficient to cover Fitch's stressed cash flow assumptions for all classes.Fitch applied a 'AAAsf' rating stress of 4.25x the base case default rate for prime loans. The stress multiples decrease for lower rating levels, according to Fitch's &#34;Consumer ABS Rating Criteria.&#34; The default multiple reflects the absolute value of the default assumption, the length of default performance history for the loans, WA borrower FICO scores and the WA original loan term, which increases the portfolio's exposure to changing economic conditions.Adequate Servicing Capabilities: LendingClub has a strong track record of servicing consumer loans since launching its online lending marketplace platform in 2007. LendingClub performs pre-charge-off loan servicing activities in-house, along with outsourcing post-charge-off activities to third parties. The bank is the lead servicer on all of its securitization transactions. The trust has assigned CardWorks Servicing, LLC as the backup servicer.RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/DowngradeRating Sensitivity to Increased Defaults:Original Ratings: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'Bsf'Base case defaults increase 10%: 'AA+sf'/'AA-sf'/'BBB+sf'/'BBB-sf'/'CCCsf'/'CCCsf'Base case defaults increase 25%: 'AAsf'/'Asf'/'BBBsf'/'BB+sf'/'BB-sf'/'NRsf'Base case defaults increase 50%: 'A+sf'/'A-sf'/'BBB-sf'/'BBsf'/'CCCsf'/'NRsf'Rating Sensitivity to Reduced Recoveries:Original Ratings: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'Bsf'Base case recoveries decrease 10%: 'AAAsf'/'AA-sf'/'A-sf'/'BBB-sf'/'BB+sf'/'Bsf'Base case recoveries decrease 25%: 'AAAsf'/'AA-sf'/'A-sf'/'BBB-sf'/'B-sf'/'B-sf'Base case recoveries decrease 50%: 'AA+sf'/'AA-sf'/'A-sf'/'BBB-sf'/'B-sf'/'Bsf'Rating sensitivities to increased defaults and reduced recoveries:Original Ratings: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'Bsf'Base case defaults increase 10%/ base case recoveries decrease 10%: 'AA+sf'/'A+sf'/'BBB+sf'/'BB+sf'/'BBsf'/'CCCsf'Base case defaults increase 25%/base case recoveries decrease 25%: 'AAsf'/'Asf'/'BBBsf'/'BBsf'/'B+sf'/'NRsf'Base case defaults increase 50%/base case recoveries decrease 50%: 'A+sf'/'BBB+sf'/'BB+sf'/'B+sf'/'NRsf'/'NRsf'Factors that Could, Individually or Collectively, Lead to Positive Rating Action/UpgradeRating Sensitivity to Decreased Defaults:Original Ratings: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'Bsf'Base case defaults decrease 20%: 'AAAsf'/'AA+sf'/'A+sf'/'BBB+sf'/'BB+sf'/'BBsf'USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10Fitch was provided with Form ABS Due Diligence-15E (&#34;Form 15E&#34;) as prepared by PricewaterhouseCoopers LLP. The third-party due diligence described in Form 15E focused on a comparison of certain characteristics with respect to 100 randomly selected sample loans. In addition, for each sample loan PricewaterhouseCoopers LLP observed that the loan contract has been electronically signed by the borrower. Fitch considered this information in its analysis and it did not have an effect on Fitch's analysis or conclusions.REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS A description of the transaction's representations, warranties and enforcement mechanisms (RW&amp;Es) that are disclosed in the offering document and which relate to the underlying asset pool was not prepared for this transaction. Offering Documents for this market sector typically do not include RW&amp;Es that are available to investors and that relate to the asset pool underlying the trust. Therefore, Fitch credit reports for this market sector will not typically include descriptions of RW&amp;Es. For further information, please see Fitch's Special Report titled 'Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions'.ESG ConsiderationsThe highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.Contacts:Primary Rating AnalystMaria Ivanova,Associate Director+1 212 612 7879maria.ivanova@fitchratings.comFitch Ratings, Inc.Hearst Tower 300 W. 57th StreetNew York, NY 10019Secondary Rating AnalystAbhishek More,Associate Director+1 646 582 4970abhishek.more@fitchratings.comSurveillance Rating AnalystMaria Ivanova,Associate Director+1 212 612 7879maria.ivanova@fitchratings.comFitch Ratings, Inc.Hearst Tower 300 W. 57th StreetNew York, NY 10019Committee ChairpersonHarry Kohl,Senior Director+1 212 908 0837harry.kohl@fitchratings.comMEDIA RELATIONS: Anne Wilhelm, New York, Tel: +1 212 908 0334, Email: anne.wilhelm@thefitchgroup.comAdditional information is available on www.fitchratings.comApplicable ModelNumbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).ABS Loss Forecaster Model, v1.3.3 (1)Consumer ABS Asset Model, v1.3.0 (1)Multi-Asset Cash Flow Model, v3.7.0 (1)ADDITIONAL DISCLOSURESDodd-Frank Rating Information Disclosure FormABS Due Diligence Form 15E 1Solicitation StatusAdditional Disclosures For Unsolicited Credit RatingsEndorsement StatusEndorsement PolicyALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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Fitch Ratings has assigned ratings to LendingClub Rated Notes Issuer Trust, Series 2025-P3, with stable outlooks. The notes are rated from AAAsf to Bsf, reflecting solid receivable quality and adequate servicing capabilities. The pool comprises prime loans with a weighted average FICO score of 735. Credit enhancement mitigates stressed losses, and rating sensitivities are provided for increased defaults and reduced recoveries. Third-party due diligence was conducted by PricewaterhouseCoopers LLP.

Fitch Rates LendingClub Rated Notes Issuer Trust, Series 2025-P3