Lending Club has been getting crushed, and the Supreme Court is now its only hope

[EF-Roger]

It's been a terrible summer for Lending Club and other startups that make loans to consumers and businesses online.

Shares of Lending Club are down about 30% since the beginning of June. That's when the US Court of Appeals for the Second Circuit upheld a decision that could have the lenders lowering interest rates they charge a big chunk of customers.

Now, the US Supreme Court is its only hope. It could decide whether it'll hear their case as early as October, according to a note this week from Morgan Stanley.

Read more: The Supreme Court could turn things around for Lending Club. - Business Insider