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How is this Possible?
The Lending Club is a social lending network. Borrowers with good credit can bypass banks and credit cards for lower rates. At the Lending Club members lend and borrow money from each other at better rates, bypassing the banks. More than $20,000,000 in loans have been issued by Lending Club at better rates than bank rates.
Look at the types of loans already made by Lending Club to people in California $7000 for Credit card payoff in Temecula FICO Score: 640-659 $725 for MasterCard Liberation Front in San Francisco FICO Score: 780+ $1000 for Research On Global Warming in San francisco FICO Score: 780+ $24000 for Need this loan for even on 24 mth term in Santa Clara FICO Score: 714-749 $18000 for Debt Consolidation in Los Angeles FICO Score: 714-749 $7500 for business in beaumont FICO Score: 679-713 $7000 for Need to pay off motorcycle loan in Van Nuys FICO Score: 660-678 $5100 for pay off the high interest credit cards in Richmond FICO Score: 750-779 $3775 for Relocation in Los Angeles FICO Score: 750-779 $13500 for Get me out of debt please in Garden Valley FICO Score: 714-749 $1600 for Small Business Expansion Loan in Atwater FICO Score: 714-749 $10000 for LOAN in SAN DIEGO FICO Score: 714-749 $12500 for kb10798 in Santa Cruz FICO Score: 679-713 $3250 for Personal Loan in Sunnyvale FICO Score: 714-749 $75 for pay off cc and stop paying high cc rates in Los Angeles FICO Score: 679-713 $9500 for Refi credit card-great payment record in San Jose FICO Score: 679-713 $4575 for Paying off High Intrest Credit Cards in Alameda FICO Score: 660-678 $20000 for Debt consolidation in san francisco FICO Score: 679-713 $325 for Need Help Quickly in Irvine FICO Score: 660-678 $4800 for Paying Off Credit Cards For Better Rate in Los Angeles FICO Score: 640-659
In the worst of times, Lending Club is the best of options. Prosper.com began the P2P or social lending market, which allows people to lend to people in an auction like market place. The Lending Club came a couple of years later and is also a social lending network where members lend and borrow money from each other at better rates, bypassing the banks.
Well, if Prosper started the revolution, then why not use their platform to get a loan?
Because Prosper has gone into hibernation waiting on a filing with the SEC, leaving the Lending Club as the best alternative to borrowing from banks or other financial institutions (if they are lending that is!).
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