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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 Alabama$11625 for acrane in Huntsville
FICO Score: 660-678 $5100 for Personal Loan in North Hollywood
FICO Score: $7500 for pay off debt in millbrook
FICO Score: 714-749 $1000 for Moving in Tuscaloosa
FICO Score: 679-713 $1500 for Wendys loan in TROY
FICO Score: 679-713 $6000 for Consolidation Loan in Trussville
FICO Score: 679-713 $3200 for Debt Conolidation in madison
FICO Score: 679-713 $18000 for Investment Opportunity in Bessemer
FICO Score: 640-659 $8900 for House Sold- Need $$$ to pay off loan in DECATUR
FICO Score: 714-749 $2750 for Credit Card Consolidation Loan in BIRMINGHAM
FICO Score: 679-713 $4800 for Home improvement project in Mobile
FICO Score: 679-713 $1625 for Important Purchase in Birmingham
FICO Score: 679-713 $7000 for Credit in Atmore
FICO Score: 714-749 $200 for mike click personal loan in huntsville
FICO Score: 660-678 $1500 for Personal Loan in Madison
FICO Score: 640-659 $600 for lending club experience in Birmingham
FICO Score: 750-779 $575 for Consolidating debt with a new baby! in Northport
FICO Score: 714-749 $4200 for Clothing business in Birmingham
FICO Score: 640-659 $20000 for personal in Smiths
FICO Score: 660-678 $5000 for Get out of debt in Pleasant Grove
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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