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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$1000 for Moving in Tuscaloosa
FICO Score: 679-713 $5100 for Personal Loan in North Hollywood
FICO Score: $12000 for want to have one bill instead of 12 in mobile
FICO Score: 640-659 $7500 for pay off debt in millbrook
FICO Score: 714-749 $8000 for Equity building in home in Decatur
FICO Score: 640-659 $2750 for Credit Card Consolidation Loan in BIRMINGHAM
FICO Score: 679-713 $20000 for personal in Smiths
FICO Score: 660-678 $3400 for Credit Card in New Market
FICO Score: 679-713 $575 for Consolidating debt with a new baby! in Northport
FICO Score: 714-749 $1500 for Buying The Ring in Montgomery
FICO Score: 679-713 $1500 for Personal Loan in Madison
FICO Score: 640-659 $1500 for Wendys loan in TROY
FICO Score: 679-713 $4150 for bill payoff and minor purchase in Oneonta
FICO Score: 640-659 $4200 for Clothing business in Birmingham
FICO Score: 640-659 $250 for Education in Mobile
FICO Score: 679-713 $4800 for Home improvement project in Mobile
FICO Score: 679-713 $20000 for AmyL in Athens
FICO Score: 679-713 $275 for Educational in Bon Air
FICO Score: 679-713 $10000 for Consolidating loans with baby on the way in Northport
FICO Score: 679-713 $200 for mike click personal loan in huntsville
FICO Score: 660-678
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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