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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 Arkansas$5600 for Housing in Harriet
FICO Score: 714-749 $625 for Credit Card Consolidation in Benton
FICO Score: 679-713 $7500 for Building credit never been in debt. in Fayetteville
FICO Score: 714-749 $500 for Loan for Job Training in Fayetteville
FICO Score: 679-713 $17000 for Toris First Home Improvement in Booneville
FICO Score: 750-779 $7500 for personal loan in malvern
FICO Score: 714-749 $15000 for Paying off high-priced debt in Cherokee Village
FICO Score: 750-779 $15000 for Consolidate debt in North Little Rock
FICO Score: 679-713 $1500 for Small loan for spring semester URGENT! in Pine Bluff
FICO Score: 660-678 $5350 for Credit Card Consolidation Loan in Arkadelphia
FICO Score: 679-713 $3150 for Flynn Legal Services in N. Little Rock
FICO Score: 679-713 $5000 for payoff in cabot
FICO Score: 679-713 $2500 for Consolidate Debt in Bryant
FICO Score: 714-749 $5000 for Funds to Purchase a 97 Mazda Miata in Fayetteville
FICO Score: 660-678 $1100 for Time to pay off those credit cards!! in Rogers
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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