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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 Arizona $14000 for Car loan in Mesa
FICO Score: 640-659 $2250 for Medical/Vacation Tim in TUCSON
FICO Score: 660-678 $1275 for Moving Expenses in Yuma
FICO Score: 660-678 $7000 for Paying for my own wedding in El Mirage
FICO Score: 679-713 $1150 for New office for successful web design biz in Phoenix
FICO Score: 714-749 $15000 for Expanding my growing business in Laveen
FICO Score: 660-678 $4350 for Dance Studio in Scottsdale
FICO Score: 679-713 $25000 for Finish Land Improvements - Well needed in FLAGSTAFF
FICO Score: 679-713 $3800 for Looking for a Second Chance in Glendale
FICO Score: 660-678 $7000 for Debt Relief in Phoenix
FICO Score: 780+ $1800 for School expenses - consolidation in glendale
FICO Score: 640-659 $24000 for debt consolidation in mesa
FICO Score: 750-779 $7000 for Credit card consolidation in Tempe
FICO Score: 750-779 $12000 for major purchase in laveen
FICO Score: 679-713 $3000 for Its not my money! in Phoenix
FICO Score: 679-713 $5000 for Denture Payment in Phoenix
FICO Score: 780+ $8575 for Debt in scottsdale
FICO Score: 660-678 $2500 for pay off taxes and fix up car in tucson
FICO Score: 640-659 $7500 for Eliminate Credit Cards - for good! in Gilbert
FICO Score: 750-779 $3475 for Start Up Expenses Business in Oracle
FICO Score: 679-713
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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