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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 $1700 for AACTION MOVING TEAM/JOEL REENSTIERNA in Tucson
FICO Score: 679-713 $1800 for School expenses - consolidation in glendale
FICO Score: 640-659 $5150 for CAR Loan Refinance in Ocotillo
FICO Score: 640-659 $12000 for Credit Card and Line of Credit Refinance in tempe
FICO Score: 679-713 $2875 for Recording Workshop in Ohio in Prescott Valley
FICO Score: 714-749 $2800 for Credit card rate too high! in chandler
FICO Score: 660-678 $11625 for Debt Consolidation in maricopa
FICO Score: 660-678 $9900 for Pay YOU or the Bank in Sierra Vista
FICO Score: 714-749 $25000 for Finish Land Improvements - Well needed in FLAGSTAFF
FICO Score: 679-713 $7000 for Credit Card Loan Repayment in SCOTTSDALE
FICO Score: 640-659 $5500 for Consolidate Debts in Phoenix
FICO Score: 714-749 $175 for Housing Loan in Tucson
FICO Score: 714-749 $2250 for Medical/Vacation Tim in TUCSON
FICO Score: 660-678 $12000 for Refinance/consolidate 2 Credit Cards in Mesa
FICO Score: 714-749 $9000 for Credit Card Debt Consolidation in Tucson
FICO Score: 640-659 $1775 for Heavens Best Carpet Cleaning in Anthem
FICO Score: 714-749 $7275 for Credit Card Payoff Loan in Gilbert
FICO Score: 679-713 $20000 for Expanding my growing Business in Tempe
FICO Score: 679-713 $2000 for Bill Help in Tucson
FICO Score: 640-659 $7000 for Debt Consolidation in Tucson
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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