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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 California $14275 for refinance in los angeles
FICO Score: 714-749 $3000 for CPA exam costs in San Ramon
FICO Score: 660-678 $10000 for Beneficial Payoff in Covina
FICO Score: 640-659 $20000 for Debt consolidation in san francisco
FICO Score: 679-713 $3000 for Need 3k to pay off Credit cards in Whittier
FICO Score: 714-749 $7000 for Consolidating credit card debt in San Francisco
FICO Score: 679-713 $5000 for Personal in SAN BERNARDINO
FICO Score: 714-749 $10475 for Lower Credit Card Rate in hawthorne
FICO Score: 640-659 $1050 for paying some bills off in Rancho Cucamonga
FICO Score: 660-678 $3000 for growing new business in Huntington Beach
FICO Score: 679-713 $10000 for Personal Loan in Thousand Oaks
FICO Score: 714-749 $5600 for Pay friends who helped mothers funeral in Los Angeles
FICO Score: 640-659 $2225 for Couple trying to start a new life in San Diego
FICO Score: 679-713 $12000 for Credit Card payoff in san diego
FICO Score: 640-659 $7000 for Debt Consolidation in Oakland
FICO Score: 714-749 $5025 for sdguy in San Diego
FICO Score: 679-713 $15000 for Debt Consolidation in Los Gatos
FICO Score: 640-659 $3000 for Pay off Prosper Loan at a better rate in San Jose
FICO Score: 750-779 $1600 for Small vacation loan in Santa Maria
FICO Score: 714-749 $25000 for WANT TO BORROW MONEY TO GROW BUSINESS in san marcos
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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