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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 $25000 for Wedding Exp. in van nuys
FICO Score: 679-713 $1100 for Loan Consolidation in LOS ANGELES
FICO Score: 660-678 $8575 for Making Equipment Purchase For Business in Palmdale
FICO Score: 640-659 $4825 for For the Future! in San Francisco
FICO Score: 714-749 $1525 for Capital for General Contracting Business in Temecula
FICO Score: 679-713 $7500 for Debt Consolidation in Los Angeles
FICO Score: 640-659 $20825 for Medical in lancaster
FICO Score: 640-659 $15000 for Bill Consolidation in Lake Forest
FICO Score: 714-749 $12500 for kb10798 in Santa Cruz
FICO Score: 679-713 $20000 for DavidYuLoan in Redwood City
FICO Score: 714-749 $10000 for Adding Inventory in Fountain Valley
FICO Score: 714-749 $7500 for Refinancing credit card debt in San Francisco
FICO Score: 640-659 $6000 for personal loan in strathmore
FICO Score: 679-713 $15000 for Loan Needed for Home Improvement in Bermuda Dunes
FICO Score: 679-713 $10000 for Credit card- pay off in Sunnyvale
FICO Score: 660-678 $300 for Need a car for work in rohnert park
FICO Score: 679-713 $21000 for Convert wkshp into apt for daughter in San Jacinto
FICO Score: 714-749 $15000 for Debt Consolidation in Los Angeles
FICO Score: 679-713 $2100 for Silver train in watsonville
FICO Score: 750-779 $4725 for Personal in Campbell
FICO Score: 714-749
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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