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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 $9775 for loan for debt in Carlsbad
FICO Score: 660-678 $16000 for Mels Loan in long beach
FICO Score: 714-749 $16600 for Dumping That Debt For a Fresh Start! in Murrieta
FICO Score: 660-678 $7000 for Need to pay off motorcycle loan in Van Nuys
FICO Score: 660-678 $10000 for FICO score 762 wants to buy a new car in Dana Point
FICO Score: 750-779 $4350 for FIRST in MONTCLAIR
FICO Score: 679-713 $6000 for Looking to Consolidate Some Debt. in San Diego
FICO Score: 679-713 $6000 for Refinancing personal line of credit in san jose
FICO Score: 750-779 $6500 for personal loan in SANTEE
FICO Score: 714-749 $25000 for personal loan in san diego
FICO Score: 679-713 $7500 for DEBT CONSOLIDATION in LONG BEACH
FICO Score: 660-678 $8175 for personal loan in running springs
FICO Score: 679-713 $7200 for consolidate in Anaheim
FICO Score: 679-713 $8000 for Help Payoff Terrible Loan in San Diego
FICO Score: 679-713 $2000 for chest surgery in SACRAMENTO
FICO Score: 660-678 $7500 for debt consolidation in Los Angeles
FICO Score: 714-749 $8000 for Fix Up Investment Property in Cardiff by the Sea
FICO Score: 640-659 $3100 for Loan in GILROY
FICO Score: 780+ $2200 for Tansmission Replacement in San Jose
FICO Score: 679-713 $650 for Lend to an Aspiring Graduate in Canyon Country
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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