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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 Colorado $7200 for Credit Card Consolidation in Englewood
FICO Score: 679-713 $13150 for bank of america consolidation in ft collins
FICO Score: 640-659 $4000 for Credit Card Consolidation in Greeley
FICO Score: 679-713 $4600 for Debt Consolidation Loan in Littleton
FICO Score: 714-749 $1000 for School fees tuition and other expenses in Colorado Springs
FICO Score: 679-713 $7200 for Consolidate Credit Card Debt in Parker
FICO Score: 679-713 $16000 for Debt Consolidation in Boulder
FICO Score: 660-678 $8000 for Surgery Loan in Denver
FICO Score: 714-749 $5475 for FinishingBasement in northglenn
FICO Score: 714-749 $5000 for credit cards in Frederick
FICO Score: 714-749 $5000 for Reduce Credit Card Debt in Evergreen
FICO Score: 750-779 $4000 for Wedding in Aurora
FICO Score: 640-659 $5000 for Personal Loan in Denver
FICO Score: 660-678 $750 for Paying down credit card debt in GOLDEN
FICO Score: 679-713 $9000 for Business Loan with friends in Colorado Springs
FICO Score: 679-713 $24000 for Engineer Needs Loan to Start Consulting in Los Gatos
FICO Score: 679-713 $1650 for mobile home loan in stockton
FICO Score: 679-713 $9500 for Debt Consolidation in Denver
FICO Score: 714-749 $550 for phone/car bill 1800 in FT Carson
FICO Score: 679-713 $1550 for Personal Loan in Emeryville
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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