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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 $4350 for Pay YOU instead of Chase & CitiBank in denver FICO Score: 640-659 $12000 for Trying to Afford the Dream in Vail FICO Score: 714-749 $2600 for Credit card refinancing in Brighton FICO Score: 714-749 $5825 for Investing in education in Lakewood FICO Score: 679-713 $3000 for fix car in Silverthorne FICO Score: 714-749 $16000 for Debt Consolidation in Boulder FICO Score: 660-678 $6000 for Arborist Needing Truck - thanks. in Placerville FICO Score: 679-713 $7200 for Fund me you wont regret it! in Littleton FICO Score: 714-749 $22000 for Debt Consolidation in DENVER FICO Score: 679-713 $750 for Paying down credit card debt in GOLDEN FICO Score: 679-713 $9600 for getting straight in Lakewood FICO Score: 714-749 $7200 for Consolidate Credit Card Debt in Parker FICO Score: 679-713 $24000 for Engineer Needs Loan to Start Consulting in Los Gatos FICO Score: 679-713 $7500 for Refinance 25% interest card in Denver FICO Score: 660-678 $12000 for Debt Consolidation in Lakewood FICO Score: 660-678 $1550 for Personal Loan in Emeryville FICO Score: 679-713 $7050 for Pay roll in denver FICO Score: 640-659 $25000 for Business Purchase in Edwards FICO Score: 679-713 $7200 for Credit Card Consolidation in Englewood FICO Score: 679-713 $7500 for Elimination of card dept in Aurora 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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