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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 Connecticut$4000 for Apartment in Stamford
FICO Score: 714-749 $1200 for Credit cards refinancing in Westport
FICO Score: 640-659 $10000 for Wedding in New Haven
FICO Score: 640-659 $15500 for refresh renew in Ansonia
FICO Score: 679-713 $5000 for pay off cards in Stamford
FICO Score: 640-659 $5000 for Aroundthehouse in Southport
FICO Score: 750-779 $9000 for Debt Consolidation in Meriden
FICO Score: 660-678 $1500 for Debt Consolidate in Hamden
FICO Score: 640-659 $1000 for Seeing what my Credit Score is. in Hamden
FICO Score: 750-779 $5000 for Joes loan in enfield
FICO Score: 679-713 $12000 for Consolidation in Groton
FICO Score: 660-678 $15975 for MILITARY LEAVE: PENSION BUYBACK in New Haven
FICO Score: 679-713 $14000 for My Loan in Manchester
FICO Score: 714-749 $5600 for pay off credit cards in Milford
FICO Score: 679-713 $7500 for Managed Technology Provider Startup fund in Wolcott
FICO Score: 679-713 $12000 for One Payment in Waterbury
FICO Score: 714-749 $450 for Getting Out Of Debt And A New Place in Southington
FICO Score: 679-713 $20000 for Refinance in Manchester
FICO Score: 679-713 $3500 for Debt Consolidation in Cos Cob
FICO Score: 780+ $16000 for Looking to consolidate credit cards in Oakville
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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