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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 Delaware$3050 for To pay off high interest bills in New Castle
FICO Score: 640-659 $25000 for Business Loan to maximize opportunities in Hockessin
FICO Score: 750-779 $25 for Personal debt consolidation in Bear
FICO Score: 660-678 $75 for personal in wilmington
FICO Score: 660-678 $50 for Tough Market in Middletown
FICO Score: 679-713 $6000 for Transition loan due to divorce in Bear
FICO Score: 750-779 $4150 for IRSWoes in Middletown
FICO Score: 679-713 $9500 for Refinance of Timeshare in Claymont
FICO Score: 714-749 $10000 for home improvement in NEW CASTLE
FICO Score: 714-749 $6625 for Home Improvement in Dover
FICO Score: 640-659 $3725 for Wedding in Wilmington
FICO Score: 714-749 $8500 for Debt Consolidation Loan Request in Lincoln
FICO Score: 660-678
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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