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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 Florida$10000 for Debt Free By 2008 in Sunrise
FICO Score: 640-659 $13750 for refinancing credit cards in miramar
FICO Score: 660-678 $11900 for Dyslexia Educational Center Florida in ORLANDO
FICO Score: 640-659 $4500 for Student Loan in miami
FICO Score: 679-713 $6175 for To big of a heart in Melbourne
FICO Score: 640-659 $6000 for Debt cosolidation in Ormond Beach
FICO Score: 714-749 $10000 for Pam Spittler in St. George Island
FICO Score: 714-749 $6950 for JUST ONE PAYMENT in ORANGE PARK
FICO Score: 660-678 $25000 for Grand opening in Homestead
FICO Score: 714-749 $4900 for I got stuck in the payday loan scam! in stuart
FICO Score: 640-659 $4000 for refi in plantation
FICO Score: 640-659 $2475 for Personal in Aventura
FICO Score: 660-678 $1000 for Childrens Literature Author - Start-Up in Brandon
FICO Score: 640-659 $475 for Moving to Texas/Consolidating/New Career in Orlando
FICO Score: 640-659 $5000 for Help me get rid of high interest rates!! in Tampa
FICO Score: 660-678 $4275 for Closing costs for my first home in Gulf Breeze
FICO Score: 640-659 $7200 for credit card in lake worth
FICO Score: 714-749 $25 for Please Help Consolidate My Debt... in Miami
FICO Score: $975 for Please help in Miami
FICO Score: 660-678 $1800 for Paying off high intrest medical bills in belleair
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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