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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 Georgia$5000 for Jeep Repair Loan in Alpharetta
FICO Score: 679-713 $875 for Expand Business in Lawrenceville
FICO Score: 780+ $6275 for Loan Consolidation in Snellville
FICO Score: 640-659 $1100 for Need Help to Make a Tax Payment in Marietta
FICO Score: 679-713 $6500 for Business Financing Aug 2007 in Decatur
FICO Score: 679-713 $4500 for tuirtion and housing in fayetteville
FICO Score: 714-749 $10000 for Debt consolidation in Doraville
FICO Score: 714-749 $5450 for Performance Bond in Canton
FICO Score: 750-779 $6400 for For car repairs and vacation in Conyers
FICO Score: 679-713 $1300 for Purchase Laptop & Strengthen Credit in Lilburn
FICO Score: 679-713 $18000 for Credit Card Consolidation in Mableton
FICO Score: 714-749 $12000 for Debt Cosolidation in Dallas
FICO Score: 660-678 $4550 for Buyer for my home wants repairs & fence in Decatur
FICO Score: 750-779 $7000 for Joe Wayne Butler in Macon
FICO Score: 660-678 $2500 for Graduate School Fund in Atlanta
FICO Score: 714-749 $7500 for School tuition in Smyrna
FICO Score: 660-678 $12000 for Pay High % AMEX Credit Card for business in FAIRBURN
FICO Score: 679-713 $800 for Pay down school debts in Jonesboro
FICO Score: 679-713 $25000 for Payoff Credit Card in Duluth
FICO Score: 714-749 $4000 for Refinancing 7 year old credit card debt. in Atlanta
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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